MANILA, Philippines -- Canadian miner Boxxer Gold Corp. announced that it had completed raising $150,000 (about P6 million) to pursue a pre-feasibility study of the Nalesbitan gold deposit in the southeastern province of Camarines Norte.

The Alberta-based company, which trades on the TSX Venture exchange, said in a statement it would use the proceeds to complete a scoping study and exploration on the Nalesbitan Hill gold deposit and several zone surrounding the area as well as other projects in the United States and Canada.

Boxxer Gold is an emerging firm involved in exploration of copper-gold porphyry and iron-oxide-copper-gold projects in Nevada, and has recently acquired an option to buy 65 percent of the Nalesbitan Hill gold and porphyry copper project.

Current estimates show the Nalesbitan property may yield about 7.46 million tons of ore with 1.15 grams of gold a ton.

The area is part of Lobo town in Camarines Norte and comprises 14 contiguous mineral claims with an area of 2,800 acres. Ronnel W. Domingo; edited by INQUIRER.net