News: Pacific Niugini managing director buys more shares on market

Pacific Niugini (ASX:PNR) managing director Paul Cmrlec continues to align himself with shareholders by acquiring a further 150,000 shares in on market trade.

This follows his purchasing 115,000 shares and 250,000 shares in two separate transactions in November.

Cmrlec paid a total of $9,450, or $0.063 each, for the latest transaction. He now holds 1,072,929 shares in Pacific Niugini.

He also holds 2 million $0.09 options that expire on 21 November 2016 and 2 million performance rights expiring 21 November 2016.

In November, the company moved to 65% of the Halls Creek Project in Western Australia.

It could pour first gold from the Nicolsons mine in 2015, with total pre-production Capex estimated at just A$10.7 million.

NPV is estimated at $42 million while IRR is expected to be 162%.

Total sustaining cost is estimated at A$854 per ounce while capital P&E cost is expected to be about A$107 per ounce.

Nicolsons has a maiden Mine Reserve of 435,455 tonnes at 6.17 grams per tonne gold for 86,362 ounces of gold.

PNR and Bulletin Resources (ASX:BNR) are progressing with a project development plan designed to achieve the commencement of project construction and refurbishment in early 2015.

Production would then be expected to kick off around six months after initiation of mining activities.

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