Rusina to work with Geograce on Philippines project
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West Perth-based nickel company Rusina Mining NL has announced plans to explore and develop its Acoje project in the Philippines with Geograce Resources Philippines Inc, after due diligence.
The full text of a Rusina announcement is pasted below
Rusina Mining NL has made significant steps in selecting its Philippine partner for its Acoje Nickel/Chromite/Platinum Project in the Philippines by entering into a Letter of Intent with Geograce Resources Philippines Inc.
The LOI envisages both Rusina and Geograce to jointly explore and develop various mining projects within the Philippines, satisfying Rusina's requirement for local Philippine ownership of projects, and having a financially capable partner with known property acquisition potential.
Geograce, formerly known as Global Equities Inc, is a listed company on the Philippine Stock Exchange. Geograce in its recent meeting of shareholders approved the companies direction to focus on mining investments following its restructuring over the last six months. Geograce is headed up by chairman Jerry Angping, also chairman of Angping Securities and Vice Chairman of First Metro Investment Incorporation. Geograce is currently negotiating the acquisition of various mining tenements covering an aggregate area greater than 100,000 hectares all over the Philippines.
The LOI signed between Geograce and Rusina, initially contemplates a share swap between the two companies, in addition to Geograce investing into the Acoje Property by way of Geograce shares, cash, and/or certain Geograce properties pending acquisition. Both Rusina and Geograce expect to complete an arrangement by 1st quarter next year following due diligence by both companies and subject to all necessary regulatory approvals.
In a separate agreement, Rusina, through its Philippine entity, has signed a technical services agreement with Geograce to supply technical services and assistance in evaluating mineral properties acquired by Geograce. This separate agreement will further strengthen the partnership between the two entities.