MELBOURNE, Australia, (UPTICK Newswire – July 30, 2015) – Kibush Capital Corporation (OTC: DLCR) announced today the Minister of Mining the Hon Byron Chan had approved the application of Mining Lease 296-301 with effect from July 27th 2015 for a period of 5 years. Kibush Capital Corporation through its subsidiary Aqua Mining (PNG) Ltd is the Contract Miner/Developer under a joint venture agreement with the Landowners of Mining Lease 296-301, and ML278 located at Koranga, Wae, Papua New Guinea. The leases cover approximately 26 hectares of Alluvial Resource and is located in an area that has been producing gold since 1920.
Mr. Sheppard CEO Kibush Capital Corp, said the Aqua Mining team in PNG headed by Operations Manager Mr.Vincent Appo had undertaken the application process perfectly, Aqua Mining understood and worked with the Mineral Resource Authority and the Conservation and Environment Protection Authorities Department personnel at all levels, to ensure compliance with the relevant Legislation and acceptance of the application.
The resource estimated is based on recent trial mining from sluicing tests done at four (4) selected sites within the lease. The production records from 2009 to 2011 were also used for the resource estimate work as the raw data on this is quite reliable. The thicknesses of the sediments have been estimated on average from a Geophysical survey done on the lease by Elliot Geophysics in 2008.
Recent resource work included 4 x test sluicing sites measuring 7m length x 6m depth by 4m width. The test sites were worked for up to 3 months by sluicing operation where gravity fed high pressure water was used to wash sediments on to sluice boxes and gold was recovered by panning the trap mats. Gross weights of recovered gold were taken and recorded on a daily basis when sluicing was done. This sampling was of sufficient grade to meet the application standards required.
Geophysics survey of the leases conducted by Elliot Geophysics (PNG) Ltd. and has interpreted the data from that survey to estimate that there is potentially a resource of 450,000 ounces of Gold ( Au ), based on today’s spot rate of $USD1,096.70, equating to $USD493M.
The site is accessible by road. This is essential in Papua New Guinea as the freight costs can be a hindrance when working in remote locations. Vincent Appo, our Operations Manager in PNG, has provided a detailed Mining and Operations Model that indicates a Profitable Production, using local staff and workers from nearby villages.
This project provides Kibush Capital with an ideal way of commencing operations quickly and with immediate revenue. There is scope to further develop the resource within the Lease Area with testing and sampling and there is the possibility to have additional JV agreements with surrounding Lease Holders.
About Kibush Capital Corporation:
Kibush Capital is a Resource company with operations in Jade in New South Wales, Australia, and Gold at Wau, Papua New Guinea. Our business model identifies resource projects that can be commercialized within a short period of time i.e. up to 6 months after obtaining all of the relevant Government Licences and Regulations.
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