Good news for IRN (up 16%+) IRNO (up 18%+) This is a company with god prospects. Extensive details on their web-site. ======================================== Court dismisses Tampakan Legal Challenge
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.
