Celsius Resources (ASX:CLA) has entered into a binding agreement with Sodor, Inc. and PMR Holding Corp. for Sodor to acquire a 60% legal ownership in Makilala Mining for consideration of PHP 300M (approximately $8.2M).
Celsius Resources says the agreement is a significant milestone as it will enable Makilala Mining to apply for an MPSA for the MCB copper-gold project with the Philippine Government.
The MCB Project is located in the Cordillera Administrative Region in the Philippines, and contains a JORC compliant Mineral Resource Estimate of 313.8 million tonnes @ 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold.
A Scoping Study for the MCB Project identified the potential for a 25-year mine life with a Post tax NPV (8%) of US$464m and IRR of 31%.