Triple Plate Junction elects to dilute stake in Manus Island JV

AIM-listed exploration company Triple Plate Junction has unveiled an update on its Papua New Guinea-based copper-gold propect on Manus Island.

The company reported that it had received assay results for the three holes drilled at the Arie porphyr position on the island.

The three inclined holes, collared at spacings of about 350m and 200m respectively, returned low-grade but extensive copper-gold mineralization, including narrow significant copper values of 1-2% in isolated 1.0m core samples.

Following receipt of a cash-call for the company's contribution to the Manus Island project joint venture costs to the end of September 2012, Triple Plate Junction reported that it had elected to not contribute its pro rata amount and accordingly to have its participating interest in the Manus Island JV project diluted from 15.2% to 11.73%.

Triple Plate Junction's share price was down 26.67% to 0.55p at 10:24 on Tuesday.

MF