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Gold/Mining/Energy : WESTERN PACIFIC GOLD - Solomon Islands Gold?
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To: Jim Woodman who wrote (78)5/25/1997 3:48:00 PM
From: Nikole Wollerstein   of 88
 
The company and BHP Minerals have received ministerial approval for the renewal of exploration
licence 1014 - Ofi Creek and approval of the earn-in agreement between BHP and the company. The
company has the option to earn up to an 80% interest in BHP's Ofi Creek, Papua New Guinea,
gold-copper porphyry project where previous work by BHP in 1992-96 defined a preliminary geological
resource of 85 million tonnes of porphyry gold copper mineralization at 0.6 g/t Au and 0.4% Cu.
The company through its wholly owned Papua New Guinea operating subsidiary, Magma Mines NL,
can earn a 51% interest in Ofi Creek by expending A$2,020,000 within 27 months. The company can
then elect to sole risk to 80% by expending an additional A$1.5 million within a further 18 months. If
the company does not sole risk to 80% then a 51% Western Pacific and 49% BHP joint venture is
constituted. If BHP dilutes below 80%, the company may purchase BHP's interest for A$1.0 million.
BHP may, only after the company has sole risked to 80% from 51%, elect to reacquire 55% of the
project from the company for five times the compounded and appreciated expenditures by the company
to that date. EL1014 Ofi Creek has been granted to BHP until January 28 1998 and covers 190 sq km.
Mr Terrence Fitzsimmons has been appointed to the board of directors. Mr Fitzsimmons will replace Mr
Brian Roach who requested that he resign from the time consuming role of director in order that he can
devote and concentrate his undivided attention as exploration manager for the field programs in Papua
New Guinea and Solomon Islands.
The company will release an announcement shortly that will outline the previous work done by BHP
Minerals and the work program proposed by Western Pacific.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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