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Mineral Resources

MINERAL RESOURCES Philex Mining wraps up 4-mo rehab of Padcal By Neil Jerome C. Morales (The Philippine Star) | Updated June 17, 2013 - 12:00am MANILA, Philippines - Listed Philex Mining Corp. is expected to finish the rehabilitation of its Padcal mine in Benguet next month, paving the way for the sale of additional shares to finance projects in the facility. “(Rehabilitation) has proceeded well. Actually, we’re already at the tail-end of the process,” said Philex chairman Manuel V. Pangilinan. “We are now applying for the lifting of the (mining) suspension and that is pending,” he added. Operations of the Padcal mine were suspended in August after its tailings pond collapsed. Late in February, the Mines and Geosciences Bureau allowed Philex to reopen a portion of the Padcal gold and copper mine to conduct remediation measures for tailings facility storage number. 3. Red Mountain Mining raising up to $2.8M to fund Batangas gold drilling Wednesday, May 15, 2013 by Bevis Yeo Red Mountain Mining (ASX: RMX) is raising up to $2.8 million to fund drilling of identified high grade targets and expand existing gold Mineral Resources at its wholly-owned Batangas project in the Philippines. The company plans to raise the funds through a partially and conditionally underwritten pro-rata, renounceable rights issue of three new shares priced at $0.01 each for every two shares held by shareholders. One “Short Dated” free option exercisable at $0.015 on or before 30 June 2014 will also be issued for every two new shares subscribed for while every four shares subscribed will entitle shareholders to one free attaching “Long Dated” option exercisable at $0.03 or before 30 June 2016. “The Red Mountain offer is at an attractive price for our shareholders and is designed to secure the future of the Company and enhance our short-to-medium term objectives for the high-grade Batangas gold project,” managing director Jon Dugdale said. Gold Fields options more Philippines assets Finance A year after investing in a Filipino copper-gold deposit, Gold Fields Ltd has entered into an option agreement over Bezant Resources plc’s neighbouring Mankayan copper-gold project. More than half of Philippines' planned $12bn in mining investment at risk (Reuters) - Conflicting regulations and a freeze on new mine deals in the Philippines are strangling development of its rich mineral resources, with mining investment over the next four years at risk of being less than half the $12 billion touted by the government. The Southeast Asian nation has huge mineral reserves, estimated to be worth $850 billion, ranking third in the world in gold, fourth in copper and fifth in nickel, according to the Philippine Mines and Geosciences Bureau agency. China’s Filipino gold rush By Asia Sentinel Nov 16, 2012 10:53AM UTC A vast and growing river of gold, much of it illegal, is being mined in the Philippines by Chinese companies and is pouring into Hong Kong before most of it is transshipped into China. With an estimated US$1 trillion in untapped mineral resources in the Philippines according to the Mines and Geosciences Bureau, Chinese mining companies, many of them operating illegally, have been exporting gold, nickel and other precious minerals out through the island country’s porous coastal ports, where there are no customs officials and plenty of bribable officials to turn their eyes the other way.