Frieda River Copper-Gold Project, Papua New Guinea (PanAust 80...

Frieda River Copper-Gold Project, Papua New Guinea (PanAust 80 per cent)

PanAust holds an 80 per cent interest in the Frieda River Project, with joint venture partner Highlands Pacific holding the remaining 20 per cent.

During the first quarter of 2016, PanAust continued to advance the Frieda River feasibility study and by 31 March, the feasibility study was largely complete. The study is undergoing internal review prior to independent peer review in the second quarter of the year.

The study remains on track for submission to our joint venture partner, Highlands Pacific. At the Frieda River Project site, work progressed on the construction of an exploration access track (EAT) throughout the first quarter. The EAT will improve access and flexibility in logistics to the main camp site from both the Frieda River and the existing airstrip.

Close engagement with the Government of Papua New Guinea, provincial administrations in Sandaun Province and East Sepik Province, as well as host communities continues to demonstrate strong and broad support for the Project.

It has the feel of a project going ahead. The numbers would be well known to GRAM's board - less so HIG's. I sniff a low ball offer for the HIG stake prior to (or together with) release of DFS. Happy to be wrong on this.