Benguet, Canadian firm sign deal for copper-gold project

abs-cbnNEWS.com

MANILA, Philippines - Listed Benguet Corp. said it signed an agreement with Hunter Dickinson Acquisitions Inc. of Canada for the exploration and development of a copper-gold property in Pasil, Kalinga Province.

In a disclosure to the Philippine Stock Exchange, Benguet said the agreement covers the 492-hectare Batong Buhay mine.

"The mine contains one of the best gold-rich porphyry copper deposits in the Philippines," said Benguet.

The company also signed a separate agreement with Balatock Tribe Exploration & Mining Corp., the mining arm of the indigenous group residing at the site, for the exploration project.

Batong Buhay was mined by Philex Mining Corp. for 2 years starting in 1985. The exploration stopped due to peace and order problems. Read more...