Kiwi, BP join hands

Press, 29 April 1987, Page 37

Kiwi, BP join hands

BP New Zealand, Ltd, announced that it has established a joint venture with Kiwi Gold Exploration Company, Ltd, to explore for minerals in New Zealand. The joint venture will cover more than 30 properties in both the North and South Islands. BP New Zealand will operate the joint venture. BP’s mineral exploration programme in New Zealand began in 1980. During this first phase, BP acquired mineral licences in prospective areas and identified-targets for drilling. As well as searching

in known gold provinces, BP has selected areas which have recently become prospective as a result of advances in geological sciences and exploration technology. Preliminary drilling has been undertaken at a number of prospects.

The results obtained to date, combined with the planned work programme for a second phase of increased drilling activity, have encouraged BP to invite Kiwi Gold to participate in the venture. The joint venture

licence portfolio covers some 2600 square kilometres spread through Northland, Hauraki, central North Island, and Eastern Otago. Kiwi Gold Exploration Company, Ltd, will be a wholly-owned subsidiary of Kiwi Gold, NL, subject to Overseas Investment Commission approval. Kiwi Gold NL listed on the New Zealand Stock Exchange recently, and already has interests in a number of prospecting and exploration licences in Northland, Coromandel, and Westland.