2022-05-16 | TSXV:KRL | Press release

VANCOUVER, BC, May 16, 2022 /CNW/ – Kainantu Resources Ltd. (“KRL” or the “Company”) (TSXV: KRL) (FSE: 6J0) is pleased to announce the appointment of Mr. Nick Franey as chief geologist.

Appointment of chief geologist

Mr. Franey has over 40 years of experience in exploration and project development, having held executive positions in a number of well-established mining companies such as Anglo American Plc and OceanaGold Corporation, in addition to other successful small cap juniors. Mr. Franey has a wide range of experience in all-stage mining projects, with a particular focus on early and mid-stage gold and base metal exploration projects in developing regions.

Nick Franey supervised the activities leading to Anglo-American discovery of a SEDEX zinc deposit near McArthur River, a high-grade nickel deposit in Australia. He was also one of the driving forces behind Anglo-American targeting Cu-Au porphyry projects in Papua New Guinea (“PNG”). For the past few years, Mr. Franey has worked as an exploration management consultant and was part of the teaching faculty at James Cook University, delivering the business and financial management module as part of the Master of Ore Deposit Geology.

Date of publication of the management report and financial statements for the first quarter of 2022

KRL expects to publish the company’s management report and financial statements by May 302022.

Following the successful private placement in January 2022 of 2.77 million Canadian dollarsthe Company’s closing cash plus non-commercial receivables on March 31, 2022 been C$2.07 millionnet of one-off costs related to the private placement (constituting the cash in bank of 1.78 million Canadian dollars and non-commercial receivables of C$0.29 million).

Cash reserves remain in line with the Company’s forecasts.

Progress of the Kili Teke transaction

The Company continues to work with Harmony Gold (PNG) Exploration Limited (“Harmony”) and the regulators in PNG and Canada to travel to close the acquisition of the Kili Teke project.

Among other customary conditions and at KRL’s discretion, closing is subject to the Company lifting until $1 million (being the initial consideration due to Harmony). In this regard, the acquisition is not finalized until KRL, in its sole discretion, is of the opinion that it has secured sufficient financing to complete the transaction and advance other business activities.

Matthew SalthouseCEO of KRL, said:

Nick Franey will bring extensive experience and a track record of success in identifying and developing exploration projects in Asia-Pacific. His experience will complement the already strong skill set within the company as we move towards defining a drill program at Kainantu.”

About Kainantu Resources (KRL)

Kainantu Resources ‘KRL’ is a Asia Pacific Focused gold mining company with three very promising gold-copper projects, KRL South, KRL North and the May River project. All projects are located in the main mining regions of PNG. KRL North and KRL South have the potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the high-grade Kainantu gold district. The May River project is adjacent to the world famous Frieda River copper-gold project, with historic drilling indicating the potential for major copper-gold projects. KRL has a highly experienced board and management team with a proven track record of collaboration across the region; and a partner established in the country. KRL recently entered into an agreement to acquire the Kili Teke project in the Western Highlands of PNG.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer and Forward-Looking Information Mineralization hosted on adjacent and/or neighboring properties is not necessarily indicative of mineralization hosted on the Company’s property. The data disclosed in this press release regarding drilling results is historical in nature. Neither the Company nor any qualified person has yet verified this data and therefore investors should not place undue reliance on this data, and no representations or warranties, express or implied, are made by the Company, its affiliates or anyone else as to its fairness, accuracy, completeness or accuracy. This release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by the Company and information currently available to it. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information contained in this press release relate to, among other things: expectations regarding the completion of the acquisition and the terms thereof, including timing, the results of preliminary economic assessments and feasibility studies, further exploration activities or development programs on the project, receipt of necessary regulatory approvals and formulation of plans for test drilling; the effect of the acquisition on KRL and its portfolio; continued growth of the project; time of renewal of EL 2310; the Company’s ability to raise funds; description and viability of the project; preparing and filing an NI 43-101 technical report; and the Company’s ability to achieve its strategic objectives and create shareholder value. These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based on a number of assumptions which, while considered reasonable by the Company, are inherently subject to significant uncertainties and operational, commercial, economic and regulatory contingencies. . These assumptions include; success of the Company’s projects; the remaining gold prices as estimated; exchange rates remaining as estimated; the availability of funds for Company projects; capital, decommissioning and reclamation estimates; prices of energy inputs, labour, materials, supplies and services (including transportation); no work interruption; no unforeseen delays or interruptions in planned construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such statements or information. forward-looking statements contained in this press release. and the Company has made assumptions and estimates based on or related to many of these factors. These factors include, but are not limited to: fluctuations in gold prices; fluctuations in the prices of energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the US dollar); operational risks and hazards inherent in mineral exploration activities; inadequate insurance or inability to obtain insurance to cover such risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals on a timely basis; changes in governmental laws, regulations and practices, including environmental, export and import laws and regulations; legal restrictions on mineral exploration; increased competition in the mining industry for equipment and skilled personnel; the availability of additional capital; title issues and additional risks identified in our filings with the Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be anticipated, estimated, described or predicted. Investors are cautioned not to place undue reliance on any forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities laws, the Company undertakes no obligation to update or revise them to reflect new events or circumstances.

SOURCE Kanantu Resources Ltd.

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