Coppermoly to commence resource definition drilling

Coppermoly Limited, which listed on the Australian Securities Exchange yesterday...

  Coppermoly Limited, which listed on the Australian Securities Exchange yesterday, has completed two drill holes intended to extend the known molybdenum mineralisation at its Simuku Project on New Britain Island, Papua New Guinea.Molybdenite, a mineral containing molybdenum, was intersected in both holes and assays are expected in approximately four weeks. The company said it will commence resource definition drilling at both the Simuku and Mt Nakru copper-gold-molybdenum projects with the main objective of defining resources within 18 months.Coppermoly Managing Director, Peter Swiriduik said the company has two drill rigs available to start drilling once upgraded and extended camp facilities are in place. “Two excavators and two bulldozers are being scheduled to assist in drill road preparation, trenching and access and, by mid-year, we expect to have four drills operating,” Mr Swiriduik said.“Coppermoly’s management team has extensive experience in Papua New Guinea. Bob McNeil, Chairman, was previously General Manager for Esso in Papua New Guinea in the 1980s, and Doug Hutchison, Chief Operating Officer, has more than 30 years experience in Melanesia, including Papua New Guinea,” he said.Chairman Bob McNeil, who is also Chairman and CEO of the company’s largest shareholder, New Guinea Gold Corporation, which is listed on the Toronto Venture Exchange, said Coppermoly was fortunate to have the benefit of considerable early exploration. “These are very exciting projects,” Mr McNeil said. “Extensive preparatory and exploration work, totalling in excess of a$20m in today’s dollars, has been completed by past explorers, including Esso and New Guinea Gold Corporation.” “With today’s higher metal prices compared to that of the 1990s and $8m cash in the bank, Coppermoly is in an excellent position to develop these projects with the aim of developing at least one of the porphyry deposits to pre-feasibility stage within 18 to 24 months,” he said.