HIGHLIGHTS
- Coppermoly to form a joint venture with Barrick and retain a 28% interest in three tenements at Nakru, Simuku and Talelumas projects in PNG with cash contributions delayed until the completion of feasibility
- Drilling at the Simuku copper-molybdenum-silver porphyry system shows 1001.9 metres of 0.24% copper and 60ppm molybdenum
- Golder Associates appointed to upgrade the Inferred resource at Simuku and estimate a maiden Inferred Resource at Nakru-1
- First ever drillhole into the Nakru-4 System intersects copper and gold mineralisation
- Geophysical survey at the Esk Trough Project in south-east Queensland planned to begin in February.
ABOUT COPPERMOLY
Queensland-based copper exploration company Coppermoly Limited (ASX:COY) is focused on exploring for and developing copper-gold deposits. It has two projects, Simuku and Nakru-1, on New Britain Island, Papua New Guinea and another three tenements nearby under application. The Simuku Project has an Inferred Mineral Resource of 200 million tonnes at 0.47% copper equivalent, and a maiden Inferred Resource for the Nakru-1 Project is expected in 2012.
Both the Simuku and Nakru projects are within a four-hour drive from the provincial capital of Kimbe, which has businesses, roads, shops, electricity and a deep water port (refer to Photo 1) that supports the region’s growing oil palm industry. These local services are essential for the future development of Coppermoly’s projects.
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