22nd Oct 2007 07:01
Triple Plate Junction Plc22 October 2007 For immediate release 22 October 2007 Triple Plate Junction plc ("TPJ" or the "Company") AU$5 MILLION JOINT VENTURE WITH BARRICK IN PNG TPJ is pleased to announce that it has entered into a Joint Venture and Farm-inAgreement with Barrick (PNG) Limited, a wholly owned subsidiary of Barrick GoldCorporation ("Barrick"), the world's largest gold producer, in respect ofExploration Licence 1369 in Papua New Guinea ("PNG") known as the Wamum Licence(the "Licence"). The Licence is held by TPJ's wholly owned PNG subsidiaryTerenure Limited. The headline terms of this agreement are: a. Barrick to earn 80% for an expenditure of AU$$5,000,000 on exploration work in the Licence; b. A minimum expenditure commitment of AU$800,000 in the first two years; c. Barrick can withdraw at any time during the earn-in period after meeting the minimum expenditure commitment, but will not retain any equity in the Licence if it withdraws without completing the full earn-in; d. After the AU$5,000,000 has been spent, Terenure can elect to either contribute its 20% share or dilute down to 5% equity by industry standard formula, at which point the 5% equity would be converted into a 1% net smelter royalty. Bill Howell, Exploration Director said "The Wamum licence forms part of theimportant Morobe gold-copper belt which hosts major deposits such as HiddenValley, Wafi and the historical Wau-Bulolo goldfields. The Wamum licence is oneof seven licences (six granted and one pending) that TPJ holds covering anextensive part of this highly mineralised belt. TPJ itself is continuing todrill at its promising Otibanda gold project in the belt." Geoff Walsh, CEO added "We are delighted that Barrick has recognised thepotential of the Wamum Licence. These types of joint ventures are good for TPJand good for PNG. TPJ has a large, high quality land holding in PNG which isincreasingly becoming attractive to the majors. We are continuing ourexploration activities in earnest and having joint ventures with both Barrick inPNG and Newmont in Vietnam is testament to the quality of our projects andpeople." WJS (Bill) Howell, BSc(Hons), FAusIMM,CP (Man), as the qualified ExecutiveDirector has reviewed this statement and authorised its release. For further information please contact: Triple Plate Junction plc 0207 340 9970Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda/Ben Willey This statement may contain certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralisation and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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