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Disposal

16th Apr 2013 09:29

RNS Number : 4448C
Triple Plate Junction Plc
16 April 2013
 



 

Triple Plate Junction Plc

("TPJ" or the "Company")

 

Crater Mountain Joint Venture - Sale of 8% Interest to Gold Anomaly

 

TPJ, the AIM-listed exploration company focused on South East Asia, has agreed to sell its 8% interest in the Crater Mountain joint venture , a pre-revenue gold exploration project in Papua New Guinea to the operator, Gold Anomaly Ltd (GOA) for a cash payment of $200,000.

 

The payment will be placed in escrow by GOA, pending the formal transfer of the interest and its approval by the Government of Papua New Guinea. Once transfer is completed, the payment will be released to TPJ. The agreement has been signed by TPJ and GOA and is subject to the establishment of the escrow and PNG Government approval of the transfer. TPJ will use the cash to fund its current operations.

 

The disposal will leave TPJ with: three gold exploration projects in Papua New Guinea, namely Morobe, Manus Island and Wamum, partnered with Newmont, Newcrest and Barrick respectively; as well as a 10% interest in the Pu Sam Cap project in Vietnam. The Company continues to examine further opportunities as they arise.

 

 

Enquiries Triple Plate Junction plc

+44 (0)1273 601895

Christopher Goss

 

finnCap Ltd

+44 (0)20 7220 0500

Matthew Robinson/Christopher Raggett

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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