Celsius Resources obtains mining permit for MCB Project

Celsius Resources Limited (ASX: $CLA) has announced that its Philippine subsidiary, Makilala Mining Company, Inc., has obtained a Mineral Production Sharing Agreement (MPSA) with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project (MCB). The mining permit, approved by the Philippine Department of Environment and Natural Resources, grants exclusive rights to undertake rational exploration, development, and commercial production of copper and associated minerals within the Contract Area covering approximately 2,500 hectares for a period of 25 years, renewable for another 25 years.

Executive Commentary on MCB Project's Mining Permit

Atty. Julito R. Sarmiento, Celsius Executive Chairman, expressed gratitude to the Philippine Government and the Department of Environment and Natural Resources for their support. He emphasized the company's commitment to sustainable development, creating value for shareholders and communities. Peter Hume, Celsius Managing Director, highlighted the company's transition from an exploration company to a mineral resource developer and eventual mine operator. He acknowledged the in-country team's efforts and expressed gratitude to shareholders for their patience and support.

Summary of MCB Project's Mining Permit

Celsius Resources' subsidiary, Makilala Mining Company, Inc., has secured a 25-year mining permit for its MCB Project in the Philippines, with the exclusive right to explore, develop, and commercially produce copper and associated minerals. The company aims to work with the Government and local communities to ensure sustainable development. Celsius is progressing with funding options for the Project and engaging potential investors. The MCB Project, located in the Cordillera Administrative Region, holds significant mineral resources and has the potential for a copper-gold operation with a 25-year mine life. The company's commitment to environmental protection, mine safety, community development, and compliance with regulations underpins its approach to the Project's development.