Aussie mining firm secures funding for further PHL explorations

Australian miner Mindoro Resources, Ltd. (MRL) is stepping up exploration in four of its major projects in the Philippines, setting aside at least P50 million for explorations in the Western Visayas, Southern Luzon and Surigao del Norte.

 

“TVI (TVI Resources Development, Inc) has taken up placement in our company. We finished the exercise in October. Proceeds of the placement will be used to fund exploration activities of MRL projects in 2013,” company country manager Toni Climie said in an interview Monday.

 

He added that expenditures for exploration may increase if a particular project “is advancing.”

 

A two-tranche placement of 42.78 million units by TVI into MRL was recently concluded, which paved the way for the creation of a joint venture company – MRL Nickel, Inc.

 

“From here on, TVI will be funding our exploration costs for the Agata project in Surigao [del Norte] and Pan de Azucar in Iloilo. They (TVI) will operate the projects,” said Climie.

 

The Agata project has the potential to be a high-value-low-operating-cost endeavor and it may possibly establish the feasibility of a staged nickel project development. 

 

In October 29 this year, MRL also entered into a joint venture agreement with Australian firm Red Mountain Mining. The joint venture created another joint venture company - MRL Gold, Inc.

 

The agreement gave Red Mountain 100 percent direct and indirect interest in MRL’s copper-gold projects in Batangas and Surigao del Norte.

 

Climie said that Red Mountain’s established resources will help MRL in the grassroots level of operations in the gold-copper projects. — DVM, GMA News