Sagittarius Mines, Inc. (SMI) announces a revised Mineral Resource estimate for the Tampakan copper-gold project in the Philippines with significantly improved confidence levels, including a 25% increase in Measured tonnes and a 12% increase in Measured and Indicated tonnes.
The new Measured, Indicated and Inferred Resource estimate totals 2.4 billion tonnes at a grade of 0.6% copper and 0.2 grams per tonne gold and contains 13.5 million tonnes of copper and 15.8 million ounces of gold, using a 0.3% copper cut-off grade. The Mineral Resource also contains estimated average grades for molybdenum of 70 parts per million (ppm).
The total tonnage of the Mineral Resource has increased by 8%, compared to the 2007 estimate, reflecting increased metal price assumptions. The significant increases in Measured and Indicated tonnes are the result of further drilling work comprising 41 drill holes totaling 14,900 metres.
SMI President, Peter Forrestal, said the latest results confirm Tampakan's position as one of the largest undeveloped copper deposits in South East Asia and its emerging development potential.
“During our evaluation of the Tampakan project, we have increased the size and improved the confidence levels of the Mineral Resource, confirming the potential of the project.
“Our current focus is on completing the Feasibility Study during the first half of 2010 and on managing extensive specialist studies and stakeholder engagement activities for the Environmental and Social Impact Assessment which we expect to complete by the end of 2010.
"We are committed to advancing the Tampakan project in genuine partnership with the Philippine government and authorities, local institutions and our neighbouring communities,” said Forrestal.
The previous Mineral Resource estimate of 2.2 billion tonnes at 0.6% copper, using the same cut-off grade, was published in December 2007.
The Pre-Feasibility Study into the development of the Tampakan Project, completed earlier this year, outlined a potential mining operation based on:
An annual average copper production of 340,000 tonnes per annum and 350,000 ounces per annum of gold, based on a 20 year operation.
Mill recovery rates of 83-90% for copper and 60-80% for gold, with a copper concentrate grade of 37-34%.
An initial stage-one capital outlay of US$5.2 billion, including provision for associated infrastructure.
A potential schedule for development with commissioning and first production in early 2016.
This Mineral Resource update provides additional support for the project’s scale and development potential, for further evaluation during the Feasibility Study program.
Tampakan Measured, Indicated & Inferred Mineral Resources* as of 30 September 2009
Mineral Resources
Measured Indicated Inferred Total
Tonnes (Mt) 780 890 700 2400
Copper (%) 0.71 0.55 0.5 0.6
Gold (g/t) 0.28 0.19 0.2 0.2
Molybdenum (ppm) 81 69 60 70
Copper contained (kt) 5500 4900 3100 13500
Gold contained (kOzs) 7000 5500 3300 15800
* Mineral Resource Estimates are reported above a 0.3 % copper cut-off and are shown on 100% ownership basis as of 30 September 2009. Numbers in the above table are rounded, generally to two significant figures with tonnes and grades for Inferred Resources and grades in the total column rounded to one significant figure and the contained metal numbers rounded to nearest 100k.
Competent Persons: Mr Damien Nihill, MAusIMM, who is a full-time employee of Sagittarius Mines Incorporated, takes responsibility for the quality of the exploration data used as the basis of the Tampakan resource estimates and for geological interpretations that constrain the resource estimates. He qualifies as a Competent Person under the meaning of the 2004 JORC Code.
The resource estimates at Tampakan have been performed by Dr Phillip Hellman, FAIG, who is a Director of Hellman & Schofield Pty Ltd (“H&S”) and who qualifies as a Competent Person under the meaning of the 2004 JORC Code.
Sunday, October 18, 2009
Monday, October 12, 2009
SMI’S LEADING SHAREHOLDER, XSTRATA NAMED AS SECTOR LEADER IN THE DOW JONES
Sagittarius Mines announces that Xstrata plc, the mother company of its leading shareholder Xstrata Copper, has been named as the Mining Sector Leader in the Dow Jones Sustainability Index (DJSI)for 2009/10.
This is the third consecutive year that Xstrata topped all other mining companies in sustainability performance. It was also named sector leader in 2008 and 2009.
