UK miner upgrades mineral resource estimate for Negros

MANILA, Philippines - United Kingdom-based miner Copper Development Corp. (CDC) has upgraded its mineral resource estimate for the Hinoba-an copper project in Negros Occidental, enhancing the economic potential of the mine.

CDC said in a statement late Friday that the gross mineral resource at the Hinoba-an copper project has risen to 339 million tons at an average grade of 0.35 percent copper containing 1.187 million tons of copper based on a cut-off grade of 0.2 percent copper.

The upgraded resource estimate, it said, represents an increase of 19.7 million tons at 0.35 percent copper for 57,000 tons of copper metal above the estimate announced in October last year.

CDC said the new mineral resource estimate prepared by Mining Associates Pty Ltd (Australia) was based on the drilling conducted from 2010 to 2011 of a total of 34,228 meters in the site.

The project’s measured and indicated resources have risen to 130.9 million tons and 152.2 million tons from 109.2 million tons and 149 million tons, respectively.

CDC executive chairman Mitch Alland said the 20 percent additional tonnage in the measured category and new estimates ensure that no more resource drilling would be required for a bankable feasibility study for the project.

“The contained copper of the estimate at a 0.20 percent copper cut-off grade amounts to almost 1.2 million tons, a level that is attractive to many mining companies,” he said.

He added that while additional resource drilling in the area would no longer be required for the bankable feasible study, there is still potential to expand the resource in the site through more drilling.

In April, CDC said it was looking for buyers or partners for the Hinoba-an project.

CDC currently holds 92.5 percent of the Hinoba-an copper project.

Last month, CDC said it was likewise interested to partner with other firms for the development of its Basay copper project in Negros Oriental.

CDC has a 70 percent interest in the Basay project.

The Basay project has an estimated mineral resource of 131 million tons grading 0.48 percent containing around 1.4 billion pounds of copper metal.