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Jan 30, 2004
Philippine Supreme Court Releases Ruling On 1995 Mining Act
Ruling Believed To Not Affect Mindoro
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), advises that the Philippine Supreme Court has declared null and void several sections of the 1995 Philippine Mining Act; including the mineral tenement type designated as the Financial and Technical Assistance Agreement (FTAA); that essentially allows foreign companies to directly own and control 100% of mineral and petroleum resources.
Mindoro believes that it is not affected by the FTAA ruling as it is earning interest instead, in a number of Mineral Production Sharing Agreements and Exploration Permits, which allow 40% foreign equity.
Due to the very great promise of its projects, three of which at the resource delineation and evaluation stage, Mindoro is working within the legal framework to seek greater equity participation in the commercial proceeds of future mining operations. Mindoro notes that revenue distribution of the showcase Malampaya oil and gas project, a US $5 billion investment, is 45% Shell Philippines Exploration BV, 45% Texaco Corp., and 10% state-owned Philippine National Oil Co.; and which will potentially serve as a model for fiscal structuring as Mindoro projects proceed to production.
This decision has ended the uncertainty in the Philippines mining sector and opened the way for foreign mining companies to structure themselves accordingly.
Earlier this month, President Gloria Macapagal Arroyo issued Executive Order 270, a National Policy Agenda on Revitalizing Mining in the Philippines, aimed at reviving the mining industry and developing the extremely high mineral potential of the country. The Government, through the Mines and Geoscience Bureau, is providing strong support for this revitalization.
Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia-Pacific Region and is presently focussed on six promising projects in the Philippines.
For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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