The DJSI invites the world’s largest 2,500 companies to participate in its annual survey which is based on sustainability trends. The assessment covers economic, environmental, and social performance with a clear focus on long-term shareholder value creation.
Xstrata has been identified as the company best prepared to seize the opportunities and manage the risks deriving from economic, environmental, and social development in the mining sector.
“We are proud that our sustainable development and management practices at SMI and Tampakan Copper-Gold Project are aligned with that of Xstrata’s,” said SMI General Manager Mark Williams. “As SMI advances the feasibility study phase of our Tampakan Copper-Gold Project, we can assure our stakeholders that our activities will continue to be governed by the standards set by the Philippine laws, our host communities, and the leading standards of our leading shareholder.”
SMI adheres to and operates within the structure of Xstrata’s leading standards of corporate governance as set out in Xstrata's Statement of Business Principles, Sustainable Development Policy - and 17 Sustainable Development Standards. Our compliance with these standards is regularly audited on an internal and external basis. The annual external audit was conducted in June, while the next internal quarterly audit will be in November until December.
As part of the Xstrata Group, we endorse the principles set out in the UN Universal Declaration of Human Rights and the International Labour Organisation Conventions. Xstrata is a signatory to the UN Global Compact and has aligned its SD framework with ten universally accepted principles in the areas of human rights, labour, the environment and anti-corruption.
This is the third consecutive year that Xstrata topped all other mining companies in sustainability performance. It was also named sector leader in 2008 and 2009.
The DJSI invites the world’s largest 2,500 companies to participate in its annual survey which is based on sustainability trends. The assessment covers economic, environmental, and social performance with a clear focus on long-term shareholder value creation.
Xstrata has been identified as the company best prepared to seize the opportunities and manage the risks deriving from economic, environmental, and social development in the mining sector.
“We are proud that our sustainable development and management practices at SMI and Tampakan Copper-Gold Project are aligned with that of Xstrata’s,” said SMI General Manager Mark Williams. “As SMI advances the feasibility study phase of our Tampakan Copper-Gold Project, we can assure our stakeholders that our activities will continue to be governed by the standards set by the Philippine laws, our host communities, and the leading standards of our leading shareholder.”
SMI adheres to and operates within the structure of Xstrata’s leading standards of corporate governance as set out in Xstrata's Statement of Business Principles, Sustainable Development Policy - and 17 Sustainable Development Standards. Our compliance with these standards is regularly audited on an internal and external basis. The annual external audit was conducted in June, while the next internal quarterly audit will be in November until December.
As part of the Xstrata Group, we endorse the principles set out in the UN Universal Declaration of Human Rights and the International Labour Organisation Conventions. Xstrata is a signatory to the UN Global Compact and has aligned its SD framework with ten universally accepted principles in the areas of human rights, labour, the environment and anti-corruption.
Thursday, October 8, 2009
Genuine sacrifice for the public
The wreckage brought by Bagyong Ondoy resulted to genuine union among Filipinos after years of disunity (the last authentic union I could remember was during the first EDSA revolution).
Civilians, professionals and men in uniform collaborated efforts to render much-needed help to the typhoon’s victims.
Filipinos bore witness to the heroism of artists, yuppies, professionals in different fields and especially ordinary policemen and policewomen, who were used to be tagged as good for nothing cops who are last to rescue, in whatever crime and whatever calamity.
This time, cops were not the last. In fact, policemen and policewomen were captured on television rescuing our distraught countrymen from neck-deep floodwaters or helping distribute relief goods to victims of the deluge.
Hundreds of them sacrificed in helping their own families who are also victims of Ondoy in order to render even a little relief to many families who also need help. Policemen this time answered the call of their duty, sacrificing the call of their respective families.
A good example is the 90% of the police force in Marikina—whose homes were also devastated by “Ondoy” who preferred not to go home to rebuild their lives because of, according to Chief Supt, Nick Bartolome, the “call of duty.” They could not go home yet because they have been assigned in the relief, rescue and clean-up operations in the Ondoy-battered areas.
