Philex announces increased copper-gold at $1B Silangan project

Philippine-focussed Philex Mining said a recently-completed, independent mineral resource estimate indicates its Boyongan-Bayugo copper-gold prospect contains 5 B lb of copper and 9 M oz of gold. The findings by SRK Perth, Australia, for the Silangan project managed by wholly-owned Silangan Mindanao Mining Co Inc, were based on results from more than 80,000 metres of drilling by Philex by June 2010.

The project is adjacent to the Kalayaan copper-gold prospect in the southern Mindanao region, which Philex said it planned to explore with partner Manila Mining Corp.

"We estimate that the project cost for developing the Silangan project will be in the region of $1 billion over a period of three years. It will be a significant project and will probably be one of the most important for Mindanao," said Philex Chairman Manuel Pangilinan, said in a statement.