Triple Plate Junction shares fall following Papua New Guinea joint exploration update

AIM-listed gold exploration company Triple Plate Junction has unveiled an update on its Papua New Guinea project prompting a sharp fall in its shares.

AIM-listed gold exploration company Triple Plate Junction has unveiled an update on its Papua New Guinea project prompting a sharp fall in its shares.

The company announced that Newmont Ventures, a subsidiary of Newmont Mining Corporation, would not be allocating a development budget to the joint venture's Morobe project in Papua New Guinea for 2013.

Newmont terminating search for large bulk tonnage gold/copper porphyry systemsThe company announced that Newmont had decided to terminate its search for large bulk tonnage gold/copper porphyry systems at the JV property, and that Newmont was in the process of exploring its options in consultation with Triple Plate Junction.

Triple Plate Junction stated that following its own exploration and that conducted by Newmont on behalf of the JV, it had identified "a very significant amount of related data" which Triple Plate Junction was evaluating in order to determine whether there were areas within the JV territory which could be appropriate and suitable for Triple Plate Junction.

High-grade targets foundThe group said that it had found areas containing high-grade targets that Newmont had discounted as too small for their requirements but which could be of "great interest" to the company to develop.

It stated that it had engaged the services of an experienced team of geologists to commence the process of reviewing project data and added thart the anticipated report would be delivered by the end of February 2013.

The company stated that it is also in discussions with Barrick Gold Corporation about their future intentions for the joint venture at Wamum, where it said that exploration work over the last two years had been "very limited".

Triple Plate Junction's share price was down 12% to 0.55p at 09:52 on Friday morning.

MF

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023