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ABRA Mining and Industrial Corp. said it would be
finalizing the joint venture agreement with a Canadian firm
following the “encouraging” results from the due diligence of
the Capcapo Gold Property.
In a disclosure to the
Philippine, Toronto and Frankfurt stock exchanges, Olympus Pacific
Minerals Inc., which invested $6 million for exploration of Capcapo,
said it has completed its due diligence of the 43-square kilometer
mine site in the province of Abra.
“The successful due diligence
drilling program has been encouraging and company geologists believe
there is potential for a significant discovery at Capcapo Gold
Property,” Olympus said.
The two mining firms would
proceed to complete the joint venture documentation and fulfill
their legal, social and community responsibilities under the terms
of the National Commission on Indigenous People.
Last year, Abra and Olympus
signed an option agreement wherein the foreign firm can earn a
60-percent interest in Capcapo.
Olympus is a gold producer
focused on exploration in Southeast Asia and besides Capcapo, it
also owns Bong Mieu and Phuoc Son in central Vietnam, where the
company’s second gold processing plant would start next year.
--Likha C. Cuevas-Miel
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