Century Peak comes closer to official listing

Century Peak Metals Holdings Corporation (CPMHC) has met the requirements of the Philippine Mineral Reporting Code, or PMRC, becoming the first mining applicant company to comply with the Code as a pre-requisite for initial listing in the Philippine Stock Exchange (PSE). The PMRC is the PSE’s basis for all disclosures to be made by listed mining companies involving local exploration results, mineral resources and ore reserves, and is compatible with major global mineral reporting standards.

“Century Peak’s compliance with The Philippine Mineral Reporting Code speaks volumes of the company’s strong business vitals and world-class operations. We hope to see more mining applicant firms following suit, not only to strengthen and further increase investor confidence in the mining and oil index, but to set a higher standard for the local mining industry as whole,” said Francis Ed. Lim, PSE president and chief executive officer.

Approved by the PSE in August 2007, the PMRC is rooted in the principles of Transparency, Materiality and Competence, and patterned after the international mining codes of Australia, the European Union, Canada and South Africa. It sets the minimum requirements, recommendations, and guidelines for public reporting of exploration results, mineral resources and ore reserves undertaken by an accredited, independent Competent Person. This Competent Person is tasked to determine the mineable reserve’s sensitivity and feasibility and to validate the ore reserves to ensure full-disclosure prior to the public declaration. The PMRC also provides a mandatory system for the classification of mineral tonnage and grade estimates according to geological confidence and technical economic considerations.

According to Century Peak, its achievement of being the first PMRC-compliant company for initial listing under the PSE’s mining sector showcases its belief in and determination to realize its vision of a vertically integrated mining operation focused on nickel.

CPMHC is the holding firm of Century Peak Corp. (CPC), the nickel-mining company it fully acquired in March 2008, and Century Hua Guang Smelting Inc., where it has a 55% stake. CPMHC received PSE approval for its initial listing by way of introduction in July 2009, following the Securities and Exchange Commission (SEC)’s pre-effective clearance for CPMHC’s listing application granted in August 2008. The listing of CPMHC in the Exchange shall be announced at a later date.

CPC holds Mineral Production Sharing Agreements (MPSA) in Loreto in the Dinagat Islands and Albor, Dinagat Province. Currently, CPMHC is undertaking numerous projects to expand the versatility of other mineral extracts such as chromite and irons either through joint ventures or operating agreements with other tenement holders.

Collectively, CPC’s total area for proposed mining operation is 10,182 hectares and growing. This consists of 4,386 hectares for extraction, development and further exploration; 660 hectares for drilling and exploration; and 5,136 hectares awaiting exploration permits respectively.

Century Hua Guang Smelting Inc. is a joint venture of CMPHC with the owners of Zhejiang Hua Guang, a privately-held Chinese corporation and one of the largest nickel pig iron producers in China, to establish a blast furnace facility in the Philippines with the purpose of producing nickel pig iron. Under the partners’ agreement, the owners of Zhejiang Hua Guang will spearhead the construction and development of the Smelting Plant on a turnkey basis and provide personnel who will be responsible for the plant’s operation. (abs-cbnnews.com)

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