MANILA, Philippines - Listed Apex Mining Co., Inc. is looking to pursue the development and possible expansion of the Maco mine in Compostela Valley, even as it announced the appointment of an interim president effective today (April 18, 2012).
Apex, in a disclosure to the Philippine Stock Exchange yesterday, said it intends to continue the development and planned expansion of the Maco mine even as the board appointed Baiverth Diabo as the new company president.
Apex said the appointment of a new president was made following the resignation of Peregrino Resabal as president and director of the company to attend to professional and business commitments overseas.
Apex said Resabal has played an important role in the progress and development of its mines and tenements over the last two years.
Diabo has been an independent director for Apex since October 2006.
Apex said its board has likewise accepted the resignations of other company executives such as executive vice president Emelita Fabro, vice president and resident manager Robert Wagtingan, vice president for materials Arceo Rubio and vice president for technical services Deogracias Halog.
The miner said a new executive team has been formed and the names of the members would be announced once they are confirmed by the board.
“These changes are in line with the decision to pursue the development and possible expansion of the mine production after a thorough study on its definitive feasibility study, after the minable reserve has been re-established, which will support the planned capacity of the mill,” Apex said.
Apex announced last week that the gold resources potential at the Maco mine has risen 90 percent to 1.118 million troy ounces, from the reported potential of 588,000 troy ounces in 2009.
In February, Apex said it was planning to expand the production capacity of the Maco mine through the upgrade of an existing processing facility in the site.
The planned upgrade of the processing facility, the miner said, would result in a three-fold increase in the milling capacity to be achieved during 2013.
The milling capacity of the facility at the Maco mine is currently at 600 to 700 ounces of gold per day.