| Project
Profile
Location:
The project is located on Rapu-Rapu Island, Albay.
Geographic
Coordinates:
13°10’27”
N
121°12’27” E
Tenement
Mineral Production Sharing Agreement (MPSA) and Mining Patents approved
in 1998, 2000, and in 2004 with an area of 4,663 hectares.
Tenement
Holder
Rapu-Rapu Minerals, Inc. and Ungay- Malobago Mines, Inc.
Permits/Approvals
Secured: Partial declaration of Mining Project Feasibility
Study with FS Report, ECC, EPEP, 3-yrWP, Approval of Sanggunian
and Boundary survey
Major
Stock Holder: Lafayette NL
Foreign
Partners: Lafayette NL Australia, LG Collins and KORES
of South Korea
Commodity:
Copper, Gold, Silver, Zinc
Geology
and Mineralization
The Project area is underlain by schists that contain massive polymetallic
sulfides consisting mainly of pyrite, with lesser amounts of chalcopyrite
and sphalerite.
Reserves
The project has a reserve of about 5.9 Million MT @ 1.2% Cu; 2.5
g/t Au & 28 g/t Ag & 2.1% Zn.
Production
rate
The annual production rate is placed at 10,000 MT for Cu; 50,000
oz. for Au, 14,000 MT for Ag and 600,000 oz. for Ag.
Mine
Life
The project has a potential mine life of 7 years.
Financial
Details
The Rapu-Rapu Polymetallic Project is estimated to have a potential
investment of US$ 42 million and potential gross sales of US$ 41
million per year. Potential excise tax due to the Philippine government
is estimated at US$ 0.80 million/year (without incentives) and potential
income tax of US$ 5.7 million/year (without incentives).
Investment
and employment as of end 2005 is US$39 million and 1,530, respectively.
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