Canadian miner to explore Alcorn Gold's mines in Benguet and AlbayBy JAMES A. LOYOLAFebruary 4, 2011, 3:22am MANILA, Philippines – Alcorn Gold Resources Corporation (AGRC) has signed two option agreements with units of Asiapac Capital Services Ltd. of Canada for the exploration of Alcorn’s mining claims in Benguet and Albay.
In a disclosure to the Philippine Stock Exchange, Alcorn said it has signed an option agreement with Pembleton Minerals Corporation (PMC) for AGRCs Exploration Permit Application (EXPA) No. 0080-CAR in MGB Regional Office-Cordillera Autonomous Region.
The subject area of the Agreement covers 295 hectares located in Itogon, Benguet.
PMC is an affiliate company of Asiapac Capital Services Ltd., based in Toronto, Canada and engaged in diversified exploration activities and mineral property acquisition in the Philippines for possible mine development and production.
The Option Agreement provides among others an exclusive option right to PMC, for the period of 90 days, to undertake due diligence and negotiate a Definitive Agreement with AGRC.
This allows PMC to enter the property to conduct field verifications and initial surface assessments of the mineralization at it own costs, risks and expenses and in accordance with its submitted work program.
Alcorn also signed an Option Agreement with Bentley Fairview Resources Corporation (BFRC) for AGRC’s Exploration Permit Application (EXPA) No. 009-2010-V in Oas, Albay.
The subject area of the Agreement covers 5,977 hectares located in Ligao City, Oas and Pioduran, Albay.
BFRC is also an affiliate company of Asiapac Capital Services engaged in diversified exploration activities and mineral property acquisition in the Philippines for possible mine development and production.
The Option Agreement with BFRC has essentially the same provisions as the agreement with PMC including exclusive option rights for 90 days to undertake due diligence and negotiate a Definitive Agreement with AGRC.
This allows BFRC to enter the property to conduct field verifications and initial surface assessments of the mineralization at its own costs, risks and expenses and in accordance with its submitted work program |
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