(MENAFN - ProactiveInvestors - Australia) Indophil Resources (ASX: IRN) has provided an update on the environmental approval process for the Tampakan copper gold project, which is located on the island of Mindanao in the southern Philippines.
Indophil confirmed that the Tampakan Project's in-country operator, Sagittarius Mines Inc (SMI: Xstrata Copper 62.5%, Indophil 37.5%), last night advised Indophil that it has received the proposed Mine Environmental Compliance Certificate (ECC) from the Environmental Management Bureau within the government's Department of Environment and Natural Resources (DENR).
SMI says it is now in the process of reviewing the terms and conditions contained in the document.
The Tampakan deposit contains an estimated 2.94 billion tonne mineral resource of around 15 million tonnes of copper and 18 million ounces of gold, and is projected to produce 375,000 tonnes of copper and 360,000 ounces of gold per year in the initial mine-life of 17 years.
There is also resource expansion potential at the deposit.