Masbate gold mine set to open this month
Filed under: Mineral - Gold, Operator - Filminera Resources Corp, Region 05 - Masbate, Uncategorized
The Masbate gold project of Filminera Mining Corp. and partner Central Gold Asia Mining Ltd. of Canada and Australia is expected to begin commercial operation within the month despite opposition from residents.
“Everything is in place now. The project has been delayed for over a year and there’s no stopping Filminera to continue with the project launching,” Mines and Geosciences Bureau director Horacio Ramos told Standard Today.
He said President Gloria Macapagal Arroyo was set to visit Masbate and witness the opening of the mine.
The $100-million Masbate gold project is estimated to contain 37.4 million metric tons of ores at a recovery rate of 1.65 percent per MT, or a reserve of 1.92 million ounces of gold.
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