news from the g

Hey guys

The "G" being PNG :)

I had a chat to Peter last week, so this news is a week old and things have most likely progressed a bit. He said when i rang he was working on other plan in New Britain, so the company is always on the move :)


As of the 17th July they had drilled 170metres in the first hole at Andewa. Work had stopped at that time as a belt has broken and was being repaired. (all spares on kept onsite, so no real delay).

The angle of this hole was designed to go through a Gold and then Copper seams (not sure of the correct term) on the way to the anomaly, what starts around the 170-200m depth. So Peter is looking for distinct three results from the one hole.

Of the three holes peter preferred to drill hole no #3 first. But the the onsite geologist has decided that hole will be last. Almost saving the best till last.

When I asked how it was going, he indicated that he has to be careful what he says as he has ASIC crawling over him in February when we went for that run up to 42c. But basically:

He had not seen any photo, cores etc. Though he felt he could say, that the informal reports from the drilling crew indicated the geology looked good. He couldn't say anymore than that.

The most important piece of information is that he will be waiting to release the results of all three holes at once. For maximum effect in his thoughts I would think? So no results this month.

He will be onsite next month and will release an update with photo's etc and other information. So not a total news vacuum. He sounded positive as normal.

Drill results are sent to Indonesia for analysis, as they are the quicker than sending them to Australia. The turn around it about 1 week. Every step is a week :)


Ok Tedi: Peter isn't happy as they are waiting for a specific Chinook helicopter to move the gear onsite. Peter said to them just get a smaller copter and do multiple trips!! Hopefully int he last week they pulled their finger out.


New drill rigs: Coming from China also mentioned they have also purchased 2 years worth of spares up front to keep onsite, to reduce any downtime and save the company money int he long run.

Tassie: Drilling again to better define the amount of gold, only 12.5m hole separation. Working to get a viable production deposit to create a cash flow for the company. Using a smaller rig they purchased for the job.

XFR machine: yep they forked out $60k for one. Very happy with the turnaround time on drill results. Its no good for gold above 5g/t but great with everything else. They use a independent geologist to the analysis for them with it. Nice separation of process in my opinion.

So look at results towards the end of August going into September, though PM update from onsite should clarify the timeline.

Looking good on the geology comment (thoughts its unqualified.)