Wednesday, 26th September 2007 (1771 views)

A due diligence drilling operation conducted by Olympus Pacific Minerals in the Philippines has been successful.

Geologists at the Canada-based company said that the Capcapo gold property, could have the potential for a significant discovery.

The company has announced that the next phase of their exploration drilling programme at the site will begin in the coming months.

According to Thomson Financial, the Capcapo gold property is a joint venture between Olympus Pacific Minerals and a Philippine partner, Abra Mining.

Completion of the drilling project has allowed Olympus Pacific Minerals to assume a 60 per cent interest in the property.

The Capcapo gold property is located north of the Baguio-Mankayan Gold District, which has combined current reserves, production and resources totalling over 60 million ounces of gold to date.

An emerging gold producer, Olympus Pacific Minerals has 400 employees in south-east Asia and is currently exploring core properties in Vietnam and the Philippines.

 

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