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UNITED PARAGON MINING CORPORATION
United Paragon Mining Corporation (UPM) is a Philippine corporation whose main business is the exploration, development, exploitation, recovery and sale of gold. UPM was the result of a merger in 1989 between United Asia and Geothermal Resources (UAR) and Abcar Paragon Mining Corporation, in which UAR became the surviving corporation. UAR was then renamed in 1990 as United Paragon Mining Corporation. UPM's principal mining operation is the Longos Mine at Paracale, Camarines Norte. The company operated an open pit area in the mine from August 1988 to June 1994, and by April 1994, UPM began the commercial operations of the underground mine at the same site. However, it was placed under care and maintenance in December 1998 because of serious depletion of economic reserves, high operating costs and low metal prices. In November 2003, the company decided to suspend further drilling in Longos. There were no gold and silver recovered in the years 2006 to 2008 since UPM's mining and milling operations are still suspended. Another prospective area for UPM's exploration is San Mauricio located in Jose Panganiban. The company has plans of continuing exploration drilling in San Mauricio once the necessary clearance from the Department of Environment and Natural Resources is secured. UPM is in the process of finding a strategic partner/investor to help finance the amount required for the rehabilitation and further development of Longos Mine. Source: SEC Form 17-A (2008)
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