“Policemen are also victims themselves, but they are not minding their problems at this time. They are concentrating on rescue, relief, and clean-up operations,” Bartolome, head of the PNP community relations group, said in a media interview. “Also, they have cancelled leaves so they cannot attend to their problems.”
Nevertheless, these cops remain in high morale, he said, because they are able to help other people.
In Quezon City, a thousand policemen "armed" with shovels, rakes and brooms led the cleanup in flood-devastated areas like Tatalon, Bagong Silangan and the corner of E. Rodriguez and Araneta avenues.
These unsung heroes are increasing in number under the watch of Interior and Local Government Secretary Ronnie Puno as National Police Commission (Napolcom) chairman.
During the recent celebration by Napolcom to mark its 43rd foundation anniversary, the Napolcom recognized the acts of heroism and gallantry of several policemen who almost lost their lives in carrying out their mission as protectors of the people.
“The acts of bravery of these police officers clearly manifests their commitment to serve and protect the people,” Escueta said during the Napolcom anniversary program.
These good things that we’ve been hearing about the PNP are the fruits of the moral transformation program that Puno, as Napolcom chairman, is helping the police organization implement on his watch.
Puno, who has always fiercely defended the PNP from criticisms, lobbied, cajoled and begged Malacañang to increase his Department’s budget to enable the PNP to acquire more patrol cars, guns and other equipment; build more police stations; refurbish their tanks and patrol boats; raise the salaries of its personnel; and provide retirees with more pension benefits.
Escueta pointed out during the Napolcom affair that Puno has done much on his current watch as Napolcom chairman to improve the living and working conditions of our police officers.
We can see for ourselves that what Escueta said is true.
Police stations have been refurbished; many of our police officers now have spanking new patrol cars and motorcycles, and in some districts, they even carry Blackberries and use GPS systems to track down violators of the law.
Puno wants to make both our police officers, and the people they serve, proud of what they are doing as “protectors of the people,” in keeping with the PNP mantra “to serve and protect.”
Sen. Edgardo Angara, who delivered the keynote speech during the Napolcom anniversary celebration, likewise credited Puno for having the “vision and energy” in helping transform the Napolcom into a “well-structured, well-directed” agency that exercises control and supervision over the PNP.
The Napolcom awardees were:
oP/SInsp. Elmer Santiago who on the evening of July 25, 2009 in Hermosa, Bataan, together with two other policemen, valiantly fought a group of armed communist insurgents belonging to the Marxista Leninista Partido ng Pilipinas/Rebolusyonaryong Hukbong Bayan. The encounter led to the death of one of the rebel leaders and the arrest of another member of the communist group.
oP/C Insp. Gilberto Tuzon, for his exceptional courage as the ground commander of the police teams dispatched to Mindanao to pursue MILF rebels in Cotabato.
oPO3 Rommel Salcedo, for his conspicuous act of gallantry when he shot it out with members of a crime group believed to be responsible for a series of bank robberies in Metro Manila. Salcedo mortally wounded a member of the gang during one of their attempts to rob a UCPB branch office in Barangay Poblacion in Makati City.
Civilians, professionals and men in uniform collaborated efforts to render much-needed help to the typhoon’s victims.
Filipinos bore witness to the heroism of artists, yuppies, professionals in different fields and especially ordinary policemen and policewomen, who were used to be tagged as good for nothing cops who are last to rescue, in whatever crime and whatever calamity.
This time, cops were not the last. In fact, policemen and policewomen were captured on television rescuing our distraught countrymen from neck-deep floodwaters or helping distribute relief goods to victims of the deluge.
Hundreds of them sacrificed in helping their own families who are also victims of Ondoy in order to render even a little relief to many families who also need help. Policemen this time answered the call of their duty, sacrificing the call of their respective families.
A good example is the 90% of the police force in Marikina—whose homes were also devastated by “Ondoy” who preferred not to go home to rebuild their lives because of, according to Chief Supt, Nick Bartolome, the “call of duty.” They could not go home yet because they have been assigned in the relief, rescue and clean-up operations in the Ondoy-battered areas.
