Page 1ASXRelease2 February 2005 ABN 45 076 318 173Indophil...

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ASX
Release
2 February 2005 ABN 45 076 318 173
Indophil Resources NL (“Indophil”)
Reports Positive Developments in the Philippines
Supreme Court of the Philippines rejects Motion for Reconsideration and
declares its landmark decision on 1 December 2004 final
The Directors of Indophil are pleased to advise that on, Tuesday 1 February 2005, the
Supreme Court of the Philippines (the “Court”) denied “with finality” the Motion for
Reconsideration lodged on behalf of the petitioners by the Legal Rights & Natural
Resources Centre Inc asking the Court to reverse its landmark ruling in December 2004
which declared the 1995 Mining Act and Financial or Technical Assistance Agreements
valid and constitutional. This landmark decision enables foreign mining companies to
hold up to 100% of the rights to mining projects in the Philippines.
In a four page resolution, the Court said:
“…all the conceivable aspects of this litigation - factual, constitutional, legal,
philosophical, technical, financial, ecological, environment and technological - have
all been extensively taken up and addressed during the Court’s lengthy and
purposeful debates and deliberations”.
The Court stated that “none of the members of the Court had changed their opinion or
votes” and therefore, the decision on 1 December 2004 is final.
The Directors of Indophil welcomed the decisive action taken by the Court to resolve any
form of uncertainty created by the lodgement of the Motion for Reconsideration in January
2005 by the petitioners. Mr Tony Robbins, Managing Director of Indophil, stated that
“Indophil and its Philippine partners can now confidently move ahead with the
development of the world class Tampakan Project with certainty of mining title.”
Tampakan Project receives Presidential support
On Tuesday, 1 February 2005, the Indophil and its Philippine partners delivered a
presentation to the President of the Philippines, Gloria Macapagal-Arroyo, and relevant
Cabinet members on the potential of the world class Tampakan Project. The presentation
was positively received by the President who assured Indophil and its Philippine partners
of her support and the support her Administration for the Tampakan Project and
instructed the relevant Cabinet members to do all they could to facilitate its development.
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The President reiterated her goal to revive the mining industry and have the mining
industry contribute to the economic development of the Philippines.
In late January 2005, Michael Defensor, Secretary to the Department of Environment and
Natural Resources, visited the Tampakan Project site. Secretary Defensor acknowledged
the strong support of the local communities for the development of the Tampakan Project
and gave an undertaking “to assist wherever he and his Department could to ensure the
speedy progress of the Tampakan Project.”
Further enquiries:
Indophil Resources NL
Tony Robbins 0419380301/John Madden 0400887001
Suite 1, Level 3, 99 Queen Street, Melbourne, Victoria 3000
Tel: +61 3 9670 5740 Fax: +61 3 9670 8538
or refer to our website www.indophil.com
for more information
ASX CODE: IRN
AUSTRALIA – Corporate office
Indophil Resources NL
Suite 1, Level 3, 99 Queen Street
Melbourne, Victoria, 3000, Australia
Tel 61 3 9670 5740
Fax 61 3 9670 8538
Email [email protected]
PHILIPPINES – Regional office
Indophil Resources Philippines Inc.
Level 3, L&F Building 107 Aguirre Street, Legaspi Village
Makati City, 1229, Philippines
Tel 63 2 752 1440 to 43
Fax 63 2 752 1446
Email [email protected]