Dizon Copper-Silver Mines, Inc. (DIZ) was incorporated on August 18, 1966 to acquire, purchase, lease, hold, work and operate mines, mining claims, grounds or lodes in the Philippines or in foreign countries. DIZ previously has 57 mineral claims in Barangay Buhawen, San Marcelino, Zambales with a total area of 513 hectares. These claims were developed and operated by Benguet Corporation (BC) for 20 years under the operating contract entered into by and between DIZ and BC on September 6, 1975.
After more than 20 years of occupation, exploration and operation of mineral claims in San Marcelino, Zambales, BC turned over its operating rights to DIZ by virtue of a Memorandum of Agreement (MOA) dated November 25, 1997 following the closure of mining operations. Mining operations were forced to stop after a landslide caused by heavy rains destroyed mine infrastructures, accompanied by a sudden fall of metal prices in the world market. This made the rehabilitation of the mine facility and resumption of operations impossible.
With the suspension of its mining operations, the Company’s present activities are confined to the care and maintenance of the mine site and the mining properties therein. DIZ’s port facility, Port Dizon, located in Subic, Zambales may still be used as loading facility for ore and aggregates should the company resume mining operations.
On September 17, 2012 a MOA was signed between the Company and Capital Gold Pty Ltd., a corporation incorporated under the laws of the State of New South Wales Australia, and Welcome Stranger Mining Ltd, a public company listed on the Australia Securities Exchanges. The MOA provides for the terms and conditions to acquire for the exclusive mining, processing, and operational rights to the Company’s gold, silver and copper tailings in Zambales.