MELBOURNE, Australia, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today that its subsidiary Aqua Mining had completed its first week of operations at Rigo. During that week we have cut 42 trees which will yield approximately 200 cubic meters of timber and we will now commence processing the rough sawn timber. Two Lucas mills are currently on site in Rego, and the Company will move two more mills from Brown River TA to Rigo to boost our capacity. Once these additional mills are in place we plan to run two shifts to maximize output. The yield from the log processing may vary, but we forecast an output of 400 cubic meters per month when fully operational. Based upon our estimated sales mix and customer requirements, we estimate that 400 cubic meters of timber would result in revenues in excess of $250,000 per month. Once we have consistent revenue, we plan to upgrade our capital equipment in order to increase logging and processing capacity for a 50% increase in output. Warren Sheppard, the Company’s CEO stated, “this is a great achievement by our management team and employees located in Papua New Guinea. It is great to see that the Timber Authority resource at Rigo can now be quantified by actual logging and processing results. We look forward to the growth of our timber operations in Papua New Guinea.”
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