Tuesday, 30th January 2007 (2702 views)

Philex Gold, a Canadian mineral exploration company active in the Philippines, has announced that it has commenced the pre-feasibility stage of its Boyongan project in the country.

Anglo American, a global leader in mining and natural resources, has sent Philex Gold a copy of their presentation material and timetable for the project which points out that initial activity such as the preparation and sending of test samples has either been done or is underway.

Anglo is also in the midst of a joint venture with the nearby Bayugo property which is co-owned by Manila Mining Corporation.

Walter Brown, the chairman and chief exective officer at Philex Gold, said: "Anglo has not officially notified Philex of the status of its negotiations with Manila Mining on its Bayugo project."

He added that Philex understands that Anglo is committed to both the Boyongan and Bayugo properties from earlier meetings and that one project will have no immediate impact on the other.

Anglo may even integrate the projects at some point in the future in order to aid their development although both joint venture companies would have to agree.

 

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