Kainantu Resources Appoints Chief Geologist; Updates on Q1 2022 MD&A & Financials Release Date
Kainantu Resources Appoints Chief Geologist;
Updates on Q1 2022 MD&A & Financials
Release Date
VANCOUVER, BC
,
May 16, 2022
/CNW/ - Kainantu Resources Ltd. ("KRL" or the "Company")
(TSXV: KRL) (FSE: 6J0) is pleased to announce the appointment of Mr.
Nick Franey
as Chief
Geologist.
Chief Geologist Appointment
Mr Franey has over 40 years of exploration and project development experience, having served in
senior roles with a number of well-established mining companies such as Anglo American Plc and
OceanaGold Corporation, in addition to other successful small cap juniors. Mr Franey has a broad
range of experiences in mining projects at all stages with a particular focus on early—mid stage gold
and base metals exploration projects in developing regions.
Nick Franey
oversaw activities leading to
Anglo American's
discovery of a SEDEX zinc deposit near
McArthur River, a high-grade nickel deposit in Australia. He was also a driving force behind
Anglo
American's
targeting of Cu-Au porphyry projects in
Papua New Guinea
("PNG"). In recent years, Mr
Franey has worked as an Exploration Management Consultant, and has been part of the teaching
faculty at James Cook University, delivering the Business and Financial Management module as part
of the Master of Ore Deposit Geology.
Q1 2022 MD&A and Financials Release Date
KRL expects to release the Company's MD&A and Financial Statements by
May 30
, 2022.
Following the successful completion of the private placement in
January 2022
of
C$2.77 million
, the
Company's closing cash position plus non-trade receivables on
March 31, 2022
was
C$2.07 million
,
net of one-off costs associated with the private placement (constituting cash at bank of
C$1.78
million
and non-trade receivables of
C$0.29 million
).
Cash reserves remain in line with the Company's forecasts.
Progress on Kili Teke Transaction
The Company continues to work co-operatively with
Harmony Gold
(PNG) Exploration Limited
("Harmony") and regulators in PNG and
Canada
to move to close the acquisition of the Kili Teke
project.
Amongst other customary conditions and at KRL's discretion, closing is subject to the Company
raising up to
US$1 million
(being the initial consideration due to Harmony). In this regard, the
acquisition does not complete until KRL, at its absolute discretion, is of the view that is has sourced
sufficient funding to close the transaction and advance other business activities.
Matthew Salthouse
, CEO of KRL, commented:
"
Nick Franey
will bring extensive experience and a track record of success in identifying and
developing exploration projects in Asia-Pacific. His experience will complement the already strong
body of skills within the company as we move towards defining a drilling program at Kainantu."
About Kainantu Resources (KRL)
Kainantu Resources 'KRL' is an
Asia-Pacific
focused gold mining company with three highly
prospective gold-copper projects, KRL South, KRL North and the May River Project. All projects are
located in premier mining regions in PNG. Both KRL North and KRL South show potential to host
high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu
Gold District. The May River project is in close proximity to the world-renowned Frieda River
Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold
projects. KRL has a highly experienced board and management team with a proven track record of
working together in the region; and an established in-country partner. KRL recently executed an
agreement to acquire the Kili Teke project in the western highlands of PNG.
For further information please visit
https://kainanturesources.com/
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of
the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
Mineralization hosted on adjacent and/or nearby
properties is not necessarily indicative of mineralization hosted on the Company's property. The
data disclosed in this release relating to drilling results is historical in nature. Neither the Company
nor a qualified person has yet verified this data and therefore investors should not place undue
reliance on such data, and no representation or warranty, express or implied, is made by the
Company, its affiliated companies, or any other person as to its fairness, accuracy, completeness,
or correctness. This release contains forward-looking statements, which relate to future events or
future performance and reflect management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and are based on assumptions
made by and information currently available to the Company. All statements, other than statements
of historical fact, are forward-looking statements or information. Forward-looking statements or
information in this news release relate to, among other things: expectations regarding completion
of the Acquisition and the terms thereof, including timing, the results of Preliminary Economic
Assessments and Feasibility Studies, further exploration activities or development programs on the
Project, receipt of necessary regulatory approvals and the formulation of plans for drill testing; the
effect of the Acquisition on KRL and its portfolio; further growth of the Project; timing of the renewal
of EL 2310; the ability of the Company to raise financing; the description and viability of the
Project; the preparation and filing of a NI 43-101 Technical Report; and the ability of the Company
to deliver on its strategic objectives and create shareholder value. These forward-looking
statements and information reflect the Company's current views with respect to future events and
are necessarily based upon a number of assumptions that, while considered reasonable by the
Company, are inherently subject to significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include; success of the Company's projects;
prices for gold remaining as estimated; currency exchange rates remaining as estimated;
availability of funds for the Company's projects; capital, decommissioning and reclamation
estimates; prices for energy inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled
construction and production; all necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-
looking statements and information involve known and unknown risks, uncertainties and other
factors that may cause actual results and developments to differ materially from those expressed
or implied by such forward-looking statements or information contained in this news release and
the Company has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy
inputs, labour, materials, supplies and services (including transportation); fluctuations in currency
markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards
inherent with the business of mineral exploration; inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses
and regulatory approvals in a timely manner; changes in laws, regulations and government
practices, including environmental, export and import laws and regulations; legal restrictions
relating to mineral exploration; increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title matters and the additional risks
identified in our filings with Canadian securities regulators on SEDAR in
Canada
(available at
www.sedar.com
). Although the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause results not to be as
anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on
forward-looking statements or information. These forward-looking statements are made as of the
date hereof and, except as required under applicable securities legislation, the Company does not
assume any obligation to update or revise them to reflect new events or circumstances.
SOURCE
Kainantu Resources Ltd.
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For further information:
Enquiries: Kainantu Resources: Matthew Salthouse, Chief Executive
Officer, (Tel: + 65 8318 8125), Callum Jones, Corporate Development Co-ordinator, (Tel: + 61 450
969 697), Email: [email protected]; IR / Financial PR: Camarco, Gordon Poole / Charlotte
Hollinshead / Tessa Gough-Allen, Tel: +44(0) 20 3757 4980; Financial PR North America: Jemini
Capital, Kevin Shum / Jerry Huang
[email protected], Tel: +1 (212) 219-4680 | +1 (647) 725-
3888 ext 702
CO: Kainantu Resources Ltd.
CNW 05:00e 16-MAY-22