Sibuyan Island Property - Lateritic Nickel-Cobalt (on MPSA application)
Property of 1,822 hectares (4,500 acres) on Sibuyan Island, Province of Romblon, on the tidewaters of the Visayan Sea.
Drill indicated resources estimates (based on 431 drill holes and test pits), by the consultant of previous owners (Pacific Metals Company and Mitsui Mining, both of Japan) who supervised the work for both companies, at 19 million tonnes averaging 1.3% nickel at a cut-off grade of 1% nickel or 7.26 million tonnes at 1.6% nickel at a cutoff grade of 1.3% nickel and about 1 pound cobalt per tonne. Large unexplored area with the same type of nickel-occurrences.
Excellent exploration potential for discovery of a much larger deposit.
In November 2004, APMC signed an option agreement with a group of two Australian and a Philippine company headed by Sunshine Mining Pty. Ltd. for the sale of APMC’s Sibuyan lateritic nickel-cobalt property. The option exercise price of C$1.3 million is payable within six months of the Philippine Government signing a MPSA with APMC on the property.
