Tethyan Resources Regulatory News (TETH)

19 Aug 2005 07:00

Triple Plate Junction Plc19 August 2005 For immediate release 19 August 2005 Triple Plate Junction plc ("TPJ" or the "Company") Drilling underway at Lambuso Triple Plate Junction Plc (AIM : TPJ), the gold exploration company focusing onSouth-East Asia, is continuing to accelerate its field activities at the Pu SamCap project in Vietnam in partnership with Newmont; and at the Crater Mountainproject and its other exploration properties in Papua New Guinea. In addition, TPJ advises that exploratory diamond drilling has commenced at theLambuso project on the island of New Ireland, PNG under an option agreement withRift Resources (PNG) Ltd, a company founded by former members of theAustralian-based management team of Anglo American Corporation. TPJ will earnan 80% direct interest in the project for a total expenditure of £0.44m. The Lambuso drilling programme has been designed to target a number of strongairborne magnetic anomalies identified by Esso Minerals in 1981-82. Theanomalies lie beneath limestone cover and are therefore blind targets that canonly be tested by drilling. In 2004 TPJ confirmed the existence and amplitudeof the anomalies by ground magnetic surveys, and independent geophysical expertshave interpreted the sources of the anomalies to be magnetite-rich bodies suchas skarns due to the high magnetic susceptibilities recorded. Geophysicalmodelling of the data suggests large targets that are consistent with youngmagnetite-rich porphyry copper-gold intrusive deposits and related skarn bodiesinteracting with the base of the older limestone. The first drill-hole of the Lambuso project is now progressing through thelimestone cover. New Ireland lies on the same volcanic arc, and adjoins, the island ofBougainville where the giant Panguna porphyry copper-gold mine produced morethan 10MOz of gold and 5Mt of copper before its closure in 1989. New Irelanditself is characterized by a number of deep-seated north-east trendingextensional structures that could provide lines of crustal weakness for theemplacement of metal-bearing fluids of the same age as Panguna. TPJ's Exploration Director Bill Howell said "The models derived from themagnetic anomalies have never been tested by drilling, and the geological andstructural setting at the Lambuso project is encouraging. Drilling a targetsolely on the basis of geophysical data is inherently risky but the potentialreward of a discovery for TPJ's low-entry cost is very high". For further information please contact: Triple Plate Junction plc 020 7499 1400 Geoff Walsh, Chief Executive David Lees, Finance Director Buchanan Communications 020 7466 5000 Tim Anderson / Isabel Podda/Ben Willey This statement contains certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralization and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock Exchange