MELBOURNE, Australia, Oct. 2, 2014 /PRNewswire/ -- Kibush Capital Corporation (OTC: DLCR) announced today the signing of an Agreement with the leaseholders of Mining Lease ML863 located at Bitoi River, Wae, Papua New Guinea. It provides for the parties to make an application to the Resource Mining Authority for an approved Alluvial Mining Lease. This lease covers approximately 16 hectares of Alluvial Resource. Combined with our agreement with the Leaseholders of ML 369, the result will be a combined area of approximately 20 hectares. We are currently in negotiations with one other neighboring landowner to add to this 20 hectare project.
Warren Sheppard, the Company's CEO, said "This project will bring the critical mass to efficiently commercialize the resource and maximize the opportunities that this combined area presents."
Further testing on ML369 during the month of September has given Vincent Appo results that have far exceeded his initial expectations as noted in our release on September 2nd 2014. Advisory Committee geologist Ken Unanambo conducted a review of the data from the area during the month of September and has confirmed the results that Appo relied on to justify Kibush's participation in the area and projects.
That data from the September release was findings that there has been a number of nuggets found weighing up to 93 grams, which also indicate a resource that could show a gold purity between 92% to 96%.
Once we receive Government Approval to Operate under the Alluvial Mining Lease, we will employ the best techniques and equipment to maximize output and profit margins. Kibush Capital sees this particular agreement as a means to determine and prove an operating model that can be used on similar sized areas where potential leaseholders are interested in entering into similar agreements with us. This would give us the opportunity to lower operating costs over a number of cost centers but maintaining at the same time a level of expertise in Management and Financing that would ensure the cost centers operate at maximum efficiency and profitability. As with other projects in the area, we will be working with local villagers and suppliers to support and work within the Project.
Contact: Paul Knopick
E & E Communications
940.262.3584
SOURCE Kibush Capital Corporation