Philex estimates Silangan ore deposits | The Manila Bulletin Newspaper Online

Philex estimates Silangan ore deposits | The Manila Bulletin Newspaper Online



Philex estimates Silangan ore deposits

By JAMES A. LOYOLA
June 23, 2011, 12:25am
MANILA, Philippines — Philex Mining Corporation announced the completion of the independent Mineral Resource estimate for its Silangan Project containing the combined Boyongan-Bayugo deposit showing gold and copper reserve worth at least $22 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Philex said SRK Perth, Australia (SRK) prepared the independent Mineral Resource estimates for Boyongan and Bayugo which are just one kilometer apart.
“We are excited about the Silangan Project and the prospects of further exploration into the Kalayaan tenement,” said Philex chairman Manuel V. Pangilinan.
Pangilinan added that “we estimate that the project cost for developing the Silangan Project will be in the region of $1 billion over a period of three years. It will be a significant project and will probably be one of the most important for Mindanao in terms of promoting economic development.”
The combined Boyongan-Bayugo Measured and Indicated Resources contains an estimated metal content of 5 billion pounds of copper and 9 million ounces of gold. The Mineral Resources are reported at a cut-off of 0.5 percent Cueq. The Cueq cut-off grade is based on $2.75 for copper and $900 for gold and varying recoveries according to ore types (Oxide, Enriched and Sulfide) established following the metallurgical test works. The Boyongan-Bayugo copper-gold porphyry deposit is located in the Surigao Mineral District. The Silangan Project is managed and operated by Silangan Mindanao Mining Company Inc. (SMMCI), which is 100 percent owned by Philex.
The resource estimates are based on verified drill results from over 80,000 meters of drilling completed by Philex by June 2010.
“In general, there is excellent continuity for both the copper and gold grades with low nugget effects and large ranges" and "the mineralization is relatively homogenous,” said Philex.
SRK’s estimates were made using the standards and guidelines for reporting Mineral Resources given in the JORC Code, which are consistent with the standards and guidelines under the Philippine Mineral Reporting Code (PMRC).
The term “Mineral Resources” under both the JORC Code and the PMRC refers to resources that are considered to have reasonable prospects for economic extraction.
Recently, Philex entered into a farm-in arrangement with Manila Mining Corporation (MMC) that includes exploration of the Kalayaan mining tenement of MMC, which is adjacent to the Bayugo ore deposit, to determine its resource potential including the extent to which the Bayugo deposit extends to Kalayaan. It is expected that the exploration works in Kalayaan will further enhance the value of the Silangan Project, particularly the Bayugo resource.

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