PETROMIN NEWS

Petromin PNG Holdings & Papuan Precious Metals sign JV for EL 1271

Petromin PNG Holdings Ltd has signed a 50 percent joint venture farm-out deal with Papuan Precious Metals Limited to carry out exploration in one of its regional tenements at Waria River , in the Garaina area (EL 1271).

The tenement is one of Petromin’s eleven exploration licenses and is located on the Owen Stanley ranges in the Oro Province .

Petromin Manager for Mining, Stevie Nion said the Joint Venture is important to Petromin because Papuan Precious Metals Limited will enhance exploration of the tenement with additional resources, indepth exploration knowledge and manpower.

“We are also excited that Papuan Precious Metals is looking at a different mineral commodity, the platinum group of metals, which is in high demand on the world market.”

The Joint Venture Agreement was signed on Thursday 24^th of July at the Petromin office in Port Moresby . The Agreement allows for Papuan Precious Metals to carry-out exploration work at their expenses in return for 50% ownership of the Exploration License.