“Policemen are also victims themselves, but they are not minding their problems at this time. They are concentrating on rescue, relief, and clean-up operations,” Bartolome, head of the PNP community relations group, said in a media interview. “Also, they have cancelled leaves so they cannot attend to their problems.”
Nevertheless, these cops remain in high morale, he said, because they are able to help other people.
In Quezon City, a thousand policemen "armed" with shovels, rakes and brooms led the cleanup in flood-devastated areas like Tatalon, Bagong Silangan and the corner of E. Rodriguez and Araneta avenues.
These unsung heroes are increasing in number under the watch of Interior and Local Government Secretary Ronnie Puno as National Police Commission (Napolcom) chairman.
During the recent celebration by Napolcom to mark its 43rd foundation anniversary, the Napolcom recognized the acts of heroism and gallantry of several policemen who almost lost their lives in carrying out their mission as protectors of the people.
“The acts of bravery of these police officers clearly manifests their commitment to serve and protect the people,” Escueta said during the Napolcom anniversary program.
These good things that we’ve been hearing about the PNP are the fruits of the moral transformation program that Puno, as Napolcom chairman, is helping the police organization implement on his watch.
Puno, who has always fiercely defended the PNP from criticisms, lobbied, cajoled and begged Malacañang to increase his Department’s budget to enable the PNP to acquire more patrol cars, guns and other equipment; build more police stations; refurbish their tanks and patrol boats; raise the salaries of its personnel; and provide retirees with more pension benefits.
Escueta pointed out during the Napolcom affair that Puno has done much on his current watch as Napolcom chairman to improve the living and working conditions of our police officers.
We can see for ourselves that what Escueta said is true.
Police stations have been refurbished; many of our police officers now have spanking new patrol cars and motorcycles, and in some districts, they even carry Blackberries and use GPS systems to track down violators of the law.
Puno wants to make both our police officers, and the people they serve, proud of what they are doing as “protectors of the people,” in keeping with the PNP mantra “to serve and protect.”
Sen. Edgardo Angara, who delivered the keynote speech during the Napolcom anniversary celebration, likewise credited Puno for having the “vision and energy” in helping transform the Napolcom into a “well-structured, well-directed” agency that exercises control and supervision over the PNP.
The Napolcom awardees were:
oP/SInsp. Elmer Santiago who on the evening of July 25, 2009 in Hermosa, Bataan, together with two other policemen, valiantly fought a group of armed communist insurgents belonging to the Marxista Leninista Partido ng Pilipinas/Rebolusyonaryong Hukbong Bayan. The encounter led to the death of one of the rebel leaders and the arrest of another member of the communist group.
oP/C Insp. Gilberto Tuzon, for his exceptional courage as the ground commander of the police teams dispatched to Mindanao to pursue MILF rebels in Cotabato.
oPO3 Rommel Salcedo, for his conspicuous act of gallantry when he shot it out with members of a crime group believed to be responsible for a series of bank robberies in Metro Manila. Salcedo mortally wounded a member of the gang during one of their attempts to rob a UCPB branch office in Barangay Poblacion in Makati City.
Wednesday, October 7, 2009
Gibo-Ronnie tandem gets edge
Filipinos are looking at four tandems for the 2010 elections: Gibo-Ronnie, Noynoy-Mar, Chiz and Erap whose running mates are still unidentified as of yet.
Who has the edge among the four, is the strongest and whose strength will last even up until the election period?
Surveys show that even with all the mud thrown at President Arroyo, she still has a solid 25% support (or approval rating) among Filipinos, that would translate into about 8.25 million voters going to the anointed bets of President Arroyo.
The rest of those dissatisfied with the President, which number around 45% would vote for the other opposition bets—meaning that the likes of Noynoy, Erap and Chiz would have to fight over this 45%. The 30% who are undecided could go either way.
This scenario gives the Gibo-Ronnie team a head start because even without doing anything they are already assured of 8.25 million of the 10 million votes or so needed to win in 2010, just by being identified with President Arroyo.
The Gibo-Ronnie tandem is assured of some 8 million votes at the start of the race by just being endorsed by President Arroyo.
