 The Tampakan Copper-Gold Project (Tampakan Project) is located approximately 50km NNW of General Santos City, a major growth centre on the southern Philippines island of Mindanao (Figure 1). General Santos has a population of approximately 500,000 and is accessed by sealed highways, a major deep water port within Sarangani Bay and an international standard airport with the capacity to take commercial aircraft. The city is one of the largest tuna fishing ports in the world and an important centre for regional agriculture in the southern Philippines.
The current project area is situated on the tri-boundary of three Provinces, South Cotabato, Sultan Kudarat and Davao Del Sur. The Tampakan copper-gold deposit on which most of the Company`s activity has been focused is located in the Province of South Cotabato, Municipality of Tampakan. It is accessed via 17 kms of gravel road from the township of Tampakan located adjacent to the well-paved highway linking General Santos with Marbel and Cotabato City. Access within the project area is via maintained gravel roads linking local communities.
Topographically, the project area is located at the southern end of the Central Mindanao Cordillera bound to the west by the Cotabato Basin and to the east by the Sarangani Basin, both relatively flat lying areas. Most of the project area covers generally accentuated topography with the Tampakan deposit located on a NNE trending ridge at an ASL varying from 1000-1300m. This ridge marks the catchment divide between the Pula Bato River to the west and the Tukay Mal and Bong Mal Rivers to he east. The Mt Matutum Volcano (2,293m) which last erupted over 2000 years ago, lies 12km south of the Tamapakan deposit.
Title to the Tampakan Project is held by SMI under an FTAA with the Government of the Republic of the Philippines. This is a partnership which allows the Government to take a pre-determined share of project cash flow once development capital is paid back. FTAA`s have a fixed term of 25 years and an option to extend for a further 25 years. SMI was registered by the Department of Environment & Natural Resources as the holder of the Columbio FTAA following the exercise by the Tampakan Group of Companies of their right of first refusal over the Columbio FTAA previously held by WMC Philippines Inc., in December 2001. The Columbio FTAA held by SMI includes the Tampakan Copper-Gold Project. On 1 December 2005, the Supreme Court declared the FTAA both valid and constitutional and declared its 1 December 2005 decision final and executory on 1 February 2006. After several statutory area relinquishments, the FTAA is currently 23,571 hectares. A contiguous FTAA application (Hillcrest) covering an area of 259 square kilometers and an exploration permit application covering 53 square kilometers, form part of the project area (Figure 1)
|
