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.