Cooper Grace Ward has advised Papuan Minerals Pty Ltd on a transaction with Golden Birch Resources Inc to sell-down an interest of up to 85% in its PNG subsidiary, Papuan Minerals Ltd. The transaction was executed in parallel with the listing of Golden Birch Resources Inc on the Canadian Securities Exchange.
Papuan Minerals holds a 100% interest in the exploration licenses that comprise the Keveri Project. The Keveri Project is located 200 kilometres southeast of Port Moresby, Papua New Guinea and is situated on the Papuan Mobile Fold Belt, a geologic area in PNG that hosts numerous copper-gold deposits. Exploration completed to date has defined targets that have similar characteristics to porphyry copper-gold systems. Golden Birch intends to evaluate these targets with more exploration including drill testing during 2020.
The Cooper Grace Ward team was led by corporate partner Andrew Corkhill with support from lawyer Liz O'Connell.
Commenting on the transaction, Andrew Corkhill said: "We are delighted to have advised Papuan Minerals on this innovative cross-border transaction and wish Papuan Minerals and Golden Birch every success as they embark upon their high-impact exploration program in PNG."
HopgoodGanim advised Golden Birch Resources on the transaction.