The Labo Project is located in the Paracale gold district in Camarines Norte Province of Southern Luzon. The district has historical gold and silver production with over 5 million ounces of gold mined. Indophil holds two adjacent tenements in the district, De Jesus and Palado, which were farmed out to Bulawan Resources Inc., a subsidiary of Coral Resources Ltd, in 2006-07. The project returned to Indophil management in early 2008. Several styles of precious and base metal mineralisation are present within and adjacent to the Labo area.

Grid-based exploration by Indophil on the De-Jesus tenement has defined four major soil gold anomalies (Figure 7) leading to encouraging trench results at the Pael and Gaerlan prospects including 8m at 8.03g/t gold, 7m at 7.34g/t gold, 13m at 4.97g/t gold and 20m at 1.58g/t gold. A limited program of shallow exploration diamond drilling was subsequently completed at these prospects with 10 out of 11 drill holes intersecting significant gold mineralised zones, including 5.99m grading 4.87g/t gold at Pael and 8.24m grading 2.61g/t gold at Eko Prospect intersecting only low grade mineralisation.

Reconnaissance geological mapping and stream sediment sampling by Indophil, coupled with an integration of historical exploration data over the area of the Palado tenement, has identified the Malacabang and Tabas prospects for follow up.