Friday, June 24, 2011

Southern Cross acquires option for Philippines Batangas gold prospect

Australian-listed Southern Cross Exploration has acquired an option for the Batangas gold project in the Philippines, 110 km south of Manila.

Consideration for the initial acquisition of a 5% interest will be satisfied as a combination of cash and scrip and Southern Cross has the right to acquire up to 100% of the project progressively over a period of three years.

The property is considered a highly prospective epithermal gold province where at least eleven veins are reported in five vein systems within altered andesitic host rocks. Southern Cross said the veins appear to exhibit good continuity over more than one kilometre of strike.

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