Overview
 
  Picture taken in Tampakan
OTHER EXPLORATION
The Company's current exploration portfolio includes five geographically distinct exploration projects comprising five granted licenses and 6 tenement applications totaling approximately 708 sq km. These projects were generated for diverse styles of gold and copper-gold mineralisation including vein, stockwork and breccia hosted epithermal gold-silver mineralisation, porphyry related copper-gold systems and associated copper-gold skarns and metasomatic replacement deposits. All projects contain significant hydrothermal alteration of host sequences with either significant associated mineralisation or geochemical anomalies. The projects range from the more mature Manat Project where the Company has defined a JORC inferred resource containing 245,000 ozs gold and associated base metals, to the grass roots Buda project located in Central Mindanao.

 
 
Table 1: Exploration Portfolio Summary as at December 31, 2005
Project Tenements Area (km2) Target Type IRN Equity Status & Highlights
Manat 1 MPSA
1 MPSA(A)
45.47 Epithermal Au-Ag-Zn-Pb veins & Porphyry Cu-Au 50 JORC compliant inferred resource containing 245,000ozs Au, 2.28 million ozs Ag, 22,500t Pb and 42,000t Zn on the Magas Vein System. System open at depth and along strike. Discovery of a new porphyry system including 227m @ 0.19% Cu, 0.30g/t Au. Other prospects requiring grid-based exploration and subsequent exploration drilling.
Leyte 1 MPSA
1 EP
1 EP(A)
232.24 Epithermal Au and Porphyry Cu-Au. Possible VMS style 50-100 Grid-based early exploration. Large areas of hydrothermal alteration with anomalous geochemistry. Previous exploration at the Pandan Prospect has resulted in a Cu-Pb-Zn-Au-Ag inferred resource of 1.334 Mt at 0.49% Cu, 1.17% Pb, 2.26% Zn, 0.48 g/t Au and 9.63g/t Ag (assumed non-JORC).
Labo 2 MPSA 28.50 Epithermal Au, Porphyry & Skarn associated Cu-Au 100 Early exploration drilling. Significant gold intersected in 10 of 11 drillholes including 5.99m @ 4.87 g/t. Gold geochemical anomalies for follow-up geophysical surveys and drilling. Systematic grid based exploration proposed over prospects on the Palado property.
Bunawan 1 MPSA(A) 24.60 Vein & volcanic hosted disseminated Au 100 Early exploration. Strong stream sediment Au anomalies associated with extensive areas of hydrothemal alteration. Delays being experienced due to title conflict. Negotiations currently underway with a third party.
Buda 3 EP(A) 407.19 Porphyry Cu-Au and VMS 100 Early reconnaissance exploration. Channel sampling of a massive sulphide lens at the Bangan Prospect has returned 5.8m @ 31 g/t Au, 80g/t Ag and 1.05% Cu.
 
     
 
 
 
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