TPJ has an interest in the Crater Mountain Project, Papua New Guinea. This interest derives from a joint venture agreement between the Company and Celtic Minerals Ltd ("Celtic") dated July 2004 and a subsequent joint venture agreement entered into between the Company and, among others, Gold Anomaly Limited ("GOA"), with the approval of Celtic, on 23 August 2007.
As disclosed in the announcement dated 12 August 2011, Celtic contends that it has a direct interest in the Crater Mountain Project of 7.88%. TPJ disputes this and asserts that Celtic has a direct interest in the Crater Mountain Project of 1.1%.
TPJ has today commenced arbitration proceedings seeking a declaration that Celtic's interest in the Crater Mountain Project is 1.1% and that TPJ's interest is 18.9%.
The proceedings have been brought before the Singapore International Arbitration Centre and are expected to be heard in early 2012.
TPJ is confident of a positive outcome to the proceedings.
Triple Plate Junction plc
Fraser McGee +44 (0)7775 693 237
Matthew Robinson/Christopher Raggett +44 (0)20 7220 0500
Ocean Equities Limited
Guy Wilkes +44 (0)20 7786 4370
Ben Brewerton/Oliver Winters +44 (0)20 7831 3113
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