The Noynoy-Mar tandem’s familiarity and good smell to people are too limited, and cannot sustain until the election period. They have to work hard to earn people’s votes for them. Their works are obvious. We have Noynoy using her sister Kris Aquino who dominates most of the shows on a TV network and whose frankness irritates the public. Mar is using a lot of expensive infomercials like “Padyak,” but he still has not earned points from people. Chiz is still waiting for his 40th birthday to qualify to run for Presidency. Erap? I cannot believe an impeached President still has guts to run.
Clearly, President Arroyo’s endorsement, along with the administration party's well-oiled political machinery reaching down to the grassroots level and the candidates' qualifications, proves the clear edge of the Gibo-Ronnie tandem.
Who has the edge among the four, is the strongest and whose strength will last even up until the election period?
Surveys show that even with all the mud thrown at President Arroyo, she still has a solid 25% support (or approval rating) among Filipinos, that would translate into about 8.25 million voters going to the anointed bets of President Arroyo.
The rest of those dissatisfied with the President, which number around 45% would vote for the other opposition bets—meaning that the likes of Noynoy, Erap and Chiz would have to fight over this 45%. The 30% who are undecided could go either way.
This scenario gives the Gibo-Ronnie team a head start because even without doing anything they are already assured of 8.25 million of the 10 million votes or so needed to win in 2010, just by being identified with President Arroyo.
The Gibo-Ronnie tandem is assured of some 8 million votes at the start of the race by just being endorsed by President Arroyo.
The Noynoy-Mar tandem’s familiarity and good smell to people are too limited, and cannot sustain until the election period. They have to work hard to earn people’s votes for them. Their works are obvious. We have Noynoy using her sister Kris Aquino who dominates most of the shows on a TV network and whose frankness irritates the public. Mar is using a lot of expensive infomercials like “Padyak,” but he still has not earned points from people. Chiz is still waiting for his 40th birthday to qualify to run for Presidency. Erap? I cannot believe an impeached President still has guts to run.
Clearly, President Arroyo’s endorsement, along with the administration party's well-oiled political machinery reaching down to the grassroots level and the candidates' qualifications, proves the clear edge of the Gibo-Ronnie tandem.
Sunday, October 4, 2009
We will not settle for less
He has not learned his lesson. After he struck out on his proposed Gibo-Ate Vi tandem, Prospero Pichay had another item on the table—naming Metro Manila Development Authority chairman Bayani Fernando as running mate of Gibo.
Pichay told a media forum that BF is ready to run for VP. However, he found his foot stuck in his mouth because within hours of his revelation, Fernando said in a TV interview he denied having an interest in running for Veep and that he didn’t know why Pichay floated that idea.
This is a big slap on Pichay who said he got the info from one of the MMDA chairman’s aides.BF has strongly denied Pichay’s claim that he is interested on the VP slot of the ruling coalition, and said nobody in his staff was authorized to speak on his behalf.
Pichay is trying so hard to become a national political expert despite apparently he cannot be one. He cannot even win his personal political battle. Poor him, he still has not realized that Filipinos will settle for his proposal which is the least of all the proposals the Filipinos deserve.
Settling for less – as what Pichay wants Filipinos to do – will drag the Philippines into mud – and Filipinos won’t allow that.
Somebody should tell Pichay to shut up and cease and desist from his political free-lancing.
Pichay told a media forum that BF is ready to run for VP. However, he found his foot stuck in his mouth because within hours of his revelation, Fernando said in a TV interview he denied having an interest in running for Veep and that he didn’t know why Pichay floated that idea.
This is a big slap on Pichay who said he got the info from one of the MMDA chairman’s aides.BF has strongly denied Pichay’s claim that he is interested on the VP slot of the ruling coalition, and said nobody in his staff was authorized to speak on his behalf.
Pichay is trying so hard to become a national political expert despite apparently he cannot be one. He cannot even win his personal political battle. Poor him, he still has not realized that Filipinos will settle for his proposal which is the least of all the proposals the Filipinos deserve.
Settling for less – as what Pichay wants Filipinos to do – will drag the Philippines into mud – and Filipinos won’t allow that.
Somebody should tell Pichay to shut up and cease and desist from his political free-lancing.
