Tag Archives: Mining and quarrying

Omico eyes Mindanao prospects

By Riza T. Olchondra
Philippine Daily Inquirer
December 06 2010

MANILA, Philippines—Listed mining firm Omico Corp. is considering new mining opportunities all over the country even as it started drilling at a prospective mine in Itogon, Benguet.

“We are talking to a few claimants. We are always looking for new opportunities,” company president and CEO Tommy Kin Hing Tia said in a phone interview.

Tia said Omico was not limiting itself to Luzon. It is already looking at several options in southern Luzon and in Mindanao.

However, Tia could not say when Omico would be able to firm up operating agreements with the said claimants.

“We are hoping that something may develop in six months or so. We will make disclosures as things develop,” Tia said.

Recently, Omico’s mining subsidiary, Omico-Ivanhoe Mining Inc., signed a core drilling agreement with Primo Asia Mining and Drilling Inc.

Ivanhoe is in the process of changing its corporate name to Omico Mining Inc.

The drilling target is a guaranteed minimum of 3,000 aggregate meters divided into seven holes at a maximum depth of 1,000 meters per hole.

The management decided to proceed with the diamond drilling program after finishing the surface geological exploration.

The exploration included surface geological mapping anzad rock grab geochemistry, drainage geochemical survey, soil geochemical survey and reopening of 12 old abandoned tunnels within the approved MPSA No. 278-2009-CAR located at Barangay (village) Ampucao in Itogon, Benguet.