PETROMIN NEWS

Prime Minister commends Petromin for robust exploration activity

The Prime Minister Grand Chief Sir Michael Somare is pleased that Petromin is emerging as a leader in developing its mineral tenements through green field exploration.
In an address to the Petromin Board of Directors, the Prime Minister said he was extremely pleased to learn that the Petromin Board and Management have allocated around K6 million this year for exploration of the company’s mineral tenements within the vicinity of the Tolukuma Gold Mine and regional tenements.
“ For a newly established company, Petromin has done extremely well and can be seen as a leader in developing its tenements through increased green field exploration than most of the junior mining companies who have been in the business for a much longer period.”
He said Petromin’s determined approach in upgrading the total resource potential of Tolukuma Gold Mine through an extensive exploration program is proving successful for the company.
“This program is paying off as the total resource has been upgraded by an independent Australian based company to about 700,000 ounces. This has the potential to extend the mine life to about five years. “
The Prime Minister encouraged the Petromin Board and Management to continue with its extensive exploration program as results have proved this strategy the correct one.
“I want to encourage you to continue in the exploration program and I am hoping that one day you will also invest in the petroleum activities through expanding your exploration program in this sector.”
The Prime Minister addressed the Petromin Board in Wewak, Windjammer hotel, Thursday (Feb 24)