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Dec 06, 2004
Philippine Supreme Court Removes Foreign Ownership Uncertainties
Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) is pleased to advise that, in a majority decision, the Supreme Court of the Philippines has confirmed the legality of the 1995 Philippine Mining Act, including Financial and Technical Assistance Agreements (FTAA). The FTAA allows 100% foreign ownership of large mining projects (greater than US$50 million investment). The decision is final and not subject to appeal.
The Philippines is one of the most prolifically mineralized regions on earth, especially for copper, gold and nickel; yet, it has seen little modern exploration due to past foreign ownership uncertainties, which were associated with challenges to the Mining Act. The Supreme Court decision removes these uncertainties, clearing the way for unfettered foreign investment in the Philippine mining industry. The Philippine Government strongly endorses and supports foreign mineral investment. In a statement welcoming the Supreme Court decision, President Gloria Macapagal Arroyo said, "We are now poised for a strong investment take off based on a reinvigorated mining industry never seen in the recent past."
Mindoro has been working in the Philippines for eight years and has a large portfolio of promising projects. It is therefore well placed to benefit from the Supreme Court decision and the expected upsurge in mineral investment interest and activity.
Tony Climie P. Geol., President of Mindoro, comments, "We are delighted with this decision. It has confirmed our long-held confidence in the Philippines as one of the best places for a junior company to discover and develop mineral deposits. The Philippine's geological potential has never been in dispute. Now, with foreign ownership uncertainties removed, we are very pleased to be at the forefront of the dawn of a major mining industry in the Philippines."
On its Batangas Projects, Mindoro has two drill rigs exploring for, and expanding known gold resources, and is carrying out a major geophysical program in preparation for drilling porphyry copper-gold targets. On its Surigao Projects, in joint venture with Panoro Minerals Ltd., a large geophysical program is in progress in anticipation of a major 2005 drill program focusing on porphyry copper-gold targets. On its Pan de Azucar Project, Mindoro has a drill-ready porphyry copper-gold prospect.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX-V: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact
Penny Gould, Executive Vice President
Phone: (780) 413-8187
Fax: (780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (604) 628-5800
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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