David Catsoulis, a twice-bankrupt mining promoter, has been endorsing a multi-billion-dollar gold mining project in Papua New Guinea for seven years.
However, the liquidator of his company, Impact Gold, is struggling to find evidence supporting the project’s existence.
According to the liquidator, there is no documentation confirming the company has mining leases, plant, equipment, or gold inventory in PNG.
Despite Catsoulis‘ claims that the project is progressing well, the liquidator’s report states that there is no work in progress or verification of assets, including the five dredges Catsoulis claimed to own.
Catsoulis denied the report’s claims, asserting that the project had tenure through PNG Gold and its subsidiaries, but a search of the PNG mining portal shows a recent application for a mining lease.
