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Friday, July 14, 2006
Tampakan Group exercises option in gold-copper project
THE Tampakan Group of Companies is reported to have converted its 4.6 million options into ordinary shares at Australian firm Indophil Resources NL.
The Tampakan Group, the original holders of mining rights at the Tampakan copper-gold project now pursued by Sagittarius Mines Inc., is composed of the Southcot Mining Corp. and Tampakan Mining Corp.
Indophil is backing Sagittarius venture through its 40 percent equity.
Tony Robbins, Indophil managing director, said that Southcot and Tampakan corporations were each granted 2.3 million options over ordinary shares at 20 cents per option in August 2003 as part of the capital restructuring of Sagittarius, which resulted in Sagittarius acquiring the interests of the Tampakan Group of Companies in the Columbio Financial or Technical Assistance Agreement (FTAA) that holds the Tampakan project.
The options held by the Tampakan Group of Companies are to mature in August this year.
"Indophil received $0.9 million from the transaction and now has 352.6 million shares on issue and 6.85 million options outstanding at exercise prices ranging from 30 cents to 80 cents per option, with the options outstanding being held by directors and employees," Robbins said.
"The TGC has been there from the beginning, and has been involved in all stages of development. We welcome its ongoing commitment to the Tampakan copper-gold project through this firm statement of support and the conversion of options into shares," he said.
The Tampakan Group of Companies' move came in the wake of a recent Indophil announcement that estimated copper and gold deposits in the Tampakan project have breached the two-billion ton level.
The latest resource estimates of 2 billion tons dwarfed the initial disclosure of the firm to the public in 2004.
The mineral resource is reportedly estimated to be worth US$23 billion.
For Bisaya stories from General Santos.Click here. (This section is updated every Monday)
(July 10, 2006 issue)
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