Masbate Gold Project to Start Construction in '07
Byline: MELODY M. AGUIBA
Filminera Resources has filed with the government a feasibility study for the $82.3 million Masbate gold project whose development in two years is seen to revive gold production in this province.
The Department of Environment and Natural Resources (DENR)-Mines and Geosciences Bureau (MGB) is expected to act within 60 days from filing on Masbate gold's feasibility study (FS) as targeted production is in the first quarter of 2008.
The project is estimated to require a capital cost of $82.3 million whose financing is being finalized by Canada-based Thistle Mining Inc. (TMI).
"We're doing it (financing) right now. We're just waiting for other routine permits" to come out, said Johan Raadsma, regional manager-Asia of Filminera-Philippine Gold Ltd.
Located in the northern tip of Masbate 360 kilometers southeast of Manila, the project's operation is seen to revive gold production here since Atlas Consolidated Mining and Devt. Corp. (ACMDC) earlier ran this mine from April 1982 to October 1994.
ACMDC produced a total of 17.5 million metric tons (MT) at 2.1 grams per MT of gold from open pit and underground mines. From this, ACMDC recovered one million ounces of gold or an average of 72,000 ounces per year. …