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PanAust Secures New Exploration License in Myanmar

PanAust is pleased to announce that it has secured three new exploration licenses in Myanmar on Thursday 5 July 2018, following approval by the Government of the Republic of the Union of Myanmar on 21 June 2018. The licenses are the first awarded under the Myanmar Union government’s new mineral regulations.

PanAust’s headquarters is in Australian and is a copper and gold producer. They have operations in Laos, and pre-development and exploration opportunities in Myanmar and Papua New Guinea.

The exploration licenses, for the Ton Kyaung, Taung Kon, and Naungphat blocks in the Sagaing Division of Myanmar, together represent a 562 square-kilometer area in the highly prospective Wuntho Massif region.

PanAust Managing Director, Dr Fred Hess welcomed the development which adds to the Company’s existing tenement package in Myanmar.

“PanAust is excited to secure new ground in Myanmar, a country that is a major focus for the Company’s growth strategy. We look forward to carrying out a successful exploration program that will eventually lead to Myanmar’s next major mining operation,” Dr Hess said.

Dr Hess noted the opportunity PanAust has to apply its successful operational experience in Myanmar.

“PanAust’s world class operations in Laos provide a model for how the company will advance its activities in Myanmar. We will apply in Myanmar the same commitment to supporting the long-term socio-economic development of our host communities which has been so successful in Laos.

“Being at the vanguard of the next generation of mining in Myanmar, we have a wonderful opportunity to help position the industry as a positive contributor to the country’s development,” Dr Hess commented.

In Myanmar, PanAust holds an 80 per cent interest in Wuntho Resources Company Limited (WRCL) and has established a joint venture with Myanmar Energy Resources Group International Company Limited (MERG), a Myanmar-based company, which holds the remaining 20 per cent of WRCL. WRCL owns 100 percent of the rights to the areas covered by the exploration licenses.

Source: Myanmar Business Today

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