TPJ, the AIM-listed gold exploration company focused on South East Asia, is pleased to announce that it has received positive new exploration results from the Morobe project in Papua New Guinea.
Preliminary interpretation of the results from an Induced Polarization ("IP") geophysical survey, carried out at the Hides Creek prospect by NVL PNG Limited, a subsidiary of Newmont Ventures Limited and TPJ's joint venture partner in the Morobe project, "indicate that there are significant sulphide[s] associated with the system…The data is complex, certainly encouraging and suggests potential for a mineralized porphyry* at depth."
The Hides Creek prospect is 40km south west of the recently commissioned Hidden Valley gold mine (5.8Moz) and 80km south of the major Wafi-Golpu gold-copper porphyry discovery (30 Moz gold and 8 Mt copper being targeted), both of which are managed by Harmony Gold-Newcrest Mining.
Tony Shearer, TPJ's chairman, said:
"These results, together with previously obtained data, indicate the presence of a system at depth that has the configuration and dimensions typical of a porphyry system. We look forward to the anticipated 2011 drilling programme with high hopes to determine if there is economic grade gold-copper mineralization that could generate significant value for shareholders."
* Porphyry in this context is a general term for a large body of mainly igneous porphyritic rock containing sulphide minerals with or without precious metals which although relatively low-grade can be operated by large scale bulk mining methods at low cost. Porphyry deposits are typically mined for copper and/or gold and/or molybdenum.
WJS (Bill) Howell, BSc (Hons), FAusIMM as the competent person under the JORC 2004 code has reviewed this statement and authorised its release.
For further information, please contact:
Triple Plate Junction Plc +44 (0) 20 7602 1570
Daniel Stewart & Company plc +44 (0) 20 7776 6550
Antony Legge / Oliver Rigby
Financial Dynamics +44 (0) 20 7831 3113
Ben Brewerton / Oliver Winters
This announcement is also available on the Company's web site: www.tpjunction.com
The directors of TPJ accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the TPJ directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Daniel Stewart & Co, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively as financial adviser to TPJ and no-one else in connection with the possible offer and the other matters described in this announcement and will not be responsible to anyone other than TPJ for providing the protections afforded to clients of Daniel Stewart & Co or for providing advice in relation to the possible offer, the contents of this announcement or any other matter referred to herein.
Dealing Disclosure Requirements
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129."
This information is provided by RNS
The company news service from the London Stock Exchange
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.