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Market:	ASX
Sector:	General Mining
EPIC:	PNR
Latest Price:	0.44 (0.00%)
52-week High:	0.50
52-week Low:	0.31
Market Cap:	109.19M

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Pacific Niugini Limited

Pacific Niugini (ASX: PNR) is exploring for golf and copper in Papua New Guinea through its 100% held subsidiary company where it holds 5 exploration titles covering 3,961 square kilometres.

Pacific Niugini sees copper gold potential at Mt Hagen in PNG

Thursday, March 11, 2010

Pacific Niugini (ASX: PNR) has announced that the first phase of exploration at its Mt Hagen Tenement (EL 1613) in Papua New Guinea has returned significant assay results including copper, gold, and molybdenum from float samples believed to be shedding from a porphyry copper system.

In January 2010, PNR announced that it had entered into a Joint Venture agreement with ElDore Mining Corporation Limited (ASX:EDM) with EDM earning a 60% interest in the tenement by spending $2 million over four years.

PNR wholly owned subsidiary, Pacific Niugini Minerals (PNG), has agreed to continue to manage the exploration program on behalf of EDM during the farm-in period.

The first phase of reconnaissance works has focused on the Paglum (centre of lease) and Kotna (northeast portion of lease) areas. A total of 186 samples consisting of 120 stream sediment samples and 66 float samples were collected.

Historical rock chip sampling data of the area by private explorer Regional Resources Pty Ltd had discovered porphyry copper-gold style mineralization with the best rock chip results returning: 1.56% Cu, 0.14 g/t Au, 2.76% Cu, 0.35 g/t Au, 3.08% Cu, 0.15 g/t Au.

At the Kotna Prospect in the northeast of the tenement first pass reconnaissance sampling has focused on an area where historical sampling data by Regional Resources Pty Ltd had returned rock assays off 1.37% Cu and 0.27g/t Au.

Further sampling in both the Paglum and Kotna areas will be focused on identification of the source mineralisation in outcrop with the aim of identifying a substantial porphyry system.

The company said it is encouraged by initial results and will continue to support the farm-in partner to achieve the Joint Venture’s goals.

The farm-in agreement with ElDore at Mt Hagen allows PNR to continue to advance this prospect whilst at the same time concentrate its efforts on its key Bulolo Gravels Project in the Morobe Province and its recently announced discoveries at the Gusap tenement in Madang Province.

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