The company stated in its corporate update on the Australian and Port Moresby Stock Exchange “As there is expected to be an outcome to the Judicial Review in the near future the Company believes it prudent and an opportune time to make the preparations required to have the company return to trading on the ASX.”
Indochine acquired the Mt Kare Gold Project in Enga Province in 2011.
From acquisition to March 2015 Indochine actively worked with PNG Authorities, Landowners and various stakeholders to explore and advance the Mt Kare Gold Project.
Since March 2015 the company kept the Project assets on a secured, care and maintenance basis and continued to advance geological studies, pending the outcome of a Judicial Review of the former Minister of Mining’s decision in December 2015 to refuse to renew exploration licence EL 1093.
The Judicial Review was heard in PNG on 5th September 2017 by Justice Leka Nablu,and the Judge reserved a decision until now.
With a decision on the judivial review imminent Indochine has gone on to appoint, Wayne Bramwell, as Interim Chief Operating Officer and Longreach Capital of Perth, Western Australia, as the company’s Corporate Advisor.