February 6, 2001
MPSA Certificate Signed By Government
Newport Beach, CA - February 6, 2001 - Fenway International Inc. has been informed that the Mineral Production Sharing Agreement (MPSA) for the three mineral claim groups comprising the Palawan Cement Project have been signed by the Honorable Secretary of the Department of Environment and Natural Resources (DENR) and the Honorable Director of the Bureau of Mines and Geosciences (BMG).
Fenway's Philippine partners must sign the Certificates and pay the necessary "Occupation fee" and document registration fees before Fenway can proceed to construction of its proposed 2,500,000 tonne per year cement plant at Scott Point, Sofronio Espaņola. The Partners must also obtain the Environmental Compliance Certificate before construction and operation can begin. Fenway has already proceeded in the preparation of ECC documentation, which is well advanced.
The Underlying Agreements between Fenway Resources Ltd., Fenway International Inc. and the Philippine Partners were submitted to and reviewed by the BMG prior to their signing the MPSA Certificates. Although the Agreements require the three Philippine Claimowner partners, consolidated as CPMIC and Associates, to obtain both the MPSA and the ECC Certificates, the Philippine Partners were unable to conclude satisfactory documentation for presentation to the Regulatory Authorities. By mutual agreement, and consistent with the Financial and Technical Assistance Agreement signed by Fenway and Partners prior to filing the MPSA and ECC applications, Fenway funded and fulfilled the technical and administrative requirements for the three MPSA applications.
Fenway is grateful to E.A. Cardozo and Associates for a full year of dedicated work in defining the MPSA application requirements, conducting all field work, BMG and DENR Field Office and Central Office liaison with the proponents, and for finalizing the three MPSA applications and their endorsements and approvals by the Directors of the BMG and the Secretary of the DENR. Fenway is also thankful for the assistance and cooperation provided in documentation preparation by CPMIC and Associates Director Engineer Fernando B. Esguerra and for the professionalism shown within the BMG and DENR.
ON BEHALF OF THE BOARD
This material was prepared by the Company. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is Information only and is not an offer or solicitation to buy or sell securities.
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