Kingsgate Consolidated Limited (ASX:KCN) Seeks Gold Project Opportunities In Southeast Asia And The Pacific Rim
Sydney, Oct 15, 2010 AEST (ABN Newswire) - Consistent with Kingsgate Consolidated Limited's (
ASX:KCN) (PINK:KSKGF) stated strategic intentions to diversify its asset base the company continues to review, on an opportunistic basis, gold projects in Southeast Asia and the Pacific Rim, including Australasia.
Kingsgate has been reviewing advanced gold projects across these regions to secure new development opportunities where the company's experience and capital base can unlock value. Kingsgate has embraced a prudent approach to the identification and review of acquisition opportunities and will continue to supplement the successful organic growth at its keystone Chatree mine in Thailand.
Kingsgate's acquisition and development activities include detailed reviews of gold projects, including Papua New Guinea (PNG), where the management team has considerable experience and demonstrable value creation.
Recent media statements in PNG explicitly describe Kingsgate's expressions of interest to pursue the Mt Kare project. The Company can confirm that it is reviewing this project.
The PNG Government is finalising its preferred longer term intentions for the Mt Kare project and their decision is likely prior to the end of the year.
Kingsgate will continue to review development opportunities where the Company can add significant shareholder value and these will be detailed if and when a transaction is complete.
About Kingsgate Consolidated Limited
Kingsgate Consolidated Limited (ASX:KCN) (OTCMKTS:KSKGF) is an experienced pacific rim gold producer and highly successful ASX listed gold company with significant expertise in gold exploration, development and mining.
Kingsgate owns and operates the Chatree Gold Mine in central Thailand and the Nueva Esperanza Development Project, located in the highly endowed Maricunga gold and silver belt of the Atacama Region of northern Chile.
The Chatree Gold Mine is a world class gold producing asset, with a proven operating history, with 1.8 million ounces of gold and 10 million ounces of silver produced between 2001-2016.
Chatree is a large scale, low-cost, open pit operation with a combined +5 Mtpa processing capacity across two plants, with existing Life of Mine supporting a ~9 year mine life based on 1.3m oz gold reserve.
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