Tethyan Resources Regulatory News (TETH)

16 Oct 2006 07:01

Triple Plate Junction Plc16 October 2006 For immediate release 16 October 2006 Triple Plate Junction plc ("TPJ" or the "Company") COPPER PRODUCTION PLAN - FIRST STEP TOWARD SELF-FUNDING Triple Plate Junction Plc (AIM : TPJ), is pleased to announce that it hassecured for a limited royalty payment two small scale copper mining leases inthe Zambian copper belt through its new subsidiary, Triple Plate Junction(Africa) Limited The contract is subject to regulatory approval in Zambia. Thisannouncement heralds the start of a determined push by the group aimed atsecuring self funding for TPJ and its very promising exploration programmes inPapua New Guinea (PNG) and Vietnam. Before securing the Zambian tenements, TPJ engaged ACA Howe Limited (consultinggeologists) to independently evaluate the geological potential of these leasesand we are very encouraged by the results. In addition to the work undertaken by TPJ and ACA Howe, SGS Lakefield inJohannesburg has assayed two representative 20kg high grade and low gradesamples which returned average grades of: Sample 1: 7.52g/t Au 15.88g/t Ag 43.58% CuSample 2: 0.4g/t Au 6.27g/t Ag 10.96% Cu The projects lend themselves to low cost concentration methodologies and willprovide feedstock for initial smelting operation using proven electric arcfurnace technology intended to be constructed at Ndola, Zambia with a Zambianpartner holding 10% of the operation. The cost of purchasing two 500kva furnacesand associated working capital is approximately US$1.1 million. The Companywill implement a phased approach increasing production capacity to match ourfinancial capacity and demands. The Board is confident that the projects willgenerate sufficient cash flow to ensure a rapid payback of capital and providesurplus cash flow to cover the Company's long term exploration aims. Newappointments will ensure that current management resources are not diverted fromour ongoing PNG and Vietnam programmes. This exciting pragmatic development provides a significant enhancement to theCompany's strategy to develop into a self sufficient mining enterprise withworld class exploration targets and partners. In PNG, TPJ's systematic evaluation of its projects continues to producehigh-grade gold results. In the Heiweni Exploration Licence area, which is partof TPJ's nearly 10,000 sq.km holding in the emerging Wau-Morobe-Kainantu mineralprovince, the Otibanda prospect has returned significant gold values from a zonethat than be traced over some 1,500m. Rock chip samples from trenches include35m at 5.0 g/t gold, 2m @ 4.6 g/t gold, and 26m at 11.2 g/t gold. At TPJ'sjoint venture project on Manus Island, PNG, new trench rock chip sampling hasreturned 16m grading 40 g/t gold, including 2m of 303 g/t gold from the Kisiepithermal prospect. Work is continuing at these and TPJ's other prospects toprogress to drill status. Geoff Walsh, Chief Executive of TPJ said "Our core strategy remains the discovery of world class deposits, based on ourstrong exploration positions in Papua New Guinea and Vietnam It's nowrecognised that TPJ has secured much of the ground in a major developing mineralprovince in PNG and is evaluating a highly prospective mineralised system inVietnam in partnership with Newmont Vietnam Pty Limited. Exploration is anexpensive and long lead-time process. A near term positive cash flow strategy isintended to enable the Company to grow its treasury and continue its aggressiveexploration for years to come." W J S (Bill) Howell BSc(Hons), FAusIMM, CP(Man) as the qualified ExecutiveDirector has reviewed this statement and authorised its release. For further information please contact: Triple Plate Junction plc 0207 340 9970Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim 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 mineralisation 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