All systems go for King-king project

The Philippine Star

Posted at Oct 24 2010 12:27 AM | Updated as of Oct 24 2010 08:28 AM

MANILA, Philippines - Nadecor has announced that through the settlement agreement reached with its partners and Benguet Corp., the remaining legal issues regarding the King-king mining claims have been finally resolved.

Nadecor is the sole claim owner of the Mineral Production Sharing Agreement (MPSA) covering the King-king deposit.

Recently, in a strategic partnership, Ratel Gold Ltd., CGA Mining Ltd. and the RMMI Group agreed to earn-in a 60% interest in the King-king project in the Philippines.

The King-king project is listed as one of the top priority projects by the Philippine Mines and Geosciences Bureau and is considered to be one of the largest undeveloped gold-rich, copper-gold porphyry deposits in the world. The project has a measured and indicated equivalent copper-gold resource of 791.5 million tons and a further 125.5 million tonnes in inferred resources.

The resolution with Benguet Corp. will allow Nadecor and its partners to expeditiously complete the Bankable Feasibility Study (BFS) and move to the development and eventual operation of the project.