Triple Plate Junction sells stake in Papua New Guinea gold project

Triple Plate Junction has agreed to sell its interest in gold exploration project Crater Mountain to operator Gold Anomaly.

Triple Plate Junction has agreed to sell its interest in gold exploration project Crater Mountain to operator Gold Anomaly.

The AIM-listed exploration company will dispose of its 8.0% stake in the Papua New Guinea joint venture for $200,000 in cash.

Gold Anomaly will place the payment in escrow pending the transfer of the interest and approval by the Papua New Guinea government.

Triple Plate Junction will use the cash to fund its operations.

The group will be left with three remaining gold exploration projects in the country - Morobe, Manus Island and Wamum.

The news comes as gold prices register steep falls. Futures plunged more than 9.0% to a two-year low on Monday.

Triple plate shares rose 6.25% to 0.43p at 12:02 Tuesday.

RD

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