Kibush Capital Announces Kunuba Resource Contract
PR Newswire
MELBOURNE, Australia, Feb. 18, 2016
MELBOURNE, Australia, Feb. 18, 2016 /PRNewswire/ -- Kibush Capital Corporation (OTC: DLCR) announced today that following a visit to Papua New Guinea two weeks ago, by Mr. Sheppard CEO, the company has entered into negotiations with land owners of the Kunuba District to commercialise their area for Timber Logging. The Kunuba area has in excess of 100,000 hectares of primary forest. Mr. Vincent Appo Operations Manager is currently conducting due diligence on the project and assessing the logistics involved. The area also covers the road corridor joining the villages Kuni to Tolokuma, the road is 19 kms with a clearing width of 50 metres, all trees felled in the road process are the property of Kibush Capital, road clearance has started. The estimated area of this road corridor is 95,000 hectares, from an initial review, this area alone would yield 19 million cubic metres, at $USD500 per cubic metre there is a resource of $USD9.5M. Mr. Sheppard said this will be an excellent addition to the resources held by Kibush Capital, the overall resource of the total area will enable the company to open up a number of markets that the company can sell into both domestically in PNG and also for export.
AI
