VANCOUVER, BC, April 29, 2021 /CNW/ - Kainantu Resources
Ltd. (TSX-V: KRL) ("KRL" or the "Company"), is pleased to report
the filing of its first quarter results for the interim period
ending February 28, 2021 (the
"Results"), a copy of which is available for review on the
Company's website. Highlights over the period include:
![Kainantu Resources Ltd. Logo (CNW Group/Kainantu Resources Ltd.) Kainantu Resources Ltd. Logo (CNW Group/Kainantu Resources Ltd.)](https://mma.prnewswire.com/media/1499964/Kainantu_Resources_Ltd__Kainantu_Resources_Reports_Filing_of_Q1.jpg)
- Completion of a private placement and raising C$4.1 million to support the development of
highly prospective gold tenements in the Kainantu region of
Papua New Guinea;
- Re-commenced trading on the TSX-V and acquisition of the
Kainantu projects;
- Appointment of an experienced Asia-Pacific focused Board and executive
management team;
- Maintenance of a strong in-country ESG agenda in alliance with
Asia-Pacific Energy Ventures Pte Ltd;
- High levels of support and engagement with National and local
government, as demonstrated by public statements from the Mining
Minister, the Hon. Johnson Tuke, MP;
- Consolidation and confirmation of rights to explore at KRL
North and KRL South, as a key early-stage strategic milestone for
the Company;
- Access arrangements agreed with local stakeholders at KRL North
to support long term exploration efforts, in addition to overall
community support during the recent Wardens' Hearings;
- Focused mapping, sampling and trenching at KRL South, primarily
in the Tirokave area, aimed at establishing defined prospects for
further targeted exploration;
- Encouraging early stage sampling and field work at KRL North;
and
- Strong closing cash position of $2.8
million (with cash used in operations of $76,722, with focus on cost control and cashflow
management).
Matthew Salthouse, CEO of KRL,
commented:
"The Company is pleased to report progress and achievement
against early stage milestones set for the business on
listing. Over the next quarter, the Company will continue to
focus on targeted exploration at our highly prospective Kainantu
projects; in addition to assessing options for strategic
collaboration in region. The Company expects to provide
further updates on exploration efforts as our programme extends
into the second half of 2021."
Subject to obtaining necessary approvals, in due course the
Company intends to adopt a December
31, or calendar, year-end for reporting financial results
(with quarterly reporting to be adjusted accordingly).
About KRL
KRL is an Asia-Pacific focused
gold mining company with two highly prospective gold projects, KRL
South and KRL North, in a premier mining region, the high-grade
Kainantu gold district of PNG. Both of KRL's projects show
potential to host high-grade epithermal and porphyry
mineralization, as seen elsewhere in the district. 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.