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6TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION SLATED 11-13 OCTOBER IN MANILA

PHILIPPINE CONSULATE GENERAL - NEWS RELEASE
22 September 2005

New York, NEW YORK --- The Philippine Consulate General in New York proudly invites government officials, investors, suppliers, contractors and other interested parties to the 6th Asia Pacific Mining Conference and Exhibition in Manila from October 11 to 13, 2005. Hosted by the Chamber of Mines of the Philippines in behalf of the ASEAN Federation of Mining Associations, the conference promises to be an exciting opportunity for potential investors to learn and, possibly, later participate in new mining projects, products and services in the Philippines’ mining industry, in particular, and that of the other member-nations of ASEAN, in general. The conference will be held at Makati Shangri-la, one of the country’s top-rated hotels located at the heart Makati City, the country’s premier financial district.

According to New York Consul General Cecilia Rebong, the conference is very timely for the Philippines “because our mining industry was only recently opened to one-hundred percent foreign equity participation.”

Just before the end of 2004, the Philippine Supreme Court decided that the provision of the Philippine Mining Act of 1995 on foreign ownership in mining activities is legal. The High Tribunal affirmed the President's prerogative to enter into Financial or Technical Assistance Agreement (FTAA) with foreign corporations to explore, develop and utilize the mineral resources "for the greater good of the greatest number of people." The Supreme Court decision paved the way for a more business-friendly investment climate and reduced the risks and apprehensions of investors, both foreign and Filipino business groups. The highlight of the decision is the affirmation that the Mining Act's Implementing Rules and Regulations (IRR) and the Financial and Technical Assistance Agreement (FTAA) of Western Mining Corporation do not contravene the Philippine Constitution. It also noted that the Constitution expressly allows service contracts in the large-scale exploration, development and utilization of minerals, petroleum and mineral oils and that the State may undertake these activities via "agreements with foreign-owned corporations involving either technical or financial assistance" as provided by law. Likewise, the Supreme Court emphasized the need for an appropriate balancing of interest and needs -- the need to develop the stagnating mining industry in order to jumpstart the floundering economy on the one hand, and on the other, the need to enhance nationalistic aspirations, protect indigenous communities, and prevent irreversible ecological damage.

The conference incorporates three features that the participants will surely find very useful. The first is the Investment Exchange Forum that will allow mining companies and potential investment partners to hold one-on-one meetings to discuss possible projects. The second feature is the Product Presentations that will let exhibitors display their mining projects, products and services. And the third feature is the Social Programme, which offers a window for foreign participants to learn more about the country and its people.

Interested parties may contact the Conference Secretariat at tel. nos. (011632) 436-6580 and fax no. (011632) 430-6581. For additional information, they may also visit www.afmaasean.com.