PERTH (miningweekly.com) – ASX-listed Kingston Resources has inked a non-binding term sheet with joint venture (JV) partner Pan Pacific Copper to gain full ownership of the 2.8-million-ounce Misima gold project, in Papua New Guinea.
Under the terms of the proposed agreement, Kingston would pay A$2.8-million in staged payments to acquire Pan Pacific’s share in the JV company and all other rights related to the project.
Following the execution of final documentation, an initial A$500 000 payment will be made by the end of January next year, with the balance to be paid by the end of April next year.
Misima is currently estimated to hold a 82.3-million-tonne resource, estimated to host 2.8-million ounces of gold and 13.9-million ounces of silver.