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MACROASIA CORPORATION'S MINING PROJECT

MacroAsia Corporation’s Nickel Mining Project

OVERVIEW

The Infanta Nickel Project of MacroAsia is located in the barangays of Ipilan, Maasin and Mambalot, Municipality of Brooke’s Point in southern Palawan.  MacroAsia’s legal rights over the mineral property with an area of approximately 1,114 hectares is by virtue of a Mineral Production Sharing Agreement (MPSA) with the government. The nickel-rich mine area was operated in the 1970’s that resulted to three shipments of laterite ore to Japan.

MacroAsia registered the Infanta Nickel Project with the Board of Investments in 2008 and was accorded the status of a New Producer of Beneficiated Nickel Ore on a non-pioneer status.

MacroAsia has completed an exploration report compliant to the Philippine Mineral Reporting Code (PMRC), based on exploration work that was pursued from August 2006 until December 2009.  The Report of MacroAsia adheres to the new format of the PMRC, as approved by the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) which is intended to set the standards for the reporting of exploration results, mineral resources and ore reserves modeled on the JORC Code (2004) of Australia in conformity with global standards,  such as the international codes of Australia, South Africa, European Union, and Canada.

The Report which covers the 7-phase exploration works of MacroAsia in its nickel-rich tenement was completed under the close supervision of Mr. Ramon A. L. Flores, a duly-accredited Competent Person on Exploration Results and Mineral Resource Estimation under the PMRC.  Though not required, the Report was peer reviewed by another PMRC Competent Person, Mr. Manuel M. Gamboa.

MINERAL RESOURCE BASE

The Report on Exploration Results and Mineral Resource Estimate of Macroasia’s Nickel Laterite deposit is based on 2,751 vertical drillholes with total meterage of 47,273.9 and 480 vertical test pits with aggreagate depth of 2,568.2m, driven over 535.5 hectares (representing 48% of the MPSA area of 1,113.98 hectares). The exploration program resulted in the collection of 54,412 samples which were analyzed for nickel, iron, and 12 other elements/oxides.

Geostatistical modeling of the ore deposit involved the estimation of 152,671,288 mining blocks with 5m x 5m x 3m dimension. The laterite deposit consists of three ore types: limonite, earthy saprolite and rocky saprolite, with average thickness of 6.07m, 4.46m, and 7.31m, respectively.

At 1% nickel cutoff grade, the PMRC based resource estimate is broken down into the following resources classes:


Resource Classification             Tonnage and Average Grade
    
MEASURED                                   10,818,000 DMT @ 1.30% Ni

INDICATED                                    21,458,000 DMT @ 1.21% Ni

INFERRED                                     2,488,000 DMT @ 1.10% Ni

TOTAL RESOURCES                 34,764,000 DMT @ 1.23% Ni


The Measured resource is supported by sampling interval of 25m x 25m spacing, while Indicated resource is based on data acquired from samples at 50m x 50m spacing and Inferred resource is based on samples obtained from 100m x 100m spacing.

At a contemplated mine production rate of 1 million tonnes per year, extraction of the Measured Reserves will last for 10 years. During this time, concurrent exploration activities are expected to upgrade the classifications of Indicated and Inferred Resource into Measured Reserves which will extend the productive life of the mine.

EXPLORATION ACTIVITY DURING THE YEAR

Exploration drilling was continued during the first three quarters of the year.  In-fill drilling campaign at 25 meter interval in priority areas using two drill rigs accomplished 390 holes with a total meterage of 8,017 yielding 8,091 samples.

PERMITS AND APPROVALS

Also during the year, MacroAsia Corporation obtained favorable endorsements from the Sangguniang Bayan (Municipal Council) of Brooke’s Point and Sangguniang Panlalawigan (Provincial Council) of Palawan which are among the vital supporting documents for MacroAsia’s application for a SEP Clearance with the Palawan Council for Sustainable Development (PCSD). The SEP Clearance application was approved by PCSD during its 173th Regular Council Meeting on December 21, 2010.  Issuance of the SEP Clearance however is still being awaited.

On September 9, 2010, another major approval - the Environmental Compliance Certificate (ECC) for MacroAsia’s Infanta Nickel Project was issued by the Department of Environment and Natural Resources (DENR).  This allows MacroAsia to develop and operate a mine at production rate of one million tonnes per annum.
 
The company is in the final stage of securing its Certificate of Precondition (CP) from the National Commission on Indigenous People (NCIP).  This document signifies the formal granting of Free and Prior Informed Consent of the indigenous peoples within the host barangays as attested by the NCIP.

PROJECT TIMETABLE

The Infanta Nickel Project is actually the re-opening of an old mine that was operational in the 1970’s.  As such, a substantial portion of the road network to the mining area is already in place and has been maintained to useful condition.  There are two old quarries (Block A and Everlasting) which can be easily operated once all operating permits are acquired. The remaining major items before the mine will resume full operations are the widening of the mine access roads, construction of the haul road from the campsite to the proposed stockpile areas at the pier site, completion of the causeway for ore loading and construction of camp site and support facilities.  These activities will require a minimum of six month construction period. Developmental planning is currently ongoing in preparation for full blast construction and mine development once all the remaining permits are obtained.
 

12/F Allied Bank Center, 6754 Ayala Avenue
Makati City 1226 Philippines
Tel. Nos. +63 2 840-2001
Fax Nos. +63 2 840-1892

OUR PARTNERS
  • Korean Air Lines Co., Ltd.
  • China Airlines
  • Philippine Airlines, Inc.
  • PAL Express
  • Japan Airlines Co., Ltd.
  • All Nippon Airways Co., Ltd.
  • Air Niugini Limited
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