Kingsgate Consolidated Limited: Seeks Gold Project Opportunities In Southeast Asia And The Pacific Rim
15.10.2010 | ABN Newswire
14:17 AEST Oct 15, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (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) is a low cost gold producer and a highly successful gold mining and exploration company, traded on the Australian Stock Exchange. The company owns and operates the Chatree gold mine in central Thailand through its Thai subsidiary, Akara Mining Limited, using world's best practice for safe, environmental and socially responsible operations.
A growing reserve/resource position within granted mining leases lies in a gold province which exhibits world class potential, with recent near mine gold discoveries.
Contact:
Gavin Thomas
Managing Director & CEO
Kingsgate Consolidated Limited
Tel: +61-2-8256-4800
http://www.kingsgate.com.au