Mining Group Limited is acquiring an 80% interest in Cadan Resources’ Comval copper-gold project in Mindanao. The project has proven copper-gold mineralization identified in historical mining, more than 24,000 metres of drilling and surface and trench sampling. The agreement also gives Mining Group an option to acquire an 80% interest in Cadan’s Batoto gold-silver project.

Comval covers 4310 hectares in the established copper and gold producing Compostela Valley region where there is much potential for large-scale copper and gold porphyry mineralization. It’s about 90km north of the Mindanao capital Davao, on the East Mindanao Ridge which hosts world-class deposits including Kingking and Dilwalwal.

Mining Group’s managing director Andrew Maurice says the proposed acquisition represents an exciting phase in the company’s growth and is consistent with its objective of acquiring commercially significant mineral properties that can be brought into production quickly.

“The Comval project is located in an established copper and gold producing region. Having evaluated a number of opportunities in Australia and offshore, this represents Mining Group’s first project outside Australia and builds on the company’s existing gold and base metal tenements in Western Australia.

“The Philippines provides a stable investment environment, and given its scale and location, with a number of major copper and gold deposits in the same geological belt, Comval has the potential to transform Mining Group.”

Copper and gold mineralization was first discovered in the Comval area during the 1960s and the area has been subject to historical mining activity during the 1980s by Sabena Mining. The project has three main targets, Tagpura, Maangob and Kalamatan, with numerous other early stage targets having been previously identified as prospective for both copper and gold.

Andrew Maurice says the company will review and reinterpret the historic drill results with the aim of planning an infill program and defining a JORC resource.

www.mininggroup.net.au

< Prev		Next >