Greatland Gold plc (AIM: GGP)
NEWS RELEASE | 1 June 2023
Juri Joint Venture Management Update
Newcrest to become joint venture manager effective 1 July 2023
Greatland Gold plc (AIM:GGP; Greatland or Company) advises that the management of the Juri Joint Venture will transfer from Greatland to its joint venture partner, Newcrest Mining Limited (Newcrest), from 1 July 2023.
The Juri Joint Venture is an unincorporated joint venture between Greatland (49%) and Newcrest (51%) which was formed in November 2020 to accelerate exploration at the Paterson Range East and Black Hills exploration licences.
Greatland Managing Director, Shaun Day commented:
"Greatland and Newcrest are two of the largest landholders in the Paterson Province. We welcome Newcrest elevating its engagement and interest in the Juri Joint Venture property.
Our partnerships at Havieron and Juri are central to unlocking the full potential of the Paterson Province. Greatland strongly believes in the prospectivity of the Juri Joint Venture tenure and will continue to be an active participant following the upcoming management transition.
The shift of Juri Joint Venture management to Newcrest provides Greatland's exploration team the opportunity to put greater focus on our 100%-owned portfolio of highly prospective tenure together with our responsibilities as the new manager of the farm-in and joint venture arrangement with Rio Tinto Exploration on the Paterson South Project."
Under the terms of the farm-in and joint venture agreement which governs the Juri Joint Venture, Newcrest could elect to become the joint venture manager at any time following an initial period. Newcrest has now exercised its right to do so and will assume this responsibility from the beginning of the 2024 financial year. The transfer of management of the Juri Joint Venture to Newcrest does not affect any of Greatland's other rights as a joint venture participant.
Greatland intends to continue as an active and supportive joint venture participant given the potential for the discovery of new intrusion-related gold-copper deposits similar to its world class Havieron gold-copper deposit, Newcrest'sTelfer gold-copper mine and Rio Tinto's Winu copper-gold deposit.
Greatland appreciates Newcrest assuming management of the Juri Joint Venture which will enable the Company to focus its exploration efforts on its broader portfolio of highly prospective tenure in parallel to supporting Juri Joint Venture activities.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | [email protected]
Nominated Adviser
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin
[email protected] | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity | James Asensio / Patrick Dolaghan | +44 207 523 8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341 3500
Media Relations
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry Gamble | +44 204 582 3500
Australia - Fivemark Partners | Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and exploration company focused primarily on precious and base metals.
The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with ASX gold major, Newcrest Mining Limited (which is the subject of a takeover by Newmont Corporation by way of a scheme of arrangement).
Havieron is located approximately 45km east of Newcrest's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021. Significant progress continues with total development now exceeding 2,025m including over 1,600m of advance in the main access decline (as at 19 April 2023). Havieron is intended to leverage the existing Telfer infrastructure and processing plant. Access to Telfer will de-risk the development, reduce capital expenditure and lower the project's carbon footprint.
Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.
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