Triarx Gold enters exploration agreement with Minorco in Papua New Guinea.TORONTO--(BUSINESS WIRE)--June 26, 1997--Triarx Gold Corporation (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :TXTX) today announced an agreement with international natural resources group Minorco for a US$11 million joint venture to advance Triarx's Tingi Valley and Poru properties in Papua New Guinea Papua New Guinea (păp`  ə, –y .
This marks Minorco's first entry into the PNG (Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. resource sector.
Tingi Valley is a porphyry gold/copper target similar in geology and size and on trend with the Ok Tedi Mine This article is about the Ok Tedi Mine. For the River, see Ok Tedi River. The Ok Tedi Mine is located near the headwaters of the Ok Tedi River, in the Star Mountains Rural LLG of the North Fly District of the Western Province of Papua New Guinea. , a world-class gold and copper producer. The Poru project is an epithermal gold target contained within a discrete volcanic sequence or diatreme diatreme A volcanic pipe, filled with breccia, formed by a subterranean gaseous explosion. See illustration at batholith. similar to the million-ounce-per-year Porgera gold mine The Porgera Gold Mine is a large gold mining operation located in Enga province, Papua New Guinea. The mine is located at the head of the Porgera Valley, the site of the current open pit used to be Mt Wari Wari - it has now been excavated. . The Triarx/Minorco agreement is subject to final documentation and the obtaining of certain PNG consents. Garfield J. Last, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Triarx, reported that this marks a unique alliance for both parties and that management is very pleased with this development. In 1996, Minorco produced 830,000 ounces of gold and significant quantities of silver, copper, zinc and nickel. Mr. Last noted that Minorco's operating expertise complements Triarx's depth of experience in identifying, securing and exploring projects with world-class potential. Minorco's capital as well as management and operational expertise will allow the properties to undergo aggressive exploration programs. Under the agreement, Minorco can earn a 51 percent interest and voting control in all of the properties outlined in the joint venture by spending US$11 million over a four-year period. An additional 29 percent interest may be earned by Minorco once it produces a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study for the properties. Minorco will be the operator of the joint venture partnership that is expected to be in effect later this summer. Under the terms of the agreement Minorco will earn the initial 51 percent interest upon providing US$11 million in exploration capital as follows: year one -- US$500,000; year two -- US$1,500,000; year three -- US$3,000,000; and year four -- US$6,000,000. In the event that Minorco spends less than the agreed upon US$11 million over the four-year period, Minorco will forfeit its entire interest in the properties. Triarx retains the right to progress exploration on areas outside those designated in the joint venture agreement. Minorco is a European-based international diversified natural resources group with a current market capitalization of around US$5 billion. As an associate of Anglo American Corporation and De Beers, it is part of one of the largest mining groups in the world. Triarx Gold Corporation has approximately 50 million shares outstanding (58 million fully diluted). The shares trade on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. under the symbol "TXTX". CONTACT: Triarx Gold Corporation Garfield J. Last, 416/363-9229 or Hume, Kieran Inc. Cathy Hume, 416/868-1079 Olav Svela, 416/868-1079 |
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