MANILA, Philippines - Abra Mining and Industrial Corp. (AMIC) has entered into a joint venture with Canadian listed firm Olympus Pacific Minerals, Inc. , its subsidiary Kadabra Mining Corp., PhilEarth Mining Corp. and Jabel Corp. to jointly develop its gold mining tenement in Abra.
AMIC chairman and president Jeremias B. Beloy signed yesterday an agreement with Olympus, Jabel, KMC and PhilEarth to establish a new corporate entity that will pool their assets and competencies to achieve a common business objective.
Olympus paid AMIC an initial $300,000 upon signing of the agreement. Olympus further committed a total expenditure of up to $7 million for three stages of development and further payments amounting to $800,000.
The five firms will jointly explore, develop and utilize AMIC’s project tenement denominated as MPSA- 144-99-CAR located at Capcapo, Licuan-Baay, Abra.
In a disclosure, Olympus Pacific Minerals Inc. said that it has entered a formal joint venture agreement with AMIC, Jabel, KMC and PhilEarth in respect of the Capcapo Gold Property, Northern Philippines. The Capcapo Gold Property is strategically located in Abra province, Northern Luzon, Philippines, north of the prolific Baguio-Mankayan gold district that has combined production, current reserves and resources in excess of 60 million ounces of gold.
Olympus chief executive officer John Seton, in a disclosure, said “this acquisition is an integral part of our strategy to become a multi-mine producer and complements our development stage Malaysian property in diversifying our company over three countries in Southeast Asia.”