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    Mine your own business
    Posted on 12 June 2007

    By Conrado Banal III

    Word is going around that the stock market’s favorite mining company in the past few months, the one called Geograce Resources, will exercise option agreements over 30,000 hectares of mining property claims in Zambales, Palawan and Bukidnon.

    This is the company that partnered with the Australian mining firm Rusina and the Canadian company Chemical Vapour Metal Refining.

    I mention this company because it is one of the more bullish groups in the industry today. Its expat vice president for exploration, Neil Morton, says that foreign investments in the sector can easily reach $800 million this year.

    Being the darling of stock market investors, Geograce was able to issue stock rights worth almost P600 million. This means that it has the funding for the exploration of those 30,000 hectares of mining claims it just acquired.

    Now, Rusina just announced the start of drilling for nickel and platinum deposits in the Geograce project in Zambales, in what used to be known as Acoje.

    The Acoje mine is already producing chromite.

    But it is also one of the rare sites that has produced so-called “platinum group metals” outside the bigtime mines in Zimbabwe in Africa, and in Montana in the US.

    And here’s more: In the past year or so, the world prices of nickel already doubled from $10 to $20 per pound.
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