Geopacific Resources (ASX:GPR) is a Asia Pacific copper-gold exploration company. We have an emerging project in Cambodia, which is a fantastic country to be in. We have very large scale projects in Fiji, which are early to medium stage, but specifically we will talk about the Woodlark Iron Gold Project which is in PNG and on an expedited path to production.
We have a very impressive team; our team has brought in over 10 gold projects, copper, coal and iron ore projects, in six different countries. We have recently augmented the team by adding Ian Clyne, who was previously CEO of The Bank of The South Pacific. He has a massive amount of experience in PNG.
With our capital structure, we have too many shares on issue and we will work on that shortly. Our market cap is $47 million. We currently have $8 million in cash in the bank. Significantly, our major shareholders are around the 30% mark; Resource Capital and Tembo Capital have been great supporters of the company. They are not represented on the board, which shows their level of trust in the board we have.
The Woodlark Iron Gold Project itself is located 300 kilometres off the coast of PNG. It’s totally surrounded by world class operations. This is definitely a part of the world where you can build a mine and bring it into production. It’s got a long mining history, a large work force that is skilled in mining. It’s a great place to do business. The island itself is about 70 kilometres long, 20 kilometres wide (at the widest point) and our exploration licence covers the majority of the licence.