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The Company’s 6,853 hectare Sanfran property in the province of Surigao del Sur is the subject of an agreement with Philsaga Mining Corporation (“Philsaga”). In June 2005 Philsaga obtained two small-scale mining permits on the Tambis gold deposit as documented in XIII-SDS-SSMP-002-05 and XIII-SDS-SSMP-003-05 from the provincial government covering 20 hectares each.
Development work started in 2005 that included driving a decline shaft with a head frame and a production tunnel near the creek at Bananghilig. A total of 1,500 tonnes grading 6 grams per tonne of development ore were extracted in 2006 and stockpiled at the Philsaga mill site in Bayuga, Agusan del Sur some 30 kilometers south of Tambis. Philsaga also drilled seven drillholes in 2006 to further evaluate mineralization at the Tambis gold deposit. No actual production of gold has been reported to date. Under the agreement with Philsaga, Philex Gold retains a 4% gross proceeds royalty on any production from the Sanfran property.
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©2007 Philex Gold Inc.
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