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Papua Mining

  • BY: Andrew Hore |
  • POSTED: 18/02/2012 |

Two former directors of Glencar Mining are returning to AIM with gold and copper explorer Papua Mining.

Papua Mining chief executive Hugh McCullough and technical director Kieran Harrington left Glencar after it was acquired by Gold Fields Metal BV.

Papua Mining (www.papuamining.com) has exploration licences in two main areas of Papua New Guinea: Ambunti and New Britain. At Ambunti Papua Mining has found high grade gold occurrences in rock samples and there is a copper target to the North East of the area. There is also nickel/chrome potential in the south. There has been no substantial drilling in the area. The first drilling target will be decided on by the third quarter of 2012.

The New Britain licences surround areas being explored by a joint venture between Coppermoly and Barrick which has announced positive drilling results. The licences are in the Kulu-Fulleborn Trend known for copper. At least two drilling targets will be identified by the third quarter of 2012. 

No details of the placing have been revealed but the proposed flotation date is 2 March. 

The two main existing shareholders in Papua Mining are South Pacific Mining Holdings with 62.02% and Monaco-based Michael Somerset-Leeke with 19.46%. Former stockbroker Somerset-Leeke is best known for his involvement with David Abell’s engineering company Suter, which was part of a DTI investigation into Suter published in the early nineties.

The inspectors were appointed in July 1988 to investigate shareholdings in six companies - James Neill, FH Lloyd, Francis Industries, Mersey Docks and Harbour, Metal Closures and Winchmore. Either Abell or Suter had bought shares in these companies.

The DTI inspectors did not find any evidence of a concert party but they argued there was evidence for a David Abell ‘fan club’ led by Somerset-Leeke, whose clients frequently bought shares in Suter targets. They believed that the relationship between Abell and Somerset-Leeke “was similar to that which the legislation relating to concert parties seeks to prohibit”.

Oxford-born Somerset-Leeke owned 8.7% of shell Reflexion Cosmetics which floated on Aim on 8 March 2004. The shares were suspended on 3 April 2006 because no acquisition had been made and the quotation was cancelled six months later. The company was dissolved on 24 December 2008.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf

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