Highlights
- Nakru-1: Maiden Inferred Resource of 38.4 Mt grading 0.61% Cu + 0.28 g/t Au + 1.80 g/t Ag containing 233,400 tonnes of copper, 11 tonnes of gold and 69 tonnes of silver. Conceptual Mining Study to be completed by September. Further drilling required to define the upper higher grade resource of copper enrichment.
- Simuku: Inferred Mineral Resource of 200 million tonnes at 0.47% Cu.Eq (see notes) containing 700,000 tonnes of copper, 12,000 tonnes of molybdenum and 391 tonnes of silver. A total of 37 diamond holes for 10,248 metres with a resource upgrade planned following completion of drilling in 2012.
- Makmak EL 2014 covering 280km2 granted in PNG near Nakru. Two other tenements nearby under application on New Britain Island.
- Barrick (PNG Exploration) Ltd has a 72% interest in Coppermoly’s Simuku, Nakru and Talelumas tenements on New Britain Island, PNG, after spending $20M on the Projects. Barrick will continue drilling in 2012, whilst seeking to sell its 72% interest. Coppermoly retains a right of first refusal and a 28% carried interest.
- Projects have good access to existing infrastructure to reduce development costs.
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