The Company purchased rights to explore three properties in January of this year. The specific properties in which Asiapac has significant interests include the Bicol project; Surigao project in Northern Mindanao and Davao project in Southern Mindanao, all of which are adjacent to other significant mining projects that feature gold, silver and copper plays. Our interests include comprehensive mineral rights granted by the Philippine government. However, the Company has not yet conducted sufficient development work on to prove out any reserves at this date.

AsiaPac has also acquired a 20% interest in Core 8 Mining Corporation. Core 8 Mining, based in Lapu-lapu city, Mactan, Cebu, is a partner in 2 coal mining ventures in the Cebu Area of the Philippines, with a total acreage of 5,000 hectares that are both in the exploration stage, and for which the companies have signed initial operating contracts with the Department of Energy.

The island of Cebu is predominantly underlain by shallow water carbonates, basinal fine grained clastics and coarse grained sediments of Miocene to Pleistocene in age. Coal measures are prevalent among these formations but the upper Oligocene to lower Miocene formation known as “Cebu-Malubog Formation” is the most significant with regards to our purpose as it hosts the economically extractable coal.

The funds provided by AsiaPac will allow Core 8 to further develop and explore the potential of the these coal projects.