ASX-listed Geopacific Resources will consolidate its holding in the Woodlark gold project, in Papua New Guinea, after receiving approval to acquire partner Kula Gold’s stake in the project.
Geopacific in March this year announced plans to gain full ownership of Woodlark by issuing Kula 150-million of its own shares, and paying an estimated A$700 000 in cash to Kula, while also cancelling its entire existing 85% interest in the company.