Philex Mining Stock

Philex Mining Corporation and its subsidiaries engage in the exploration, development and utilization of mineral resources in the Philippines.

The company’s mineral properties or tenements in the Padcal mine and its vicinity have a total area of 12,059 hectares located within the municipalities of Tuba and Itogon in Benguet Province.

Padcal Projects in Benguet

The Padcal Mine is the underground block cave operation in the Far East. The mine produces copper concentrates, with gold and silver as by-products. Exploration activities in 2017 focused on four prospects in the vicinity of Padcal Mine. These are Southwest (with intensive drilling for porphyry copper-gold), Tapsan (with scout drilling for vein gold), North Midway (with scout drilling for porphyry coppergold), and Oliva (with scout drilling for porphyry copper-gold).

Silangan Project

The Silangan Project, located in Surigao del Norte, consists of two deposits – wholly-owned Boyongan and Bayugo, a portion of which is the subject of a joint venture agreement with Manila Mining Corporation.

Kalayaan Project

In 2011, the company executed a farm-in agreement with Manila Mining Corporation (MMC), which involved the purchase of a 5% equity interest in Kalayaan Gold-Copper Resources Inc., a subsidiary of MMC that assigns the right to explore the Kalayaan properties covering 286 hectares.

Other Projects

The company focuses on various advanced exploration projects, such as the Silangan Project and areas within Padcal vicinity. As a result, exploration activities in each of the company’s various mineral production sharing agreements located in Negros Occidental, Surigao del Norte and Zamboanga Del Norte have not been prioritized.

History

Philex Mining Corporation was incorporated in the Philippines in 1955.