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.