The Think Environmental Co says it has signed a Sales and Purchase Agreement for 100% of Belvedere Asset Inc, which has an existing exclusive heads of agreement (Bulawanon HOA) with Datu Bulawanon Exploration Corp (DBEC) for a 40% stake in a gold-mining SPV with DBEC in a 846 ha property in Eastern Mindanao.
The Bulawanon HOA marks Think Environmental’s first gold mining foray outside Mali in western Africa where it has already secured six key mining concessions and has identified three artisanal mines for early production.
The DBEC is an entity that is majority owned by the indigenous community of the Bulawanon property and had been awarded the special ore extraction permit by the Department of the Environment and Natural Resources of the Republic of Philippines since 16 November 2009.
Situated on the Eastern Ridge of Mindanao Island, the Philippines, the Bulawanon Property has three artisanal mines (Red Mountain Mine, Sinugaya Creek and another) operated by the local community.
Think Environmental says the ore found there indicates the probability of high-grade gold mineralization as free gold in quartz, chalcedony and silica-flooded host rock.
The Red Mountain Mine in particular can be developed immediately and relatively easily. Previous gold sampling done during March and April 2009 indicate gold grades of between 7g/t to 23 g/t.
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