K92 Mining Inc. (OTCMKTS:KNTNF) has received additional capital funding to restart production at the high-grade Irumafimpa Deposit well. Even though the project was fully funded, an additional $18.5 million through private placements should go a long way in accelerating completion of the underground incline drive.
Irumafimpa Deposit well.
The company has already started drilling at the mine as it targets expansion of the resources at the supervision Mr. Chris Muller, Ph.D., who was recently appointed as the Exploration Manager. Muller joins the company with vast experience in mining having worked for a decade in Papua New Guinea. His experience also includes 4 years with the Morobe Mining joint venture.
K92 Mining has already contracted Quest Exploration Drilling company to commence diamond drilling at the Irumafimpa God Deposit. The company was selected because of its extensive experience having undertaken similar projects in Asia. Given that the company is also locally established should go a long way in providing the much-needed support for the site.
The contractor has already provided two rigs one of which will be used to drill the Irumafimpa orebody for grade control and mining planning purposes. Works at the mine come just days after K92 Mining confirmed it had completed refurbishing its Kainantu processing plant paving the way for the commencement of mining and processing operations at the plant.
Separately K92 Mining has confirmed that it granted 100,000 incentive stock options to an investor relations provider on July 29, 2016. The stock options are exercisable at a price of CAD$1.93 per share over a period of 18 months.
The exploration and drilling company has also reached an agreement with CRH Funding 11 Pte Ltd for the conversion of 2,500,000 Class A Preferred Shares. The 2.5 million shares are to be converted into 4,751,831 common shares with CRH entitled to 4.79% of the total shares following conversion. The conversion came into effect on K92 Mining Inc. (OTCMKTS:KNTNF) shares trading above the $1.25 a share mark for 10 consecutive days.