Wednesday, 13th October 2004 (2660 views)

Pearl Asian Mining has unveiled a new sharing agreement, whereby it is allowed to operate on the historically known minerals rich Masbate Gold Mining properties.

The Minerals Mining Product Sharing Agreement will last 25 years and can be renewed after this for a further 25 years.

Pearl Asian will be able to complete mining in the Philippines with the agreement and can operate in sites with proven resolves of gold, silver and copper.

The site is made up of 8,000 hectares and is from before Word War II with high grade gold ore.

Pearl Asian entered into the agreement with Baleno Amalgamated Minerals, as the Baleno Gold Project, which will consist of four phases.

It is hoped that during the first quarter of 2005, around 5,000 troy ounces of gold will be produced.

 

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