Gold Fields encouraged by drill test results

MANILA, Philippines - South African mining group Gold Fields said yesterday that it is getting closer to making an investment in the Philippines following favorable results of its ongoing exploration activities of the Far Southeast ore body of Lepanto Consolidated Mining Co.

In a press statement, Nick Holland, chief executive officer of Gold Fields, said: “We are pleased with the results to date and excited at the prospect of establishing a long-standing mutually beneficial relationship in a promising region in the Philippines.”

Gold Fields is conducting an extensive drilling program of the Far Southeast ore body in the municipality of Mankayan, Benguet.

It currently has eight underground drill rigs turning.

Initial results, according to Gold Fields, “support the existence and extent of the known core of mineralisation as well as further extensions both laterally and at depth beyond this core.”

Gold Fields said “the company is continuing with its underground drilling program and has also commenced with surface geotechnical drilling during this quarter.”

The FSE project is situated in an existing mining camp in close proximity to two other mines historically operated by Lepanto, one of which is currently in production.

The FSE project has ready access to established infrastructure, including roads, tailings facilities, power and water.

The existing workforce on the doorstep of FSE is part of a community established around mining over the past 70 years, Gold Fields pointed out.