Woodlark Island Gold Project Earn-in and Joint Venture with Geopacific Resources Limited (ASX:GPR)
• Geopacific option to fund $18.65 million over 3.5 years to earn up to a 75% corporate interest in the Woodlark Island Gold Project;
• Geopacific targeting increasing Woodlark Island Gold Project Ore Reserves to >1.2 million ounces of gold;
• The fully-permitted Woodlark Island Gold Project contains a Mineral Resource of 2.1 million ounces of gold and an Ore Reserve of 766,000 ounces of gold following the completion of the feasibility study in 2012;
• Geopacific full funding option for Kula through to production; and
• Geopacific has international resource funds as major shareholders -Resource Capital Funds and Tembo Capital.