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Kingston earns 70% stake in Misima gold project in Papua New Guinea

Kingston Resources Ltd. increased its stake in the Misima gold project in Papua New Guinea to 70% from 49% after completing the expenditure requirements under a joint venture, it said Sept. 11.

The company was earning up to a 70% interest in Misima from its joint venture partner Pan Pacific Copper Co. Ltd., an integrated copper mining and smelting company that is jointly owned by JX Nippon Mining Metals Corp. and Mitsui Mining & Smelting Co. Ltd.

In May, Kingston kicked off its first drilling campaign for gold at Misima in 15 years, with a goal to extend the current resource of 2.8 million ounces. The company expects to accomplish 10,000 meters of diamond drilling this year.