Kingston Resources (ASX: KSN) boosts bank balance by $70 million with sale of Misima gold mine (w/ Andrew Corbett)

Kingston Resources (ASX: KSN) managing director Andrew Corbett joins Small Caps to discuss the major splash the company made this week with its sale of the Misima gold mine in Papua New Guinea. The deal with PNG copper and gold giant Ok Tedi Mining Ltd will deliver Kingston with up to $70 million in cash plus ongoing exposure to future large-scale production at Misima through a gross revenue royalty. Notably, the consideration to be received is greater than Kingston’s current market capitalisation. The company is now cashed up to progress its Mineral Hill gold and copper operation in Australia. New drilling work will test brownfields targets at Mineral Hill, including historical production areas such as Parker’s Hill, Jack’s Hut and EOZ. The capital will also help accelerate the advancement of regional drill targets along the highly prospective Mineral Hill Trend. The company is also considering adding accretive Australian based copper and/or gold growth initiatives. Article: https://smallcaps.com.au/kingston-resources-mineral-hill-copper-gold-selling-misima-ok-tedi-mining/ For more information on Kingston Resources: https://smallcaps.com.au/stocks/asx-ksn/ See omnystudio.com/listener for privacy information.