BOC 2.63% 37.0¢ bougainville copper limited

morumbi continues to advance its b´ville proje

  1. 1,486 Posts.
    lightbulb Created with Sketch. 1

    press release

    April 3, 2012, 7:01 a.m. EDT
    Morumbi Continues to Advance Its Bougainville Project
    - Morumbi's Social programs driving Resource Acquisition on Bougainville - Morumbi's Mining & Development partner Isina Resource Holdings Ltd presents its Exploration Licence ("ELR") for Registration to the full ABG Parliament on the lawns of Parliament in an historic ceremony - Isina concession area expanded from 5,000 ha to 33,420 ha

    CALGARY, ALBERTA, Apr 03, 2012 (MARKETWIRE via COMTEX) -- Morumbi Resources Inc. CA:MOC -5.46% ("Morumbi" or the "Company") announces that it continues to make progress in establishing a mineral opportunity base on Bougainville with the view to entering into Mining & Development agreements with Landowner Companies over the minerals on their lands. The expectation is that the Exploration Licenses will be registered over the respective lands under agreement in due course so that full scale exploration can start. The first such Agreement is with Isina Resource Holdings Ltd which was signed on March 10, 2011 (see Press Release May 30, 2011).

    Social Programs Drive Resource Acquisition program

    Morumbi continues to develop strong relationships with Landowner groups on Bougainville by engaging in social programs that are designed to deliver needed tangible benefits. Programs underway include two health clinics to be built and stocked; one in Atamo and one in Kopani, both currently without facilities and nearby health services. They are currently nearing prefabrication completion in Indonesia and will be transported and erected on Bougainville for an expected opening in June. Tribudi Hastuti will oversee the medical supplies, training of personnel, commissioning and ongoing operation of the clinics in conjunction with the Autonomous Bougainville Government ("ABG").

    Morumbi has committed to train 36 elementary school teachers to start in May 2012 to go into those class rooms currently full of students but without qualified teachers. The training is sanctioned and conducted by the PNG and Buka Departments of Education and consists of three six-week intensive training sessions held over 3 years with additional ongoing on-the-job classroom supervision. These trainee teachers have been selected by the communities from the Morumbi areas of interest and they will return to teach in their community schools with guaranteed Education Department employment. This is a financial commitment of $25,000 a year for three years.

    Other programs are being designed by the Operations team from Indonesia who are now in Arawa.

    Mining policy and Administrative Capacity

    On March 13th in a ceremony before the full Parliament on the lawns of Parliament House in Buka, presided over by Sam Kauona (former Bougainville Revolutionary Army ("BRA") Commander, Vice Chairman of Isina Resource Holdings Ltd - "IRHL") and attended by hundreds of resource owners from all over Bougainville, IRHL submitted an Exploration Licence Registration ("ELR") to the Bougainville President on behalf of the ABG Mines Department. Designated as ELR 001 this is the first license registration application ever by a Landowner Company on Bougainville. The previous Licenses at Panguna in the early 1960's were created in the Colonial tradition - by arrangement between Rio Tinto and the Australian administrated PNG Department of Mines. Bougainvilleans were not consulted over those arrangements and had minimal subsequent benefits from the giant Panguna operations.

    Morumbi, as the qualified Mining and Development partner by way of an April 13th, 2011 MOU between Morumbi and IRHL, formed part of the documentation for the Registration application.

    Expansion of the Isina Agreement area

    The Isina area was initially announced as a 5,000 ha concession. Since then the Paramount Chiefs from surrounding contiguous areas approached IRHL requesting that their areas be included in the concession and be made part of the Mining and Development Agreement between IRHL and Morumbi. On February 25th, 2012 an Addendum Letter to the existing MOU was executed by the Directors of IRHL and the Directors from the new areas, which has expanded the area up over and along the Crown Prince Mountain Range both South and North towards Panguna. The concession is now 33,420 ha, the area prescribed under the Licence Registration Application that was submitted March 13th, 2012. This area is a highly attractive unexplored area - by its proximity to Panguna, by the abundance of alluvial gold that is found in its streams and by the pluton aero-mag footprint identified by a German sponsored Geological survey published in 1990.

    The lodging of the first ELR has brought a focus on the urgent need by the ABG Administration to implement the capacity in the form of Mining Policy and procedures to implement the EL Registration process. In the meantime Isina Resource Holdings Ltd has indicated that it will begin a pre-exploration program including stream sediment sampling and geological mapping in April, 2012.

    About Morumbi

    Morumbi Resources Inc. is a public company with light oil property in northwest Alberta as well as early stage mineral exploration licenses in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local Landowner companies with the view to securing mineral exploration licenses on their traditional lands. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's McKinley Property and plans visit our website at .

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
watchlist Created with Sketch. Add BOC (ASX) to my watchlist
(20min delay)
Mkt cap ! $148.3M
Open High Low Value Volume
37.0¢ 37.0¢ 37.0¢ $740 2K

Buyers (Bids)

No. Vol. Price($)
1 11110 36.0¢

Sellers (Offers)

Price($) Vol. No.
37.0¢ 12172 1
View Market Depth
Last trade - 12.30pm 19/10/2021 (20 minute delay) ?
BOC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.