BHP Minerals joint venture approved on world class porphyry gold copper project in Papua New Guinea.CALGARY, ALBERTA--(BUSINESS WIRE)--May 22, 1997--Western Pacific (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). WPI WPI - Worcester Polytechnic Institute ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on WPGIF.) Mr. Nicholas Mather, President of Western Pacific Gold Inc.("WPI"), is pleased to report that BHP Minerals and WPI have received Ministerial approval for the renewal of Exploration License 1014 - Ofi Creek and approval of the earn-in agreement between BHP and WPI. WPI has the option to earn up to an 80 percent interest in BHP's Ofi Creek, Papua New Guinea Papua New Guinea (păp`  ə, –y , gold-copper porphyry Porphyry, Greek scholarPorphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. project where previous work by BHP in 1992-96 defined a preliminary geological resource of 85 million tonnes of porphyry gold copper mineralisation at a grade of 0.6 g/t gold and 0.4 percent copper. Under the terms of the agreement with BHP, WPI through their wholly owned Papua New Guinea operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Magma Mines N.L. can earn a 51 percent interest in Ofi Creek by expending A$2,020,000 within 27 months. WPI can then elect to sole risk to 80 percent by expending an additional A$1.5 million within a further 18 months. If WPI does not sole risk to 80 percent then a 51 percent WPI and 49 percent BHP joint venture is constituted. If BHP dilutes below 80 percent, WPI may purchase BHP's interest for A$1.0 million. BHP may, only after WPI has sole risked to 80 percent from 51 percent elect to reacquire 55 percent of the project from WPI for five times the compounded and appreciated expenditures by WPI to that date. EL1014 Ofi Creek has been granted to BHP until January 28, 1998 and covers 190 km2. WPI is also pleased to announce the appointment of Terrence Fitzsimmons to the Board of Directors. Mr. Fitzsimmons will replace Mr. Brian Roach who requested that he resign from the time consuming role of Director in order that he can devote and concentrate his undivided attention as exploration manager for the field programs in Papua New Guinea and Solomon Islands Solomon Islands, independent Commonwealth nation (2005 est. pop. 538,000), c.15,500 sq mi (40,150 sq km), SW Pacific, E of New Guinea. The islands that constitute the nation of the Solomon Islands—Guadalcanal, Malaita, New Georgia, the Santa Cruz Islands, . WPI will release an announcement shortly that will outline the previous work done by BHP Minerals and the work program proposed by WPI. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Western Pacific Gold Inc. Mr. Don Caron, 403/496-9171 or Western Pacific Gold Inc. Mr. Nicholas Mather, 617/3229 4766 (Australia) |
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