Altai Philipines Mining Corporation (APMC), an affiliate of Altai Resources have entered into an option agreement with Geostar. The agreement relates to APMC’s nickel laterite property on the Northern Philippines island of Sibuyan.
The Sibuyan Island property was initially explored by Japanese companies Pacific Metals Company and Mitsui Mining for the ferronickel smelting industry in the 1970’s. Goestar believe the resource available at Sibuyan Island may provide a viable feedstock for a new processing technology developed by BHP and licensed to Geostar. It differs from more conventional technologies in that it utilises ambient leaching of nickel from laterite, compared to high pressure leaching which is both capital intensive and expensive.
The agreement needs to be approved by the Canadian Venture Exchange. and provides Geostar 12 months from the date of issue of a permit to conduct due diligences and make a decision as to whether or not to proceed with the option. In exchange APMC will acquire 50000 common shares of Geostar.
Further detail on the deal can be found at www.altairesources.com.