Info on K92K92 Mining Inc. // KNTNF // US OTC, also KNT // TSX K92 Mining is focused on advancing the Kainantu Gold Mine, located in the Eastern Highlands province of Papua New Guinea, towards production. Combined, the management team have been involved in building over 20 mines and $5 billion in buyouts.
The Kainantu Mine
K92 Mining Inc is focused on advancing the Kainantu Gold Mine, located in the Eastern Highlands province of Papua New Guinea, towards production. The Kainantu property covers a total area of approx. 410km2 and was previously mined by Highlands Pacific and Barrick Gold from 2006-2009.
After being commissioned in 2006, the processing facilities operated for a cumulative total of approximately 7000 hours (292 days) before being put on care and maintenance by Barrick Gold, who continued this care and maintenance of the mill until the sale of the project to K92.
About Papua New Guinea:
Land of large mines
Commonwealth country
Democratic government with the Prime Minister as Head of Government
Population of approximately 7 million people over a land area of 462,840 km2
Mining a major source of economic activity with multiple major mining companies operating large mines
Mining and petroleum industry contributes over one third of government tax revenue
Competitive tax and regulatory environment
Mining licenses issued under the terms of the Mining Act 1992
PNG bottom line: Very favorable government to mining with good geopolitical stability for a developing country
About the company:
Barrick Gold bought this mine in 2007 for $141 million and invested additional $100 million in project. $41 million invested in exploration drilling and definition drilling. 78K meters drilled via 767 holes. K92 mining bought it at low point in bear market for $2 million.
Will pay Barrick 60 mil once they are producing. They also will have to pay 7.25% in preexisting carried intrestest and taxes.
Existing mine, mill, staff housing and all infrastructure in place, upkeep was done by Barrick even after shutting down productions. Cheap hydro electric power nearby.
Fully NI43-101 compliant
High grade: 1.84 million oz @ 11.6 g/t AuEq inferred, 240,000 oz @ 11.3 g/t AuEq indicated. Also has a huge ore body that is open to depth, and not well explored.
Multiple hundred g/t intercepts reported in recent drilling.
Bonus of historical estimates at other sites: 1.36 million oz Au
AIM mining study 200,000 tpa @ 7.5-8 g/t; ~94% recovery rate. Poteintially producing 45K oz Au/yr. Should be immedialy profitable to allow it to fund further drilling and exploration work.
Other projects: 4 Exploration leases, 1 mining lease, 2 mining easements, 1 lease for mining purposes: 405 km2 total land in PNG.
Experienced management: Alex Davidson of Barrick Gold on staff
About Papua New Guinea:
Land of large mines
Commonwealth country
Democratic government with the Prime Minister as Head of Government
Population of approximately 7 million people over a land area of 462,840 km2
Mining a major source of economic activity with multiple major mining companies operating large mines
Mining and petroleum industry contributes over one third of government tax revenue
Competitive tax and regulatory environment
Mining licenses issued under the terms of the Mining Act 1992
Corporate presentation: https://www.k92mining.com/investor/presentation/
Website: https://www.k92mining.com/