APC Mining files for exploration permit in Palawan

APC Mining files for exploration permit in Palawan

West Australian Business News

9th May 2007

APC Mining Corp., a wholly-owned subsidiary of APC Group, Inc., has applied for a permit with the Department of Environment and Natural Resources (DENR) to explore an area of 2,660 hectares in the province of Palawan.

In a disclosure to the Philippine Stock Exchange, APC Group, Inc. Corporate Secretary Edmundo Tan said the area is situated in Barangay Rio in the municipality of Bataraza in southern Palawan.

The area, which is adjacent to the nickel mines of Rio Tuba Nickel Mining, has probable reserves of 11.5 million metric tons of ore, with an average 2.35 percent of nickel.

Tan said APC Mining has so far filed for seven exploration permits in the provinces of Zambales, Misamis Oriental and Palawan, with a total of 22,461 hectares. The areas contain chromite and nickel.

Once confirmed that the areas applied for have deposits that can be mined at commercial quantities, APC Mining said it will apply for a Mineral Production Sharing Agreement with the DENR.

APC Mining was established by the APC Group in 2006 along with Aragorn Power & Energy Corp. and Aragorn Coal & Resources Inc. in line with efforts to dispose of non-performing assets and increase profitability.

Judith Balea