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  | Located on the southerly portion of the island of Palawan, the Malatgao and Northern Rio Tuba properties (collectively the Rio Tuba project) cover an area in excess of 8,900 hectares. Rio Tuba is a joint venture between MBMI and Olympic Mines and Development Corporation. The properties are contiguous to Sumitomo Metal Mining Co. Ltd's recently commissioned "Coral Bay" Ferro-nickel project which has mined and shipped nickel material for over twenty-five years. Permitting and exploration is focused on the potential for Direct Shipping nickel laterite material from these properties. Mine planning and engineering evaluations are in progress and drill targets have been identified. In June of 2010 the Company announced the approval of a Financial and Technical Assistance Agreement (FTAA) with the Philippine Government which allows large-scale exploration, development and utilization of minerals on both properties for a term of 25 years (renewable for additional 25 years). On April 19, 2011, the Company announced that it had been notified that the Office of the President of the Philippines has issued a decision cancelling the FTAA. The Company on advice of its legal counsel believes that the decision is not in accordance with legal actions of a similar nature previously settled by the Supreme Court of the Philippines. MBMI will vigorously fight this Decision and defend the Company's affiliate's legally issued FTAAs. The company has commenced curtailment of non-essential activities and will continue activities that conform to Philippine Law while defending its rights and legally issued permits. Photo Gallery coming soon... Maps
Drill Results coming soon... |
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