Geograce to explore five new mining prospects
Geograce Resources Philippines, Inc. has secured the right to explore, develop and operate five new mining tenements in different parts of the country.
In a disclosure to the Philippine Stock Exchange, Geograce said it has secured separate agreements with Negros745 Philippines, Inc., Orex Mindanao, Inc., Nickeloreon Mining, Inc., Nickeloadeon Mines, Inc. and Ophiolite Mining Inc. which gives the exclusive right to Geograce to explore, develop and operate the mining tenements of the five companies.
The agreement with Negros745 covers two separate Exploration Agreements in Ayungon, Negros Oriental covering 3,807 hectares.
The agreement with Orex Mindanao, covers two separate tenements — a total of 6,163 hectares in Iligan and Lanao del Norte and an area covering other covers 14,483 hectares in Impasugong, Bukidnon.
The agreement with Nickeloreon Mining covers four separate tenement areas.
One covers 217 hectares in Salcedo, Samar.
Another covers 2,931 hectares in Gov. Heneroso, Davao Oriental.
The third involves 891 hectares in Manolo Fortich, Bukidnon and the last one involves 1,539 hectares in Malitbog, Bukidnon.
The agreement with Nickeloadeon also involves four separate mining tenements.
These include an EPA for 1,863 hectares in Impasugong, Bukidnon and a separate tenement of 9,958 hectares in Palauig and Tarlac.
A third EPA covers 2,389 hectates in Tangalan, Makato and Mainao, all in Aklan The fourth EPA covers 4,698 hectares in Bukidnon.
The agreement with Ophiolite involves two EPA — 16,200 hectares in Santiago, Agusan del Norte and 1,996 hectares in Zambales.
Geograce was formerly known as Global Equities Inc.
It’s activity is focused on gold and nickel mining in Zambales, Palawan and Bukidnon.
It has joined forces with Brazil-based Companhia Vale do Rio Doce (CVRD), the world’s second largest miner, to explore in Masbate for gold and copper.
Vale is investing $6 million in its joint venture with Geograce. Geograce’s chairman is former Environment and Natural Resources Secretary Michael Defensor.
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