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Two Canadian firms target setting up mining operations

Monday, March 01, 2010 | MANILA, PHILIPPINES

TWO CANADIAN mining companies are keen on setting their feet in the Philippine shore, one of which has already acquired three mining concessions.

Coronado Resources Ltd. and Crazy Horse Resources, Inc. separately told the Toronto Stock Exchange earlier this month that they have already made progresses in their plans to take part in the exploration of the country’s mineral resources.

“Coronado Resources is progressing on the due diligence to acquire several gold mining concessions located in the prolific Masbate gold region in the Philippines,” Coronado said in a statement.

Coronado said it has already acquired three mining concessions since first disclosing its plan a month ago. The concessions are located in Panique, Rudy and Capsay in the Masbate province in the Bicol region.

Coronado said it is also pursuing an additional mining concession totaling 300 hectares (ha.) in the same region and will continue to look for known mining areas it can explore. “[The company] is currently evaluating two gold properties near Baguio City totaling 10,530 ha. that have recently been made available,” Coronado said.

Coronado Resources is currently focused on its wholly owned Madison Gold and Copper property in Montana, USA. It has a market capitalization of $4.34 million.

Meanwhile, Crazy Horse Resources said it has written a letter of intent with Asian Arc Minerals Corp. to buy the latter’s entire stake in two mining exploration permit applications covering the Kayapa Copper-Gold Porphyry Project in Nueva Viscaya province.

The Kayapa Project is under two mining exploration permit applications covering a combined total area of 8,545.5 ha.

Crazy Horse said the areas host a large and only partly explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the country.

“An economically significant aspect of the explored portion of the project is the potential to quickly define a viable copper oxide deposit,” Crazy Horse said.

The partly explored deposits, the foreign miner said, was done by Hong Kong-backed Philex Mining Corp. between 1966 and 1979.

Crazy Horse said it has already raised $475,000 through private placement to finance the project. “The proceeds of the private placement will be used to provide working capital to complete due diligence. The proceeds will not be sufficient and the company expects to raise additional financing,” Crazy Horse said.

Crazy Horse Resources is a mineral exploration company that owns interest in the Iron River Property located on Vancouver Island. It has a market capitalization of $7 million.

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