Indophil: Xstrata Upgraded Resource Estimate For $5.9 Billion Tampakan Project

Xstrata PLC (XTA.LN) has upgraded its mineral resource estimate for the $5.9 billion Tampakan copper-gold project in southern Philippines, Indophil Resources NL (IRN.AU) said Friday.

Xstrata increased its mineral resource estimate for the project, located on Mindanao island in southern Philippines, to 2.94 billion tons at 0.51% copper at a 0.2% cut-off grade, said Indophil, which holds a 37.5% stake in Tampakan. Xstrata owns the remainder.

This represents an 18% increase from a previous estimate of 2.49 billion tons at 0.6% copper at a 0.3% cut-off grade, Indophil said in a statement.

Based on the new information, estimated contained copper at Tampakan in total resources has risen to 15.0 million tons from 13.9 million tons previously while estimated contained gold has risen to 17.9 million ounces from 16.2 million ounces, Indophil said.

Indophil chief executive Richard Laufmann said the new estimate confirms the project's ranking as one of the most significant underdeveloped copper-gold deposits in the world.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique-carlos@dowjones.com

Indophil Resources (ASX:IRN)
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