Apex Mining Company reported that it has found a new high-grade gold deposit in a previously untested extension of the Bonanza Vein at its Maco Mine in Compostela Valley Province.

In a disclosure to the Philippine Stock Exchange, Apex Mining said the first drill hole in its latest exploration program intersects the high-grade gold of about 209.5 grams of gold per ton of ore.

Drilling started in mid June 2010 to evaluate the possibility of extending the Bonanza and other mineralized vein systems in the mine area.

The initial hole, BNZ-10-01, of Apex’ program, located 70 meters northwest of the previously determined limit of the mineralized vein, has intersected high-grade mineralization some 120 metres below the elevation of the Maligaya (590RL) Portal.

“The mineralized zone contains highly anomalous gold mineralization averaging 209.5 g/t gold over a drilled thickness of 1.75 metres at an elevation of 470RL (an approximate true thickness of 1 metre).

“This result confirms the confidence shown by the shareholders of Apex in the ability of the operation to develop and sustain a long-term future,” Apex president Peregrino S. Resabal said.