Sandfire takes stake in PNG project

Sandfire Resources has taken a $6 million stake in Toronto-listed copper-gold explorer WCB Resources.

The investment has been made via a private share placement. The proceeds will be used to continue exploration at WCB's Misima project in Papua New Guinea.

WCB has a 70 per cent interest in the project through a joint venture with Japanese-owned Pan Pacific Copper.

Sandfire director John Evans said Misima was an exceptional opportunity for the discovery of a major porphyry copper-gold deposit in a location with a strong history of mining and development.

"Opportunities of this nature are very rare and Sandfire is pleased to be able to participate in such a wonderful opportunity for our shareholders," Mr Evans said.

Sandfire's shares were down 1 cent to $5.73 at 12.05pm.

The West Australian

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