Century Peak Metals, Chinese firm mull tieup

MANILA, Philippines -  Century Peak Metals Holdings Corp. (CPMHC) is in talks with China’s Guangdong Province Gold Corp. to explore opportunities for possible collaboration.

Guangdong Province Gold Corp. is a state-owned company in the People’s Republic of China engaged in gold production in the province of Guangdong.

Under the proposed memorandum of agreement, the two companies will form a joint venture corporation to conduct exploration and drilling activities in the Philippines.

The JVC shall also enter into drilling contracts with CPMHC’s subsidiaries covering the drilling and exploration of the mining properties of CPMHC’s subsidiaries, including any other mining property that may be acquired in the future.

“We are very pleased to have secured consent from our board of directors to explore business opportunities with Guangdong Province Gold Corp. We’re excited at the possibility of creating a strong partnership with a progressive company that operates in one of the most flourishing provinces in China,” said David Wuson, director and corporate information officer of CPMHC.

For his part, Zheng Jianhua, managing director of Guangdong Province Gold Corp., said: “Our geologists agree that the mineral properties are promising. We’re looking forward to the prospect of engaging in a joint venture with Century Peak as there is obviously a lot of business potential in the Philippines.”

Guangdong is one of the most economically-advanced provinces in China, having recorded the highest total GDP among all provincial-level jurisdictions in the country. As China’s boom town for tourism and high-tech manufacturing, Guangdong houses production facilities and offices of leading multinational and Chinese corporations.

CPMHC, through unit Century Peak Corp., is also in talks for the processing of nickel and chromite ore extracted at its mine site in Dinagat Islands.

CPMHC owns 100 percent of CPC, which holds a Mineral Production Sharing Agreement (MPSA) in Loreto in the Dinagat Islands, and holds an existing exploration permit over a 3,188-hectare property in Albor, Dinagat.

CPMHC is aiming to become a major player in the local mining industry through a vertically integrated mining operation with its smelting operations and a diversified mineral resource base through the acquisition of additional mining tenements with potential for other mineral deposits aside from nickel.