chart - looking firm, page-14

re:laf -skippa/mining nut _philippines reality. Nothing has changed in the Philippines at all -where did you get that idea. The 1995 Mining Act and FTT's are still under Supreme Court challenge and an MPSA is a Claytons title -60:40 title in favour of Filipinos -so you concoct all sorts of legal mumbo-jumbo to get around that small legality -put some of the equity in the MD's girlfriends name !! They voted on constitutional change and it got rolled. The Govt. with the best will in the world can't change the constitution and until that changes any financier can lose his shirt -and you your project. Throw in the protest movement that is stopping a lot of projects in Surigao -except Anglo/Philex at Boyongan (15 million ozs) and the jury is well and truly still out in the Philippines. I have some onground experience in the country too !! The country has incredible geological potential -but I suspect LAF will not get it away.