company discussion update, page-41

For anyone who may need further confirmation of the quality of the JV that management negotiated with OK Tedi in 2010, check out the article below and see how good a deal FNT has in comparison to the one mining giant Vale negotiated!

Liamu drilling kicks off

Wednesday, 16 November 2011

GOLDMINEX Resources has started a 4000m drilling campaign at its flagship Liamu copper-gold project in Papua New Guinea’s Owen Stanley Ranges – one of the projects subject to its farm-in agreement with Brazilian mining giant Vale.

The drilling program in licence EL1606 will consist of six deep diamond core holes on four prospects which have shown good signs of either porphyry copper or gold from surface sampling.

“Although this drilling will only test a small portion of the targets, it will enhance our understanding of this large mineralised system which has the potential to host a significant porphyry copper-gold deposit,” Goldminex chief executive officer Sandy Moyle said.

“We look forward to keeping shareholders up to date as drilling progresses in the coming months.”

At least ten prospects have been identified in the project to date.

The drilling program will include targets at the Movei and Iyiowai prospects. A previous 39m trench returned 1.1 grams per tonne gold between these two sites.

Under the farm-in agreement announced in July, Vale can earn a 51% stake in three Goldminex tenements by sole-funding $US20 million of exploration expenditure over four years.
www.pngindustrynews.net

In comparison OK Tedi mining is spending $60million across 5 tenements over 5 yrs! Damn good deal if u ask me......