Basay Copper Porphyry Project

The Basay Project is located on the peaceful island of Negros, and consists of an EPA, approximately 1,800 hectares in size (18 sq. km) which covers the historic Basay Copper Porphyry Mine, including pre-existing infrastructure. This mine was operated in the late 1970's and early 1980's at a rate of up to 24,000 Mt per day.

At the time the mine was shut down,historical reserves1 stood at 233 Mt grading 0.443% copper with molybdenum, rhenium and silver credits. These reserves were calculated on only a portion of the known mineralization. A single hole drilled to depth in the southeast pit showed that typical pit mineralization extends to a depth of at least 1100 meters below surface. Reserves were calculated to a maximum depth of only 400 meters below surface. As well, several holes that were drilled over a kilometer outside the historic reserve area encountered significant mineralization, including one 200 meter hole drilled over a kilometer from the pit that encountered 175 meters of 0.78% copper and bottomed in mineralization.

Southeast Ore Block
Northwest Ore Block
Basay Central Pit. Small Scale Miners are high grading molybdenite from the area in the upper left of the photo
The remnants of the old mill area and an old ore stockpile

The Basay Project is a well defined porphyry deposit with an excellent historic reserve base. Previous drilling shows that only a portion of the known mineralization is defined in the historic reserve block and the overall resource potential of the project is open.

All mandatory requirements for the issuance of the permit at Basay are completed including the final signing of the memorandum of agreement with the local tribal people. Signing of the memorandum was completed November 19, 2008.

Intense alteration in the pit wall of the southeast ore zone. Sacks of massive pyrite mined by locals for sulphur can be seen in the foreground.

1 These tonnage and grade calculations are not NI 43-101 compliant and therefore should not be relied upon.