Olympus Pacific Minerals enters joint venture for Philippine gold property

Olympus Pacific Minerals has entered a formal joint venture agreement for the Capcapo Gold Property in the Northern Philippiron ore magnetite beneficiationines.

The joint venture agreement is between Olympus, wholly owned subsidiary Kadabra Mining Corporation along with Abra Mining & Industrial Corporation (AMIC), Jabel Corporation and PhilEarth Mining Corporation. The Capcapo Gold Property is strategically located in the Abra Province, Northern Luzon, north of the prolific Baguio-Mankayan Gold District which has combined production, reserves and resources of more than 60 million ounces of gold. Under the agreement, Olympus, in consortium with a Philippine company which is in the process of incorporation, has an option to acquire a 60% interest in the Capcapo Gold Project subject to compliance with Philippine foreign ownership laws. Olympus paid AMIC US$300,000 upon signing the agreement and is required to pay a further...