Kainantu Resources Reports Filing of Fiscal 2022 Results
Kainantu Resources Reports Filing of Fiscal
2022 Results
VANCOUVER, BC
,
May 1, 2023
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) ("KRL" or the
"Company"), the
Asia-Pacific
focused gold mining company, is pleased to report the filing of its
annual results for the fiscal year ending December 31, 2022, a copy of which is available for review
in the investor section of the Company's
website
.
Key aspects to report from a financial perspective over the fiscal period ending
December 31, 2022
include:
prudent management of the Company's balance sheet and capital resources is ongoing;
expenditure on exploration and evaluation activities for the year ended
December 31, 2022
,
totalled
US$2.03 million
which has been capitalised (compared to
US$1.45 million
in 2021);
total assets of
US$7.61 million
(an increase of
US$2.10 million
compared to 2021);
closing cash of
US$0.31 million
was followed by the successful completion of the final tranche of
a
C$2.5M
private placement which concluded on
January 24, 2023
;
total cash outflows of
US$2.46 million
on investing activities during the year (compared to
US$1.58 million
in 2021); and
a net loss for the 12 months of
US$1.49 million
(a decrease of
US$0.29 million
compared to
2021), which includes
US$0.18
share-based payments.
Matthew Salthouse
, CEO of KRL, commented:
"KRL is pleased to provide this update to its shareholders for the year ended
December 31, 2022
.
Over the past 12 months, the Company has continued to build upon our corporate and our
operational objectives. The acquisition of the highly prospective
Kili Teke
and May River projects
mark a new phase for the Company as we progress towards targeted drilling across the KRL
portfolio.
In an operational context, our MT survey assisted us to accelerate and activities at key targets,
including the highly prospective Ontenu Prospect. At May River, further field survey work
identified a series of interesting and exciting results at the Mountain Gate prospect.
Despite challenging and uncertain global markets, the Company has continued to receive strong
support from stakeholder in PNG and investors, including participation in the private placements.
In 2023, our focus is on advancing work for drilling campaigns at selected prospects with Ontenu
and KRL North being the priority. Closing the
Kili Teke
deal and advancing project re-optimisation
work is another key focus for the Company.
The Company is well advanced on funding initiatives and expects to provide a further update in the
near future."
About KRL
Kainantu Resources 'KRL' is an
Asia-Pacific
focused gold mining company with four highly
prospective gold-copper projects, the Kili Teke Project, 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.
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
Statements contained in this release that are not historical facts are forward-looking statements
that involve various risks and uncertainty affecting the business of KRL. In making the forward-
looking statements, KRL has applied certain assumptions that are based on information available,
including KRL's strategic plan for the near and mid-term. There can be no assurance that such
information 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 information. KRL does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
SOURCE
Kainantu Resources Ltd.
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For further information:
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]; Corporate Advisor (Gemini Capital): Kevin Shum, Tel: +1 212 219 4670
(702), Email: [email protected]
CO: Kainantu Resources Ltd.
CNW 22:25e 01-MAY-23