Mindoro Resources advises that Prime Resources Holdings, Inc (PRHI) has acquired almost 36 million additional shares, representing approximately 12.09% of Mindoro’s issued and outstanding common shares through a secondary trade in the market. Following completion of this acquisition, PRHI owns approximately 25.42% of Mindoro’s shares.

Red Mountain Mining has received further high grade gold results that could extend the existing South West Breccia Resource at Lobo prospect within its Batangas Gold Project in the southern Luzon.

Atlas Consolidated Mining and Development Corp expects the expanded Toledo Copper Project in Cebu will be in full swing in March after initial tests yielded positive results.  The expansion will increase daily milling capacity of the existing plant by 50% to 60,000 tonnes.

Red Mountain Mining has delivered some more bonanza grade trenching results from the Lobo prospect on its Batangas Gold Project in southern Luzon. New trenching has intersected a 4.9 metre lode @ 24.9 grams/tonne gold, including 0.5 metres at 136.9 grams/tonne, while a second ongoing trench intersected 1.75 metres @ 41 grams/tonne, including 0.5 metres @ 125.5 grams/tonne.

Crazy Horse Resources intends to undertake a non-brokered private placement to raise aggregate gross proceeds of up to Can$1.3 million. Net proceeds of the offering will be used to further advance the Taysan Copper-Gold Porphyry Project and for general working capital.

Indophil Resources has been advised by Glencore Xstrata that it intends to divest its majority interest in the US$5.9 billion Tampakan Gold-Copper Project in southern Mindanao. Melbourne-based Indophil advised of the mining giant’s intention in its quarterly report released last week.

Medusa Mining, through its Philippine operating company Philsaga Mining Corporation, advises that the heavy rain that caused slippages and landslides in several areas around the Co-O Mine on Mindanao has eased and the company has re-commenced mining activities.

Philippines-focused gold miner Medusa Mining said mining activities at its Philsaga assets were suspended last week for safety reasons.

It said there had been an intense Low Pressure System situated over the southern section of Mindanao for the past two weeks resulting in heavy rains which had caused extensive flooding.

TVI Pacific’s Philippine operating affiliate TVI Resource Development Philippines (TVIRD) has stopped milling operations at its Canatuan mine after having exhausted its remaining stockpile, pending the results of assessing various mine life extension and expansion opportunities.  It is expected that at least one more shipment of copper concentrate will be scheduled.

JOINT venture partners Mindoro Resources and TVI Pacific have received positive results from test work for the Agata nickel laterite ore project. The results from tests at the pilot plant of Beijing General Research Institute of Mining & Metallurgy (BGRIMM) mark another step forward for the Agata North project in northern Mindanao.

ST Augustine Gold & Copper (SAGC) has received approval from its Board and majority shareholders for a joint venture restructuring. Its partner, Nationwide Development Corp (Nadecor) has also received approval to proceed with the transaction. The restructuring will transfer the amount allowable under Philippine mining law of Nadecor’s King-king Gold-Copper Project interest to a 39.96% equity interest in SAGC upon a successful transaction close.

OceanaGold has declared commercial production at its Didipio Gold-Copper Project in Luzon, northern Philippines. The company’s Board of Directors has reviewed the monthly operating metrics and cost profile, and determined that the effective date of commercial production was April 1. All revenues and operating costs will be reported to the income statement from that point.

Red Mountain Mining has intersected new high-grade gold mineralization at the Lobo prospect within the flagship Batangas Gold Project. The high-grade gold was discovered in near surface diamond drilling intersections from the Pica epithermal vein structure. 

St Augustine Gold & Copper (SACG) says an injection of almost US$1 million in funds will be channelled into efforts to develop the King-king Copper-Gold Project in southeast Mindanao. 

Crazy Horse Resources has made a crucial move to stop spending money at its Taysan Copper-Gold Project in southern Luzon after it failed to secure a joint venture partner for the project’s development. 

Red Mountain Mining has started drilling the Pica epithermal lode structure at the Lobo prospect within the Batangas Gold Project. Pica is one of at least five parallel lodes at the prospect which is about 100km south of Manila.

Coal Asia Holdings has updated the valuation of mineable coal reserves within 400 hectares of the Davao Oriental contract area at US$99.7 million. The selected portion of the site represents just 3% of the 13,000 hectare concession area of within Zamboanga Sibugay.

Sumitomo Metal Mining will build the Philippines’ first rare earths recovery facility on a Palawan Island site if a pilot plant is deemed successful.

The lifting of a two-year ban on the acceptance of new exploration applications resulted in a rush with 126 applications received by the Mines and Geosciences Bureau (MGB) the day after the restriction was officially removed. The decision follows approval by the environment secretary of a recommendation by the mining regulator for the January 2011 moratorium on exploration applications to be lifted. 

A 19-metre intersection of epithermal quartz-barite containing 9.77 grams/tonne gold has been confirmed at Red Mountain Mining’s Lobo prospect within its flagship Batangas Gold Project. The vein includes 7 metres @ 23.58 grams/tonne gold and a further 0.8 metre section @ 94.78 grams/tonne gold.