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Court dismisses Tampakan Legal Challenge

INDOPHIL RESOURCES NL 2002-06-18 ASX-SIGNAL-G
HOMEX - Melbourne

Indophil Resources NL (Indophil) advises of the following development
regarding the acquisition of an operating interest in the Tampakan
Project by Indophil.

Previous legal proceedings brought by Lepanto Consolidated Mining
Corporation (Lepanto), before the Makati Regional Trial Court (MRTC)
and the Court of Appeals challenging the acquisition were dismissed
and subsequently appealed by Lepanto. Indophil has been recently
advised that on 6 June 2002 the Court of Appeals rejected this appeal
and ordered the dismissal of the MRTC case. The only legal recourse
remaining for Lepanto is believed to be an appeal to the Supreme
Court of the Philippines.

The Directors view this decision as another positive step forward in
finalisation of the acquisition of an operating interest in the
project by Indophil.

The Secretary of the Department of Environment and Natural Resources
registered the sale and approved the transfer of the Financial and
Technical Assistance Agreement (FTAA) that gives title to the
Tampakan Project in December 2001. Lepanto filed a Petition for
Review appealing the Secretary's approval with the Office of the
President. A decision is still awaited.

Further enquiries:

Tony Robbins
Manila Office
Tel:(632)7521440

Nanette Facun
Melbourne Office
Tel:(613)94795060
Fax: (613) 94795063
Email: [email protected]

www.indophil.com