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Philex completes pre-feasibility study of Boyongan deposit

PHILEX Mining Corp., a subsidiary of Philex Gold, Inc., has completed the pre-feasibility study of its Surigao del Norte copper-gold mine, the company said in a disclosure to the stock exchange.

The study, completed by South African consulting firm Independent Resource Estimations, said the Boyongan copper-gold project is economically viable given the estimated net present value of $150 million, at longterm metal prices of $2.75 per pound of copper and $700 per ounce of gold.

Philex assumed full control of the 5,184-hectare copper-gold mine after it bought the 50% equity from Anglo American Exploration (Philippines) BV for $55 million late September.

Anglo American earlier found mining operations in the Boyongan property unworkable. The company’s feasibility study on the mine site said the property contains minerals without "reasonable prospects of eventual economic extraction."

The pre-production projects would include two years of pre-stripping to allow a mine life of 14 years at a constant millfeed rate of 5 million metric tons per year, the company said. (Neil Jerome C. Morales, BusinessWorld)

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