HONG KONG and BELLINGHAM, Wash., Sept. 15, 2011 (GLOBE NEWSWIRE) -- Asia Properties, Inc. ("API") (OTCQB:ASPZ) today reported details of its activities at the Philippine Mining Conference to shareholders.
Daniel McKinney and his team are currently attending the annual Philippine Chamber of Mines conference in Manila, Philippines from September 13-15th, 2011.
Reuters news today reported, "New investments in Philippine mining projects this year could reach $2.8 billion, a senior official said on Tuesday, double an earlier forecast and the highest annual figure since 2005 when the sector was fully opened to foreign players."
The government is set to announce five major mining projects worth a total of $8 billion expected to start from next year to 2016, Leo Jasareno, chief of the Mines and Geosciences Bureau, told reporters. He said the estimate excludes the giant Tampakan project, and new investments estimated at $20 billion in the next five to six years, including Xstrata Plc's $5.9 billion Tampakan project (considered as Southeast Asia's largest undeveloped copper-gold prospect).
API's CEO, Daniel McKinney, visited a producing gold mine in Southern Luzon yesterday. "After landing the Cessna 172, we took a one hour drive from the small airport in Daet in a 4x4 Landcruiser, then a four kilometer hike on foot into the muddy jungle trail to reach the mining camp," said McKinney.
Please click on the following links to view the video and pics :
http://www.youtube.com/watch?v=YIiI6-kuK7Q
http://gallery.me.com/dsmckinney/100011/Dan%20%26%20Cessna
http://gallery.me.com/dsmckinney/100011/Daet%20gold%20mining%20camp
"We are currently in negotiations on several potential gold mines here in the Philippines, and hope to reach agreements after concluding our due diligence," said McKinney.
About Asia Properties, Inc. is a Nevada corporation and trades on the OTCQB under the symbol "ASPZ." The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.
The Asia Properties, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1733