Ann: Quarterly Activities Report , page-4

Merchant,
There lies the problem. The Company believes they have the rights, but they are currently awaiting the appeal to the DENR on the decision of the MGB not to extend the exploration period of the MPSA. The 1 July 2016 is also a looming problem. Provided they get the go-ahead to continue to explore they have a lot of work to do to declare mining feasibility else the 25 year extension of the MPSA in 2016 is no guarantee under the current guidelines of the Philippine Government. Lets hope this gets sorted soon, because its a good project.