Abacus taps MRL Gold Phils for due diligence study

Listed holding firm Abacus Consolidated Resources & Holdings Inc. has entered into a memorandum of understanding with MRL Gold Phils. Inc., allowing the latter to undertake a due diligence study on its mineral properties.

Under the MOU signed last Friday, Abacus Consolidated has given MRL 60 days to undertake due diligence on its 8,100 hectare mining claims in Agusan del Sur province and 7,000- hectare mining claims in Surigao del Sur.

Abacus Consolidated said expenses for the due diligence shall be shouldered by MRL.

Should its evaluation show that there is a possibility to further explore the mineral properties, MRL would have to notify Abacus Consolidated of its interest to pursue the initial exploration of the area.

MRL has 30 days from the end of the due diligence period to enter into a memorandum of agreement with Abacus Consolidated subject to such terms and conditions as may be agreed by said parties.

Abacus Consolidated is a holder of 102 registered mining claims in the Caraga region in Mindanao.

Abacus Consolidated was formerly known as Piedra Negra Mining Corp. (PNMC), a company engaged in coal production. On Nov. 10, 1989, PNMC changed its name to Abacus Consolidated Resources & Holdings Inc. and subsequently changed its primary purpose to that of a holding company.

The company diversified into the gaming business with its acquisition of a 66.67-percent equity in G-Tech Philippines Inc. (now known as Abacus Gaming Technologies Inc.), relegating its mining production to that of a secondary concern.

Abacus Gaming Philippines is the single biggest stockholder of Pacific On-line Systems Inc., a lottery lessor of the Philippine Charity Sweepstakes for the Visayas and Mindanao region.

Abacus Consolidated also has controlling interest in Hedge Issues Management & Leverage Advisors Inc. which plans to pursue other investment activities such as leasing, loan packaging, dealing in securities and providing investment advisory services.