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Monday, November 21, 2005
Tampakan project among top copper sites in the world
THE volume of copper and gold deposits that lies underneath the three provinces in Mindanao is significantly bigger than what was originally thought.
The latest finding Sunday has catapulted the Tampakan Copper-Gold Project as among the top 25 copper sites in the world.
Tony Robbins, Indophil Resources NL managing director, said that resource estimate at the Tampakan project rose by about 15 percent as of last week's study by the Sagittarius Mines, Incorporated, owner of the said mining project.
"The indicated and inferred resource estimate lifts from 7.7 million tons of contained copper and 10.1 million ounces of gold to a measured, indicated and inferred resource estimate of 8.9 million tons of contained copper and 11.6 million ounces of gold, using a 0.3 percent copper cut-off grade," Robbins said in a statement.
Indophil owns 40 percent stake at Sagittarius, which is exploring the towns of Tampakan in South Cotabato, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur for copper and gold deposits.
"These updated resource estimates are very welcome news. They confirm, and give greater confidence to what we have believed for a long time -- that Tampakan is one of the world's biggest undeveloped copper-gold deposits. This brings Tampakan into the top 25 copper deposits in the world -- whether developed or undeveloped, and regardless of geological style," Robbins further revealed.
The updated mineral resource estimates, he noted, include results from the 2005 drilling program, and have been prepared as part of the Tampakan project's US$21 million pre-feasibility study.
Robbins said that resource estimates would be updated again in April 2006 following further drilling.
Dr. Phillip Hellman of Hellman and Schofield Pty Ltd prepared the latest resource estimates.
"In respect of potential at Tampakan, we note that 43 percent of all drill holes in the main drilling area finished in mineralisation. They are open at depth. Further, we note the occurrence of mineralisation over a wide area outside of the main zone of mineralisation," Hellman said in his latest report.
The company expects to mine 140,000 tons of copper and 145,000 ounces of gold per year in a span of more than 50 years.
Robbins also earlier announced that open pit mining is best suited for the extraction of copper and gold deposits in the area. (RBS)
(November 21, 2005 issue)
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