Junior TVI Pacific (ASE), in conjunction with Echo Bay Mines (TSE), intends to form a joint venture in order to bid on acquiring an interest in the Kingking Lumanggang-Casagumayan-Tiogdan porphyry gold-copper property in the Philippines.
Philippines-based Benguet Corp. is offering a half interest in the project. A prefeasibility study by Benguet states that the deposit, situated on Mindanao Island, has a geological reserve of 300 million tonnes containing 1.3 billion kg (2.9 billion lb.) copper and 171 million grams (5.5 million oz.) gold. Within this resource, the deposit has minable reserves estimated at 206 million tonnes averaging 0.47% copper and 0.58 gram gold per tonne at a cutoff of 0.2% copper.
The agreement has yet to be approved by the directors of TVI and Echo Bay.
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