Philex Mining: Padcal mine life may be extended

ABS-CBN News

Posted at Mar 20 2015 02:42 PM | Updated as of Mar 20 2015 10:42 PM

MANILA, Philippines - Philex Mining Corp. said the Padcal mine's life may be extended beyond 2020.

In a statement, Philex said an additional 110.9 million tonnes of estimated mineral resources were identified from the 800-600 meter levels (ML) in its Padcal mine in Benguet.

"The Padcal mine’s measured and indicated resources at 800-600ML is expected to augment the mineable inventory of the company and may likely extend the mine’s life beyond 2020. We look forward to the next two years of exploration within the vicinity of the Padcal mine to further identify additional resources and increase the Company’s current mineral inventory," Philex president Eulalio B. Austin, Jr. said.

Currently, Philex operates in the 908-782 ML.

The incremental resources are on top of the resources the company declared in its Padcal mining operations.