There is a history of gold mining in the Nalesbitan area. During the 1800s artisans mined the goldbearing breccia zones at Nalesbitan Hill. Numerous mining syndicates employing mechanised mining worked the area prior to World War 1 and up to the mid 1960s.

During the mid 1970s RGC, through Gold Fields Asia Limited Philippines (GFAL), conducted exploration for gold and base metals throughout South East Asia from an operational base in Manila.

Between 1978 and 1988, GFAL expended over US$8M on systematic exploration and feasibility studies. The feasibility studies led to the development of an open pit-heap leach mining operation that opened in late 1989 and was managed by GFPC (GFPC Mine). Mining was suspended 5 months into production due to very low gold recoveries, high cyanide consumption and escalating capital costs. For further information regarding historical work completed by RGC please refer to the Independent Geologist's Report in this Prospectus.

Triarx Gold Corporation (Triarx), a Toronto-based publicly listed Canadian exploration company, purchased GFPC from RGC in 1995 and renamed the company Eldore Mining Corporation. Exploration programs were commenced in May 1996 and continued until late 1997. Triarx expended approximately US$1M carrying out detailed geological mapping, pitting, trenching, rock chip sampling, induced polarisation-resistivity & magnetic geophysical surveys, diamond drilling and additional metallurgical test work to confirm GFPC resources (refer to Independent Geologist's Report). Access into the illegal mining areas enabled Triarx to undertake shallow shaft sinking which produced additional evidence of the underlying porphyry intrusive system, as well as the identification of additional "blind" near-surface copper and gold mineralization.

During 1998, Sagacity Partners Limited of Sydney, Australia (Sagacity Partners) purchased Triarx's mineral exploration portfolio (EMC in the Philippines) and expended US$1.2M on additional geophysical surveys (IP, EM and magnetics), detailed soil geochemistry and geological mapping to further investigate epithermal gold-bearing veins and underlying intrusive porphyry targets.