6, 2010, Manila, Philippines— Oro East Mining, Inc., a global mines acquisition, exploration, and development group announced today the commencement of test mining operations in its Davao regional mines, on what could be one of the richest reserves of copper and gold in the world. Mineral experts believe that Oro East’s mining claim, MPSA 184 XI, contains an estimated mineral wealth of $836,000,000 USD.
Oro East, a pioneer in sustainable mining and refinery technologies, will be implementing U.S.-patented sustainable mining technology that separates, concentrates, extracts, and refines raw ore without the use of toxic chemicals. This advanced “green” separation technology originates from the research laboratories of Stanford University, and have been exclusively licensed to Oro East for its Philippine mining projects.
MPSA 184 XI is a tenement claim situated on the outskirts of Davao City in the Philippines, rich in copper and gold. The parcel was applied-registered with the MGB Region XI on May 16, 1997. It is located in the municipalities of Lupon and Tarragona in the Davao Oriental Province, Island Region of Mindanao, Philippines. The project site at Mt. Tagopo and Mt. Mayo bounded by coordinates 7 degrees 01’00” to 7 degrees 05’ 00” latitude and 128 degrees 08’ 00” to 126 degrees 11’30” longitude and 7 degrees 02’30” to 7 degrees 08’30” latitude and 126 degrees 17’00” to 126 degrees 19’20” longitude.
Oro East has undergone exploration for copper and gold-bearing veins or structures in this area. These exploration targets are shallow, for vein-type copper and gold-bearing deposits. Copper, gold, and silver are the primary mineral targets in this claim, with lead and zinc as secondary targets.
MPSA 184 XI is considered a gold-rush area and is host to artisanal mining activities. Artisanal mining activities are observed for copper, gold, and crude-panning activities for the gold.
Oro East announced today that road development, tunnel construction, and process plant preparation is complete, and the company is set to commence mining and diamond drilling. An experienced contract mining group from China has arrived at the mine site to assist and train locals in the mining technology, and also to help launch mining and drilling. Mining is projected at 200 metric tons per day and in the coming months, the on-site team will have sufficient tonnage for refining.
This news release includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the control of Oro East. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding future expectations of Oro East. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Oro East’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Philippine peso; failure to recover the resource and reserve estimates of the Project; the failure of Oro East’s suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The company assumes no obligation to update such information.