The Sibutad deposits consist of quartz vein systems in a regional alteration zone within sheared and silicified andesitic volcanic rocks of Pliocene and Quaternary age. The alteration zone is 3-4 kilometres wide and at least 12 kilometres long. In addition to the Lalab and Larayan deposits, a number of mineralized areas have been delineated within the alteration zone which require further exploration. See following table for details. See following table for details.
Geological resources exclude proven and probable mineable reserves.
The Sibutad project remains in the pre-commissioning phase. Open pit mining operations initiated in mid-1998 were suspended at the end of March 1999 because of the prevailing low gold prices. The pit design is being reviewed and studies are in progress to determine the most cost-effective way of remedying a slump on the leach pad caused by unusually heavy rains. Processing The Sibutad project incorporates crushing, agglomerating and heap leaching operations. Despite the suspension of mining, leaching of the stacked ore will continue until optimum recoveries have been achieved.