Abra Mining takes in Canadian partner for NL proj

Abra Mining & Industrial Corp. (AMIC) has entered into an agreement with Canadian firm Olympus Pacific Minerals Inc. allowing the latter to take a 60-percent interest in a project in Northern Luzon.

In a disclosure to the Philippine Stock Exchange, AMIC said it signed a memorandum of agreement with Olympus, subject to completion of due diligence, whereby Olympus can earn a 60-percent interest in the Capcapo project located in Abra province. No other details were given by AMIC.

Olympus, which first ventured in Vietnam, is positioned to become a leading gold explorer and producer in Southeast Asia. It is committed to its vision of making major discoveries in the region and increasing shareholder wealth.

AMIC, on the other hand, has a number of mining claims, all located in Abra, and currently has three approved mineral production sharing agreements.

The company is intensively pursuing the Bucay limestone project, a major component of its flagship mining projects in Abra.

There has been renewed interest in the Philippine mining industry following the Supreme Court’s decision to allow foreigners to wholly-own local mining projects or ventures in the Philippines.