News: Pacific Niugini substantial shareholder increases stake to 10.67%

Pacific Niugini (ASX:PNR) substantial shareholder Robmar Investments Pty Limited has increased its stake in the company to 10.67% from 8.84% through on market purchases.

Robmar acquired 8,408,427 shares for $463,949.44, or $0.055 per share, on 15th September 2015 and 550,000 shares for $30,101.91, or $0.055 per share, on 16th September 2015.

This took its total stake up to 52,344,702 shares.

PNR received a notice of initial substantial shareholding from Robmar earlier this month after it acquired 35,580,040 shares between 8th May 2015 and 21st August 2015 at an average price of $0.05 each.

The company recently poured first gold from its 80% owned Nicolsons Project near Halls Creek, Western Australia, just six months after construction and plant refurbishment started.

The current mine plan provides an initial four years of production at the anticipated 30,000 ounce per annum production rate from the 150,000 tonne per annum Nicolsons CIP plant.

This has potential for growth of both the resource and the production rate.

All in sustaining costs are forecast to be A$900 an ounce, and with the price of gold over A$1,600 an ounce, this provides significant margins for Nicolsons to be cash flow positive in Q4, 2015.