| |
- Indophil (IRN) was incorporated in December 1996 for the purpose of acquiring, exploring and developing gold and copper-gold opportunities in the Asia-Pacific Region. It was founded by Tony Robbins and Chris Middleton, both former long-term executive managers of WMC Resources' (WMCR) Exploration Division. Initial seed fund was provided by a group of Melbourne businessmen.
- By November 1997 – the Company had generated a portfolio of properties with an initial focus on the Philippines and minor activity in India.
- In November 1997 – additional capital raised through the Lion Selection Group (LSG) with Indophil becoming LSG’s first investment following their successful listing on the ASX.
- During 1998 – commences an active exploration program on the Philippines exploration portfolio and in November 1998 signs a Heads of Agreement with the Alcantara Group for a farm-in and joint-venture arrangement over the Manat property in SE Mindanao.
- Exploration at Manat during 1999 – focusses on an exploration drilling program at the Magas prospect leading to an initial JORC compliant inferred resource of 272,000 oz gold and 1.75Moz silver within the Magas vein system. Drilling also locates a new porphyry copper-gold system with MNTD14 intersecting 227m at 0.19% copper and 0.30g/t gold.
- In September 2000 – consistent with the Company’s strategy to evaluate new and significant opportunities, the Company signs an Acquisition Support Agreement with the Tampakan Group of Companies (TGC) over their rights and in support of their acquisition from WMCR of the Tampakan copper-gold deposit located in Southern Mindanao. At the same time the Company signs an Agreement with MIM (subsequently Xstrata Copper) for that company to purchase a 62.5% interest in the Tamapakan Project.
- Until December 2001 – an unsuccessful legal action before the Philippine Courts by a third party delays finalisation of the Sale & Purchase Agreement between TGC and WMCR at which time the FTAA is transferred to the TGC. A subsequent action by the third party before the Office of the President delays project handover until August 2002.
- In mid 2000 – Indophil initiates activity for an IPO on the ASX based on the then current exploration portfolio and the potential acquisition of an interest in the Tampakan copper-gold deposit (not then finalised). Eventual listing (ASX code IRN) takes place in May 2002 following a significant delay due to a difficult capital raising environment after the September 11, 2001 terrorist attack in the USA.
- August 2002 – Indophil secures handover of the world-class Tampakan Copper-Gold Project.
- In May 2003 – the Company embarks on an infill and delineation drilling program on the Tampakan deposit and in 2005 commences a preliminary feasibility study (PFS) into commercial development that is due for completion in September 2006.
- In November 2005 following a continued program of infill and delineation drilling the Company announces a significant JORC compliant resource increase to 1.34 billion tonnes @ 0.66% copper and 0.27g/t gold at a 0.3% copper COG. This resource contains 8.8 Mt copper metal and 11.6 million ozs gold.
- In April 2006, that mineral resource is revised by 47% to two billion tonnes at 0.72% copper equivalent, using a 0.3% cut-off grade. The new resource estimate contains 11.6 Mt of copper and 14.6 Moz of gold, using the same cut-off grade.
- In December 2006, Xstrata Copper announced its decision to exercise its option over 62.5% of the Tampakan project, and this became effective on 30 March 2007.
|
|
|
