An updated estimate of the mineral resources available at the...

An updated estimate of the mineral resources available at the Tampakan copper and gold site in Mindanao said to be the largest in Southeast Asia will be released soon.

Mr Richard Laufmann CEO and MD of Indophil Resources NL said that "In coming weeks, we expect the project manager to deliver a revised mineral resource."

He said that Indophil owns 37.5% of the foreign controlling equity in the Tampakan project. The last estimated mineral resource for the Tampakan project was issued in October 2009. It estimated that the site contains a 2.4 billion tonne mineral resource with 13.9 million tonnes of copper metal and 16.2 million ounces of gold.

Mr Laufmann further said that the firm is optimistic that the issue on the open pit mining ban will be resolved. Indophil remains confident that the provincial open pit ban which the Philippine Government says is contrary to national law and must be rescinded, will be resolved amicably and in a timely manner referring to the policy imposed by the South Cotabato local government, one of the provincial authorities with jurisdiction over the mine.

He said that based on the current schedule, its project partners are poised to consider the commitment to proceed with the project during 2012 with construction also expected in the latter part of that year.

Sagittarius Mines, Inc which is developing the Tampakan project said last month that it hopes to get the final approvals for the project next year as final consultations with stakeholders on the environmental impact of the project were wrapped up last month.