This paper describes the acquisition, exploration, development, initial operation and subsequent financing of the Bulawan mine by means of a listing on the Toronto Stock Exchange of a subsidiary of the parent company, Philex Mining Corporation._x000D_
Located on the island of Negros in the Philippines the property is unique on at least two counts: it is a disseminated gold deposit that occurs in a region of predominantly porphyry copper mineralisation; and it is a gold deposit that is mined by a bulk method of extraction (front and block cave) instead of the normal selective mining methods.