DLCR~MELBOURNE, Australia, Nov. 08, 2016 (GLOBE NEWSWIRE)
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Kibush Capital Completes First Week of Timber Operations at Rigo, PNG
Nov 08, 2016
OTC Disclosure & News Service-
MELBOURNE, Australia, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today that its subsidiary Aqua Mining had completed its first week of operations at Rigo. During that week we have cut 42 trees which will yield approximately 200 cubic meters of timber and we will now commence processing the rough sawn timber. Two Lucas mills are currently on site in Rego, and the Company will move two more mills from Brown River TA to Rigo to boost our capacity. Once these additional mills are in place we plan to run two shifts to maximize output. The yield from the log processing may vary, but we forecast an output of 400 cubic meters per month when fully operational. Based upon our estimated sales mix and customer requirements, we estimate that 400 cubic meters of timber would result in revenues in excess of $250,000 per month. Once we have consistent revenue, we plan to upgrade our capital equipment in order to increase logging and processing capacity for a 50% increase in output. Warren Sheppard, the Company’s CEO stated, “this is a great achievement by our management team and employees located in Papua New Guinea. It is great to see that the Timber Authority resource at Rigo can now be quantified by actual logging and processing results. We look forward to the growth of our timber operations in Papua New Guinea.”
About Kibush Capital Corporation:
Kibush Capital is a Resource company with Timber Operations in Papua New Guinea, Gold exploration in Papua New Guinea and Jade exploration in New South Wales, Australia.
