IRN 0.00% 29.5¢ indophil resources nl

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    Good news for IRN (up 16%+) IRNO (up 18%+)
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    Extensive details on their web-site.
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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


 
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