Source - Alliance News

Celsius Resources Ltd on Monday said that while it remains in ‘positive dialogue’ with the Philippine Department of Natural Resources, it has not yet received the mineral production sharing agreement for its copper-gold project.

Celsius Resources is a West Perth, Australia-based explorer focused on its portfolio of copper-gold resources in the Philippines.

In August, its subsidiary, Makilala Mining Co Inc, received approval for a mining project feasibility study at the Maalinao-Caigutan-Biyog project. The Philippine Mines & Geoscience Bureau deemed the project ‘technically and economically feasible’ based on provisions of the Philippine Mining Act of 1995.

At the time, Celsius Resources said it was expecting to receive both a declaration of mining project feasibility and the mining production sharing agreement.

On Monday, Celsius said that it has not yet received the sharing agreement. It is, however, expecting to receive issue of the licence shortly, ‘the revise timing of which will be announced when the company has further information.

Celsius Resources shares were flat at 0.55 pence each in London on Monday afternoon.

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