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Geopacific cements 80% earn-in to Kula's Woodlark Island gold project

Geopacific Resources Ltd. completed the agreement to earn up to an 80% stake in Kula Gold Ltd.'s Woodlark Island gold project in Papua New Guinea, according to a Jan. 27 news release.

The decision to proceed to the second tranche of the transaction entitled Geopacific to 5% of the project upon execution of the formal agreements.

Geopacific Managing Director Ron Heeks joined the board of Woodlark Mining Ltd., the Papua New Guinea-based company that holds the licenses for the Woodlark project.

In July 2016, Geopacific committed to spending A$8 million over two years to earn into the project.