Manticao Mining Claim

Bountiful Geomines, Inc. (BGI), one of Nihao company subsidiaries, has an Exploration Permit (EP) application with the Mines and Geosciences Bureau (MGB) covering the Manticao Mining Claim with an area of 1,944 hectares located in Manticao, Misamis Oriental. In connection with the aforementioned EP application, BGI submitted all mandatory requirements provided under the Philippine Mining Act and its Implementing Rules and Regulations, including, an exploration work program as well as proof of technical and financial competence. As of March 31, 2011. the EP application is undergoing initial evaluation by the MGB. Management will conduct additional study and exploration amounted to PhP30.0 million. EP application is expected to be approved in 2011. The Manticao Small-Scale Mining Claim is covered by SSMP No. 2008-06 in the name of MDI. The Manticao Small-Scale Mining Claim covers 20 hectares in Manticao, Misamis Oriental. SSMP No. 2008-06 is valid for two years to mine, extract and remove up to 50,000 metric tons of nickel per year. On March 1, 2010, upon expiration of the permit, BGI has renewed its SSMP over the same hectare of land to mine, extract and remove nickel as well as chromite and copper. BGI's SSMP will expire on February 28, 2012, renewal of which will no longer be applicable as mandated by existing laws and regulations. - https://www.affordablecebu.com/