Olongapo SubicBay BatangGapo Newscenter

Thursday, June 28, 2007

Rusina Mining signs option agreement to buy Zambales Chromite for 2 mln usd

LONDON (Thomson Financial) - Rusina Mining NL said it has signed an option agreement to buy Zambales Chromite Mining Co Inc (ZCMCI) for a total of 2 mln usd.

ZCMCI holds the mineral production sharing agreement at the Acoje Nickel project in Philippines.

Under the agreement, Fil-Asia Strategic Investment Holdings Corp, a Philippine subsidiary of Rusina, shall have the option to purchase ZCMCI.

Rusina said it is targeting a nickel limonite resource estimate on the ZCMCI property of 6-24 mln tonnes.

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