Otterburn Resources Corp (“Otterburn”) is pleased to announce that K92 Mining Ltd. (“K92”) has hired Peter (Duppie) du Plessis as the General Manager of the Kainantu Mine Project located in Papua New Guinea.
On March 5th, 2015, the Kainantu Mine Project was purchased from Barrick Gold Corporation (“Barrick”). The project includes a fully developed underground mine, a modern mill production facility, paved road access, a dedicated power line, camp housing and office facilities along with a large 405 sq km exploration land package. K92 has approximately 70 staff currently onsite.
Mr. du Plessis has 40 years mining experience in deep as well as shallow underground mines and open pit mining. He has experience in the management of both small and large mining operations with 30 years of mining experience with small mining companies and 10 years on large very deep underground mines.
Mr. du Plessis has a track record of success in Papua New Guinea, where he first worked in 2002 as a Planning Manager, assisting in turning the Tolukuma Gold Mine around from a loss making situation into a profitable operation. When Mr. du Plessis left Tolukuma in 2007, he held the position of General Manager. He has spent majority of his time in Papua New Guinea over the last 12 years. After the successful turnaround of Tolukuma, Mr. du Plessis held the position as General Manager at the Simberi Mining Operation in Papua New Guinea from 2009 until January 2014, after which he accepted the position as Principal Advisor (Brisbane based) reporting directly to the Chief Operating Officer.
In 2013, Mr. du Plessis was initiated in as Maimai (Leader/Chief) by the Clan Leaders in the Tabar Islands as a sign of appreciation for his work done in the local community while employed within the New Ireland Provincial Region. This rare honour for a Westerner evidences the outstanding relationship Mr. du Plessis has developed with Papua New Guineans, government regulators and government officials.
Onsite, Mr. du Plessis is overseeing multiple initiatives central to project ramp up plans. Included within this work, the onsite team is preparing for a full load test of the mill processing facilities under the guidance of the engineering firm Kramer Ausenco. This load test is part of the K92’s assessment work of the processing facilities required prior to the initiation of refurbishment work. Kramer Ausenco Papua New Guinea is located in the nation’s capital, Port Moresby. The firm was established by eminent PNG engineer, Frank Kramer, in 1978. Then under the name Cameron McNamara Kramer, it was PNG’s first home-grown engineering and project management practice. It is now PNG’s largest engineering services business. Additional to assessment work at the mill processing facility, K92 has commenced detailed mine planning at the Irumafimpa Mine with AMC Mining Consultants. AMC is a leading independent and employee-owned mining consultancy with offices in Adelaide, Brisbane, Melbourne, Perth, Toronto, Vancouver, and the UK. AMC’s clients include the world’s leading mining and exploration companies, corporate advisers, financial institutions, and insurance companies. Since establishment in 1983, AMC has completed more than 6,500 assignments in more than 100 countries. AMC’s expertise spans mining, geology, finance, and management, with a team of world-renowned experts in their respective fields.
K92 Chief Executive Officer, Mr. Ian Stalker, states, “We are very pleased to have Duppie join the K92 team as we ramp up onsite. While his worldwide experience as a miner over the past 40 years is invaluable, his track record in Papua New Guinea in particular is of importance. We are building a top notch technical team as to capabilities in processing, mining and exploration but are also cognizant of the fact that the local community is central and integral to everything we do. Duppie has built outstanding relationships in Papua New Guinea during his career there and he will work closely with K92 Papua New Guinea advisor Daisy Taylor to ensure that the local community remains very supportive, engaged and excited about the work we are doing.”
The team advancing K92, and their intended positions with Otterburn, includes:
Stuart (Tookie) Angus, Chairman and Director
Ian Stalker, Chief Executive Officer and Director
Bryan Slusarchuk, President and Director
Brian Lueck, Chief Operating Officer and Director
Mark Eaton, Director
Saurabh Handa, Director
Alex Davidson, Advisor to K92
Douglas Kirwin, Advisor to K92
Andrew Vigar, Advisor to K92
Daisy Taylor, Director (Papua New Guinea)
Justin Blanchet, Chief Financial Officer
ON BEHALF OF THE BOARD
President & CEO
Brian Lueck is the qualified person who has reviewed and approved any technical information contained in this news release on behalf of the Company.
Completion of the Company’s acquisition of K92 is subject to a number of conditions, including but not limited to, Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement or Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the reverse take-over may not be accurate or complete and should not be relied upon. Trading in the securities of Otterburn Resources Corp. should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed transaction purchase by the Company of K92 Holdings International Limited, the terms and conditions of the proposed private placement; future exploration and testing; use of funds; and the business and operations of the Resulting Issuer after the proposed transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements 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 statements. Otterburn disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.