News: Pacific Niugini to reveal financing update for Nicolsons

Pacific Niugini (ASX:PNR) is preparing to divulge details regarding financing for the Nicolsons Gold Project.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

Just last month PNR moved closer to gold production at the Nicolsons Mine near in Western Australia after the Department of Minerals and Petroleum approved its Project Management Plan.

The project management team is preparing for commencement of works during the ensuing weeks, with pit dewatering and plant works to commence as soon as possible.

The company is targeting positive cash flow 6 months from commencement.

Pre-production capex is estimated at just A$10.7 million.

The halt will remain in place until the opening of trade on Monday 23rd February 2015, or earlier if an announcement is made to the market.