Australia's junior explorers - The ASIA Miner

Philippines
Taysan PFS delivers positive results
A POSITIVE pre-feasibility study (PFS) for the
Taysan Copper-Gold Project supports the
proposal of Crazy Horse Resour ces to pursue
a trade sale or a joint ventur e of the
Luzon Island project. The PFS forecasts average
annual payable production of 76 million
pounds of copper, 30,000 ounces of gold,
93,000 ounces of silver and 476,000 tonnes
of magnetite over the 24 year mine life.
Average operating costs for the project are
estimated at US$1.68 per pound of copper
equivalent over the life of the mine and
US$1.18 per pound of copper equivalent during
the first five years of production. Initial capital
costs are estimated at US$502 million.
The PFS also determines that the project has
an estimated net present value at a 10% discount
rate of US$503 million and an inter nal
rate of return of 49.2%, both calculated on
after tax, post-financing cash flow including
metal by-products.
Since the release of the PFS Crazy Horse
has engaged the services of Regent Advisors
to advise the company as it seeks a potential
buyer or joint venture partner for the project.
Crazy Horse’s chairman and CEO Mitch Alland
says, “We are excited about the attractiveness
and the financial r obustness of
Taysan. The large measured and indicated resource
of 1.2 million tonnes of contained
copper will provide the basis for the stage 1
MARTINA Minerals has signed a binding Letter
of Intent with BlueCreek Mining, a Filipinoowned
company, to acquire a 40% interest in
two groups of gold pr ospective property
known as Boston and San Miguel in Eastern
Mindanao. Martina is a Canadian-listed company
focused on minerals exploration and
was formed from the merger of Compostela
Mining with Manor Global.
Boston is to the east of Mt Diwalwal, one of
the largest gold deposits in the Philippines,
which is itself immediately to the east of Martina’s
TRIMA 1 property. The San Miguel property
is about 130km to the north of Boston.
The properties are along the well-known and
highly mineralized East Mindanao fault.
The Boston exploration area is held in an
Ancestral Domain Title of the Boston Man-
14 | ASIA Miner |July/August 2012
project of a 15 million tonnes per annum operation
for 24 years which can then be followed
by the stage 2 expansion to either
double the throughput rate or extend mine life
to up to 40 years.”
Drilling on Crazy Horse Resources’ Taysan Copper-Gold Project in Southern Luzon.
Martina acquires additional gold prospects
daya-Manobo Indigenous Peoples. The Boston
properties comprise 19,151 hectar es.
The Indigenous Peoples will also r eceive 1
million common shares and warrants of Martina
and a cash payment of US$150,000. The
San Miguel property is also within an Ancestral
Domain T itle and r epresented by the
Upper San Miguel Manobo Sectoral Council
of Elders and Leaders. The Indigenous
Peoples will r eceive a cash payment of
US$50,000. The San Miguel pr operty comprises
about 18,000 hectares.
As part of the transaction BlueCreek will retain
a 30% ownership in each of the properties
and the local Indigenous Peoples will hold the
balance of the properties. Martina can, at its
option, acquire BlueCreek’s 30% economic interest
in the properties based on the following:
Located in Southern Luzon, Taysan is accessible
from Manila by 106km of expr essway
followed by 7km on sealed pr ovincial
roads. It is 20km fr om the provincial capital
on sealed provincial roads.
Discovery of 500,000 ounces of gold or its
equivalent to NI 43-101 resource standard for
2.5 million common shares; discovery of 1 million
ounces of gold or its equivalent to NI 43-
101 resource standard for 5 million common
shares; and 1 million common shares per additional
1 million ounces or its equivalent to NI
43-101 resource standard.
Since this acquisition Martina has also acquired
up to a 68% interest in privately held exploration
land in northeast Mindanao. The
company has signed an MOU with Consolidated
Ores Philippines, a Filipino company owned
by the Adviento Group, to acquire an initial 40%
interest in its property known as Umalag.
Consolidated Ores holds a Mineral Production
Sharing Agreement for Umalag, which is
in the Province of Surigao del Sur.