- Papua Mining said it had applied for a new exploration licence near its Lighthouse gold project in Queensland, Australia.

The award of the licence was subject to formal grant by the Queensland Department of Resources and Mines, the company said.

The related tenement lies 10 kilometres south of Charters Towers, where 6m ounces of gold had been mined.

"Once granted, Monarch will provide Papua with additional high-grade gold targets, which management believe are similar to both Double Event and lower Lighthouse prospects within the Lighthouse tenement itself," chief executive David Price said.

At 9:27am: [LON:PML] Papua Mining Plc share price was +0.05p at 1.3p

Story provided by