Kibush Capital Update

MELBOURNE, Australia, March 23, 2015 /PRNewswire/ -- Kibush Capital Corporation (OTC: DLCR) announced today it has increased its ownership in Aqua Mining PNG Limited from 49% to 90%, and it has rolled the Koranga Joint Venture into Aqua Mining.

Aqua Mining in the past six months has negotiated and finalized with landowners in the WAU area of PNG, Joint Ventures to develop and commercialise the resources held. These Joint Venture Agreements will form the basis of applications to the Mining Resource Authority in PNG for Mining Licenses. In addition Aqua Mining has been accepted as a developer of AML 694-695; it is estimated that this resource (AML 694/695) together with Koranga will exceed 550,000 ounces.

By combining these licenses the economies of scale will result in an extraction cost less than $400 an ounce. Warren Sheppard, Kibush CEO, having met with the CEO of Aqua Mining last week in Port Moresby PNG, said the opportunities that Aqua Mining have identified in PNG are substantial, and by increasing our shareholding in the company we are in a position to build a sizeable resource company operating in PNG.

Contact: 

Paul Knopick

E & E Communications

[email protected]

940-262-3584

SOURCE Kibush Capital Corporation