PMEA Blog

Southern Cross Exploration (ASX: SXX) has dealt itself into one of the new emerging highly prospective gold countries in the world, the Philippines, with an option to acquire an interest in a gold project.

The project is located in the Batangas province, 110 kilometres south of Manila, where artisanal miners have been very active as recently as the 1980’s, and also in the nineteenth century, highlighting the fact there is known gold in the area.

Consideration for the initial acquisition of a 5% interest will be satisfied as a combination of cash and scrip, although Southern Cross said the quantum of which remains commercially confidential at this stage.

Southern Cross has the right to acquire up to 100% of the project progressively over a period of three years.

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