The Bunawan Project is located in Agusan Del Sur Province, eastern Mindanao within the highly mineralised eastern Mindanao volcanic arc that includes the Diwalwal (6Mozs gold) epithermal gold deposit and the Co-O gold mine operated by Medusa Mining. The project area has a history of significant small-scale gold mining activity.

Previous reconnaissance exploration by Indophil has produced very encouraging coherent stream-sediment gold anomalies (32 of 204 samples exceeding 1g/t gold) correlating with extensive areas of hydrothermal alteration and associated gold mineralised veining. The geological environment and anomalous geochemistry indicates the potential for the discovery of both vein and disseminated style gold mineralisation.

There has been no recent field activity on the Bunawan Project pending resolution of a tenement dispute currently before the courts in respect of an MPSA application over which the Company has an option agreement.