The Company believes the Batoto Project has the potential to be one of the Philippines’ best undeveloped gold projects. The Batoto Gold Project offers excellent discovery opportunities for gold and gold-copper that will complement the T’Boli gold mining operation. Six large areas of stockwork gold mineralization have been identified to date. Three of the areas are “walk up” drill targets.
On January 17, 2012, the Company completed the sale of 80% of the it’s interest in the Comval Copper-Gold Project to Metallum Limited (“Metallum”) and retained 20%. Pursuant to a shareholders’ agreement, Metallum has an obligation to fund AU $48,000,000 in exploration activity in Agusan.