K92 Mining Inc

The company said the promotion of Medilek and Kinver is part of an organisational restructure, which is designed to enhance the operational, technical and project execution capacity of the Company. 

Medilek is a mining professional with over 16 years of mining capital markets, corporate strategy and technical operating experience. 

He joined K92 in 2019, most recently holding the position of President, and before that was its Vice President of Business Development and Investor Relations. 

This is one of several separate benefit packages apart from the K92 Mine revised Memorandum of Agreement (MoA) concluded on Friday.

Parties to the K92 Mining Project settled the second review of the project’s MOA on a high note, agreeing in-principle to the various commitments.

The K92 Mine MoA review discussions in Kokopo, East New Britain included Royalty distribution, Special Support Grants, Infrastructure development, Business Development and Training & Employment, amongst others.
From these discussions a number of separate benefits packages were announced.

The firm announced yesterday that it has closed and fully subscribed its sale of shares to select private investors, as announced on March 15, 2017.

They consist of the issuance of 13,333,333 units at $0.75 (K2.25) per unit for gross proceeds of $10 million.

K92 Mining Inc. says all securities issued pursuant to the $10 million are subject to a four-month hold, expiring July 22, 2017.

The financing include grade control, expansion and exploration drilling, work on the underground incline drive to Kora and for general corporate purposes.

Business Advantage PNG reports that exploration commenced in January in the areas which span two of the companies exploration leases in Irumafimpa and Kora.

With no previous drilling in the area between Irumafimpa and Kora, the area has significant potential for the company says K92 Mining’s Chief Operating Officer, John Lewins.

“It’s one of the most exciting bits of ground that I’ve seen, and one of the most exciting projects that I’ve been involved in—and that’s having spent almost 40 years in the industry,” Lewins tells Business Advantage PNG.