"We now have one million ounces of gold available, but we want to raise it to two million. We’re still just exploring, we’re not yet contented with the reserve," said Pedro C. Caleon, president of Bulawan Mineral Resources Corp. (BMRC) president, in an interview at the sidelines of the Philippines– China Economic Partnership Forum.

BMRC, through its foreign affiliate Coral Resources of UK, has programmed fund raising through the Alternative Investment Management in London to be able to raise finance further exploration and possible mine development which may take several years more given targetted ore reserve.

Caleon said the venture is open to partnerships with Chinese investors who are now in the Philippines to look for possible sources of metallic minerals.

Once it goes through feasibility study (FS), the company may also list with the Philippine Stock Exchange (PSE) as the PSE, benchmarking on reliable ore reporting system based on international standards like that of the Joint Ore Reserve Code of Australia, bars exploration firms from public share offering.

The PSE is only willing to exempt mining companies from the three-year profitability record required for listing if a company has already completed an FS which proves its economic viability.

Tracking on mineral deposits along the Pacific Ring of Fire that lights up through the Bicol Peninsula, the project has entered into exploration agreements with 70 percent of the tenement holders in the area in order to consolidate small mineral deposits that can become viable when lumped together.

"We need a bigger reserve for a lower-grade ore of two to three grams per ton of gold," he said.

When it proves economic viability, the project may require investment of to 0 million.

Camarines Norte is a site for other mineral activities in the past including the gold mine in the municipality of Paracale and a United Paragon mine.

The government’s takeover of the Philippine Iron Mines in the 1970s also made way for uranium exploration in the area which was then being eyed to be supplied to the closed Bataan Nuclear Power Plant, although uranium deposit has not been found large enough to be viable.

The Nalesbitan gold project under a mining lease contract of El Dore Mining Corp. formerly held by Goldfields Philippines Corp., is also presently being explored over 498 hectares in Labo, Caamarines Norte.