Name of the Project
Woodlark gold project.

Location
The project is located on Woodlark Island about 600 km east of Port Moresby, in Papua New Guinea.

Project Owner/s
Geopacific Resources.

Project Description
A definitive feasibility study (DFS) on the project has demonstrated a robust project with a compelling development option from a technical and financial perspective.

The project has mineral reserves estimated at 28.9-million tonnes at 1.12 g/t gold and mineral resources of 47-million tonnes grading 1.04 g/t gold.

The DFS envisages opencut gold reserves at the Kulumadau, Busai and Woodlark King deposits using multistaged pit designs, with a stripping ratio of 3.9:1 over the life of the mine.

Waste rock will be deposited in engineered waste-rock dumps located adjacent to each pit.

Ore will be treated by a conventional carbon-in-leach gold processing plant.

The plant will have a capacity of 2.4-million tonnes a year, producing 967 117 oz of gold over a 13-year production life.

The project will incorporate a deep sea tailings placement system, including an estimated 12 km pipeline from the process plant to the north-east coast of the island.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $148-million and an internal rate of return of 29%, with a payback of 2.2 years.

Capital Expenditure
Capital costs are estimated at $198.5-million.

Planned Start /End Date
Not stated.

Latest Developments
Geopacific Resources has raised A$4.3-million through a share placement to advance project financing for its Woodlark gold project.

The company has placed 510-million ordinary shares, at a price of 0.85c each.

The offer price represents a discount of 23% to the last closing price of Geopacific shares and a 24% discount to its five-day weighted average share price.

Key Contracts and Suppliers
Lycopodium (DFS).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Geopacific, tel +61 8 61431820 or email info@geopacific.com.au.