8th Dec 2006 07:00
Triple Plate Junction Plc08 December 2006 For Immediate Release 8 December 2006 Triple Plate Junction plc ("TPJ" or the "Company") GOLD POTENTIAL OF OTIBANDA PROSPECT SIGNIFICANTLY INCREASED PAPUA NEW GUINEA (PNG) Triple Plate Junction Plc (AIM : TPJ), is pleased to announce that furtherexploration at its Otibanda discovery in PNG has revealed another majorstructure 2 kilometres south of and parallel to the initial Otibanda structurewhere the Company has already reported consistently high gold and silver valuesin reconnaissance work. Both structures remain open along strike at both ends. Preliminary rock chipsampling across this second structure has returned a result of 10.4 metres of18.01 g/t gold, including 1.9 metres of 53.6 g/t gold, which is similar in gradeto results from the Otibanda zone announced on 23 October 2006 and significantlyincreases the prospectivity of the area. Work in the immediate future will focus on mapping out the second zone toestablish if it joins with other gold and silver-bearing outcrops located some2.9 kilometres on projected strike to the south-east. Assays of grab samplesfrom these outcrops include 8.9 g/t gold with 67 g/t silver, 0.3 g/t gold with167 g/t silver, 1.7 g/t gold with 800 g/t silver, 1.3 g/t gold with 54 g/tsilver and 1.9 g/t gold with 10 g/t silver. A number of mineralised structures have been identified between the two mainstructures. Initial reconnaissance outcrop rock chip sampling from these so-fardiscontinuous structures has returned values including 0.8m of 26 g/t, 1.5m of23 g/t, and 1.5m of 37 g/t gold. An accelerated programme of mapping, trenching and sampling is underway tobetter define the extent of all the gold-bearing structures, but it is clearfrom the preliminary work that there is a very large mineral field of structuresmeasuring at least 2.5km by 2.5km containing high grade gold and silver values.Drilling of the structures is planned to commence in February 2007. Tony Williams, TPJ's PNG General Manager told delegates this week at the 9th PNGMining and Petroleum Investment Conference in Sydney that TPJ, through highquality ground selection in PNG and systematic, steady work, is now deliveringresults - in line with the "PNG delivers on expectations" theme of theconference. 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 contains 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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