Mindoro Resources will use the proceeds of a potential $1.14 million investment from the International Finance Corporation (IFC) to advance exploration programs in the Surigao region of northern Mindanao in the Philippines
The investment by IFC, a member of the World Bank Group, is subject to documentation, approval of the board of directors of IFC and regulatory approval.
Mindoro's key projects in the Surigao region are the Agata nickel laterite project and the American Tunnels copper-gold project
It has several gold-silver, copper-gold and nickel projects covering more than 60,000 hectares in the Surigao, Batangas, and Panay regions of the Philippines.
IFC creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments.
New IFC investments totalled $16.2 billion in the 2007-08 financial year, a 34% increase on the previous year.
www.mindoro.com or www.ifc.org
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