Celsius Resources notes study approval for Philippines project

(Alliance News) - Celsius Resources Ltd on Tuesday said its Philippines subsidiary Makilala Mining Co Inc received approval of its feasibility study for the Maalinao-Caigutan-Biyog copper-gold project in the Philippines.

The West Perth, Australia-based explorer for copper and gold in Philippines and cobalt in Namibia said the Philippine Mines & Geosciences Bureau approved the mining project feasibility study as "technically and economically feasible" based on provisions of the Philippine Mining Act of 1995.

Celsius Resources said it now anticipates issuance of the MCB project's declaration of mining project feasibility and the mining production sharing agreement.

"We are thankful to the [Phillipines President Bongbong] Marcos's administration, through the leadership of Secretary Maria Antonia Yulo-Loyzaga of the Department of Environment & Natural Resources and the Mines & Geosciences Bureau, in creating a supportive and favourable climate for the mining companies in the Philippines while ensuring that we adhere to the national standards on responsible mining," said Chair Julito Sarmiento.

"Rest assured that we remain committed as responsible stewards of our natural resources in our quest to provide value not only to our shareholders and stakeholders but to our country and host communities as well."

Shares in Celsius Resources last traded at 0.73 pence each on Friday last week. On Tuesday morning, it was quoted at 0.70p.

On Friday last week, Celsius Resources said it believed Silvercorp Metals Inc is unlikely to make a new takeover offer for Celsius, so it is exploring potential offers from other suitors.

Back in May, Celsius had agreed to an offer from Silvercorp worth GBP0.016 per share. The offer was mostly in Silvercorp shares but was worth double the price of 0.8 pence at which Celsius had listed on AIM in London in January this year.

By Greg Rosenvinge, Alliance News reporter

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