MELBOURNE, Australia, Sept. 27, 2016 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today that its CEO has returned from a site visit to Rigo Papua New Guinea. The site visit was important to the Company, as it provided a better understanding of the infrastructure requirements to properly plan for the commencement of logging within the area. The Company was able to identify the areas which will be the base camp and processing area. In addition, the Company was able to finalize the planning for the required machinery and the personnel necessary to undertake operations. This week, the Company’s Operations Manager Vincent Appo is organizing the move of equipment and personnel into place for the commencement of logging. The Company anticipates that this process should take approximately one week and that logging should commence in Rigo before the end of September. Mr. Sheppard stated “revenues from operations in Rigo should commence within 30 days. Once operational I anticipate a significant increase in revenue over future periods.”
While in Rigo, Mr. Sheppard met with the landowners of the Rigo property to ensure that all parties were committed to the project. Mr. Sheppard stated that “the landowners expressed enthusiasm to the commencement of logging and showed their support for the Company. We expect this relationship to be profitable for both the Company and the landowners. We are very excited to get this project operational.”
To assist with our new operations in Papua New Guinea, Blackbridge Capital has extended a new facility of $100,000, which as noted in our Form 8-K filed on September 12, 2016, had been drawn down by $25,000 leaving a further facility of $75,000 outstanding. This facility is not to be confused with the $105,000 convertible note to Blackbridge Capital which has been repaid in full via its conversion feature, this new facility with Blackbridge Capital cannot be converted for six months from each drawdown. Our total outstanding shares have increased since last reported due to such conversions. As of September 25, 2016, we had a total of 254,513,362 shares of our common stock outstanding. The Company is attempting to reduce its reliance on convertible notes and we believe the new revenues from Rigo will help ease such reliance in the near future.
About Kibush Capital Corporation:
Kibush Capital is a Resource company with Timber Operations in Papua New Guinea, Gold exploration in Papua New Guinea and Jade exploration in New South Wales, Australia.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties.
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Source:Kibush Capital Corporation