fnt ups the ante

Thanks to Boyou for pointing out this announcement of 29th Feb. on the company website.

BENEFITS FROM POSSIBLE KODU MINE WIDENED TO ENCOMPASS MORE PNG STAKEHOLDERS, ENLISTING THEIR SUPPORT FOR THE RENEWAL OF EL 1348 AND POSSIBLE MINE DEVELOPMENT

�� Frontier Resources’ Board of Directors is pleased to announce that a seven % equity interest in total is now offered to PNG stakeholders, including the ‘Kokoda Track Authority’, if the Kodu Deposit is mined (probably in the Mining Lease holding Company).

�� Kodu Deposit landowners (who would be impacted directly by mine development) have stated they will give 1% of their previously promised 5% equity to all other Kokoda Track/ nearby landowners, proving the wealth would be equitably distributed in the region.

�� Frontier Resources wish to recognise this generous gift of 1% by the Kodu Deposit landowners with an allocation of a further 2% equity interest in the Kodu Deposit to be administered by the ‘Kokoda Track Authority’ –KTA (or successor) &/or Koiari LLG, half for funding to preserve, operate and improve the Kokoda Trail and half for the creation of an educational fund for all ‘Trail’ and nearby landowners.

�� This 3% equity could amount to tens of million of dollars over the 10 year life of the mine, depending on costs, commodity prices and taxes. The fund will be subject to specific transparency, governance and Board of Directors representation provisions by Frontier.