The Masbate Gold Project

Geoff Boswell

Manager, Geology
Filminera Resources

The Masbate Gold Project is presently owned by Filminera Resources and Thistle Mining Inc of the UK. We are in the final stages of a bankable feasibility study and expect to have final resources and mining plans complete by the end of February next year. The project area was mined in ancient times by the Chinese and by a patchwork of American and Filipino mining companies from the early 1900’s up until the Second World War. The mining companies merged into Atlas Mining Corp during 1953 and most of the mining equipment was stripped and sent to Cebu the Toledo Copper mine. When the gold price rose during the 70’s, Atlas carried out exploration over the old mines and the Masbate Gold mine started production in 1980. Over 14 years the Masbate Mine produced approximately 1 M oz Au and 1.4 M oz silver. The mine closed down in 1994 due to financial trouble with the parent company and has lain idle since then. The Atlas asset was sold to Basemetals Mineral Resources Corp. (BMMRC) in 1994. ACA Howe assessed the resource at 2.2 M oz in 1996 using USGS resource assessment methods. They also commissioned a bankable Feasibility study by Beare Dolbear that was completed in 1996.