Thursday, October 1, 2009
Shoud we give our trust
Whatever they do, they cannot weaken the Lakas-Kampi-CMD.
Executive Secretary Eduardo Ermita and presidential adviser Gabriel Claudio, together with Chairman Prospero Pichay of the Local Water Utilities Administration (LWUA) are doing a dirty scheme for their vested political interesets.
They are uniting their effort to draft Batangas Governor Vilma Santos Recto as vice presidential candidate of the ruling Lakas-Kampi-CMD.
This, despite the fact Ate Vi has stated it very clearly before she left for Canada to promote her recent movie “In My Life.” Ate Vi made this clear: “Batangas politics Is My Life.” And definitely not the vice-presidential or VP post. Ate Vi had made up her mind. She would stay at the Capitol in Batangas.
First political interest. Astute political analyst and former presidential adviser Lito Banayo said in his Malaya column, Ermita will be “hitting two birds with one shot” with this scheme because (1) he will be able to elbow out Puno from the VP slot, and with “Ate Vi” leaving Batangas to be Teodoro’s runningmate, (2) his daughter—Rep. Eileen Ermita Buhain who is on her third and last term as Batangas congressperson—will have a chance to become governor come 2010.
The three continue with their tactic despite the fact that the National Executive Committee (NEC) of the Lakas-Kampi-CMD had expressed its preferences for national office–Gilbert “Gibo” Teodoro for president and Ronaldo “Ronnie” Puno for VP.
Second political interest. This Gibo-Ronnie tandem has apparently scared the wits out of opposition leaders and strategists because as soon as this team was announced by Claudio (yes, him) at the end of the NEC meeting last Sept. 16, their spin doctors and hacks in the media started vilifying the two as candidates who can win next year only by large-scale electoral fraud.
In effect, the feckless brokering of Ermita, Claudio and Pichay will have the effect of weakening the party, dragging down its morale and sending the wrong message to the people to divert the people’s trust to their supported party.
The people should ponder on this. Will we allow the other party to manipulate our minds so we’d give them our trust which the Lakas-Kampi-CMD had genuinely earned from us?
Executive Secretary Eduardo Ermita and presidential adviser Gabriel Claudio, together with Chairman Prospero Pichay of the Local Water Utilities Administration (LWUA) are doing a dirty scheme for their vested political interesets.
They are uniting their effort to draft Batangas Governor Vilma Santos Recto as vice presidential candidate of the ruling Lakas-Kampi-CMD.
This, despite the fact Ate Vi has stated it very clearly before she left for Canada to promote her recent movie “In My Life.” Ate Vi made this clear: “Batangas politics Is My Life.” And definitely not the vice-presidential or VP post. Ate Vi had made up her mind. She would stay at the Capitol in Batangas.
First political interest. Astute political analyst and former presidential adviser Lito Banayo said in his Malaya column, Ermita will be “hitting two birds with one shot” with this scheme because (1) he will be able to elbow out Puno from the VP slot, and with “Ate Vi” leaving Batangas to be Teodoro’s runningmate, (2) his daughter—Rep. Eileen Ermita Buhain who is on her third and last term as Batangas congressperson—will have a chance to become governor come 2010.
The three continue with their tactic despite the fact that the National Executive Committee (NEC) of the Lakas-Kampi-CMD had expressed its preferences for national office–Gilbert “Gibo” Teodoro for president and Ronaldo “Ronnie” Puno for VP.
Second political interest. This Gibo-Ronnie tandem has apparently scared the wits out of opposition leaders and strategists because as soon as this team was announced by Claudio (yes, him) at the end of the NEC meeting last Sept. 16, their spin doctors and hacks in the media started vilifying the two as candidates who can win next year only by large-scale electoral fraud.
In effect, the feckless brokering of Ermita, Claudio and Pichay will have the effect of weakening the party, dragging down its morale and sending the wrong message to the people to divert the people’s trust to their supported party.
The people should ponder on this. Will we allow the other party to manipulate our minds so we’d give them our trust which the Lakas-Kampi-CMD had genuinely earned from us?
Subscribe to:
Posts (Atom)
Posts
