Pacific Niugini (ASX:PNR) is in discussions with new parties for its Garaina Project in Papua New Guinea.
This follows the company terminating the farm-in agreement with MGL Limited, which failed to meet the minimum requirements to earn any interest in the project. Pacific Niugini retains a 100% interest.
However, MGL had expanded a portion of the $6 million requirement and advanced the project knowledge.
Work completed on the project to date has confirmed significant epithermal gold and copper-gold porphyry mineralisation in a classical transfer fault break through the Owen-Stanley Ranges.
Pacific Niugini remains focused on the successful development and operation of the Nicolsons Gold Mine near Halls Creek in Western Australia.
This remains on track to start production in the third quarter of 2015.
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Pacific Niugini (ASX:PNR) is in discussions with new parties for...
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