VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 14, 2016) – K92 Mining Inc. (TSX VENTURE:KNT) (“K92 Mining”) is pleased to announce the appointment of Gavin Ferguson to the position of General Manager – Kainantu Gold Mine and the appointment of Mr Peter du Plessis to the role of Executive Director – External Affairs, Projects and Services.
Mr Ferguson has over 25 years’ experience in the Mining Industry and has worked in Africa, Australia and the Asia Pacific. He commenced his career with Anglogold Ashanti in South Africa and has extensive experience in the successful development and operations of underground gold and platinum mines.
Mr Ferguson comes with an extremely strong technical and operating background in underground mining having worked in various management roles from Section Manager to General Manager and Chief Operating Officer with various companies including Anglogold Ashanti, Anglo Platinum, Platinum Australia, Brandrill and Planet Mining. He also spent several years as Principal Advisor- Underground Mines with Newmont Asia Pacific.
Mr Ferguson commenced his involvement with K92 Mining in March 2016 as Mining Operations Manager.
Mr Peter du Plessis joined K92 Mining in March 2015 as the General Manager – Kainantu Gold Mine. He has worked continuously in Papua New Guinea since 2002, including time spent as the General Manager of the Tolukuma Gold Mine and more recently as the General Manager of the Simberi Gold Mine. His move to the new role as Executive Director is designed to enhance the company’s focus on community relations and exploration as well as on the development of the Kora Project.
The Kora Project
The Kora Deposit has a current Inferred Resource of 4.42 million tonnes at a grade of 7.1 g/t Au, 34.6 g/t Ag and 2.2% Cu (see table below) and is open for expansion and strongly mineralized at the extent of drilling.
The Company proposes to undertake a development of approximately 1,000 metres to access the known Kora deposit from the current underground workings. In addition to providing access to the known deposit for more detailed evaluation and potential exploitation, the access drive will allow the company to undertake an extensive diamond drilling program in the previously untested area between the Kora and Irumafimpa deposits.
As previously advised, the Company has engaged Australian Mine Design and Development (“AMDAD”) to undertake a Scoping Study for the development of the Kora deposit. In addition, the Company has also engaged Mincore, the Melbourne based engineering company currently undertaking the refurbishment of the processing plant at Kainantu, to carry out a detailed study for the potential expansion of the processing plant to treat material from Kora.
| Mineral Resource by Deposit and Category | ||||||||||
| Deposit | Resource | Tonnes | Gold | Silver | Copper | Gold Equivalent | ||||
| Category | Mt | g/t | MOz | g/t | MOz | % | Mlb | g/t | MOz | |
| Kora/Eutompi | Inferred | 4.42 | 7.1 | 1.02 | 34.6 | 4.92 | 2.2 | 216 | 11.6 | 1.65 |
| Irumafimpa | Indicated | 0.57 | 12.6 | 0.23 | 8.8 | 0.16 | 2.2 | 3 | 13.3 | 0.24 |
| Inferred | 0.52 | 10.7 | 0.18 | 9.3 | 0.16 | 2.2 | 3 | 11.4 | 0.19 | |
| Total All | Indicated | 0.56 | 12.6 | 0.23 | 9 | 0.2 | 0.3 | 3 | 13.3 | 0.24 |
| Deposits | Inferred | 4.94 | 7.5 | 1.2 | 32 | 5.1 | 2 | 219 | 11.6 | 1.84 |
Brian Lueck, BSc, Geo, a qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is responsible for the technical content of this news release.
On behalf of the Company,
Ian Stalker, Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Ian Stalker
Chief Executive Officer
(604) 687-7130
(604) 608-9110 (FAX)