re: Ann: Drilling Results at Nakru1 Demonstra......

re: Ann: Drilling Results at Nakru1 Demonstra... http://www.postcourier.com.pg/20100714/business03.htm

More copper at Nakru-1

By JONATHAN FARAPO

WEST New Britain-based miner Coppermoly recently announced its farm-in partner Barrick Gold Corporation had found significant copper mineralisation in drill intersections at the Nakru-1 project on the island.
The company issued a trading halt on its shares to both the Australian Stock Exchange and the Port Moresby Stock Exchange last Friday beforethe Nakru-1 drilling announcement.
Managing director Peter Swiriduik was positive about the prospect in the West New Britain Province and made no secret of the companys confidence in other tenements on the island.
Breccia copper systems (the type of copper system found at Nakru-1) occur as clusters. We expect that there are more similar systems within our tenements other than that at Nakru-1 and Nakru-2.
However, Mr Swiriduik said there were no immediate plans to engage in mining operations considering its farm-in agreement with Barrick.
Barrick will need to spend at least their A$20 million in drilling before considering feasibility studies leading to mining operations, he said in an interview with this reporter.
But the mining boss remained upbeat on other prospects in the West New Britain Province.
We currently have two significant tenements under application within the West New Britain Island. With Barrick and Ok Tedi mining active on the island, we are in a fortunate landholding position and well placed to find additional copper-gold systems within a well mineralised province he said.
The company announced on Monday that a major copper mineralised system had been demonstrated with further drilling results at the Nakru-1 prospect at 190.85 metres grading 1.01 per cent copper and 0.36 g/t gold in one of its drill holes.
According to the company statement the results demonstrated significant grades and thicknesses of copper and gold mineralisation at the Nakru-1 project site.