30 October 2012
KULA GOLD LODGES MINING LEASE APPLICATION Directors David Frecker Independent Chairman and Non-Executive Director Lee Spencer Managing Director and CEO John WatkinsExecutive Director and CFO
Louis RozmanNon-Executive Director
Mark Stowell Independent Non- Executive DirectorASX Code: KGD
112.6 million ordinary shares
5.2 million unlisted options
Kula Gold Limited (Kula Gold or the Company) announces that it has formally lodged with the PNG Government the Mining Lease Application (MLA) in conjunction with the Feasibility Study and Development Proposal in respect of the Woodlark Island Gold Project (the Project).
The MLA was submitted to the PNG Minerals Resources Authority on 30
October 2012. This lodgement follows the Company's Feasibility Study, completed in September 2012, which demonstrated the robust
economics of the Project.
The Company has completed the various components of the Feasibility Study to a high standard over the past 2 years with its experienced team supported by highly skilled external consultants. We look forward to a favourable response to the Mining Lease Application and Development Proposal from the PNG Government.
Commenting, the Managing Director of Kula Gold, Lee Spencer, said: "This is another key milestone for Kula Gold and brings us closer to our goal of being the next gold producer in PNG."
"We have regular dialogue with PNG Government officials and continue to work closely with them to guide the Project through to the development phase."
"With the MLA now lodged, we can focus on pre-construction aspects of the project."
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Background: Woodlark Island Gold Project, PNGMetres:
Kula Gold Limited is developing the 100% owned Woodlark Island Gold Project, located 600 kilometres east of Port Moresby in the Milne Bay Province, Papua New Guinea.
For further information, contact:Lee Spencer John Watkins
Chief Executive Officer Chief Financial Officer Kula Gold Limited Kula Gold Limited lspencer@kulagold.com.au jwatkins@kulagold.com.au P. 02 9262 5651 P. 02 9262 5651
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Forward Looking Statements
All statements other than statements of historical fact
included in this announcement including, without limitation,
statements regarding future plans and objectives of Kula Gold
Limited (Kula Gold) are forward-looking statements. When used
in this announcement, forward-looking statements can be
identified by words such as 'may', 'could',
'believes', 'estimates', 'targets', 'expects' or 'intends'
and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present
economic and operating conditions, and on a number of
assumptions regarding future events and actions that, as at
the date of this announcement, are expected to take place.
Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks,
uncertainties, assumptions and other important factors, many
of which are beyond the control of the
company, its directors and management of Kula Gold, that
could cause Kula Gold's actual results to differ materially
from the results expressed or anticipated in these
statements.
The company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by
the forward-looking statements contained in this announcement
will actually occur and investors are cautioned not to place
undue reliance on these forward-looking statements. Kula Gold
does not undertake to
update or revise forward-looking statements, or to publish
prospective financial information in the future, regardless
of whether new information, future events or any other
factors affect the information contained in this
announcement, except where required by applicable law and
stock exchange listing requirements.
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