raki raki gold project, fiji (peninsula minera, page-7

I did a litle homework on this yesterday as it came up again and it used to be my hobby horse.

PEN still have a 50% interest and intend to retain it. Unlikely to divest it as I indicated. Unlikely to as the place is loaded with gold, it just needs to be targetted and mined.

The reason not much has occurred is that the (operating) JV partner is very low on cash and is trying to develop Raki Raki on the cheap. It requires some good diamond drilling to take place but they simply aren't doing it.

PEN will concentrate (rightly) on Lance and Karoo and will revisit Raki Raki at a later date. It is costing them very little to retain their interest and the asset is real and valuable. They may even aquire the total lease ;)

Just watch this closely once PEN is cashed up from Lance. For now the focus is firmly on production and increasing the size of Lance while the opportunity exists to aquire further leases at a relatively low cost.

Very very smart board we have here!