August 1, 2000
CENRO DISMISSES DOMADOWAY FOUNDATION AS A LEGITIMATE ORGANIZATION TO CONTEST MPSA APPLICATION
Newport Beach, CA - August 1, 2000 - The Philippine process to obtain the right to develop our natural resource project, the Palawan Cement Project, began with Philippine claim owner partners and Fenway International Inc., filing an application for a Mineral Production Sharing Agreement (MPSA) with the Bureau of Mines and Geosciences (BMG). Fenway and its Partners' right to apply for the MPSA was challenged in court by the "Domadoway Foundation" and its original Chairman, Mr. Tito Mata. The Community Environment and Natural Resources Office (CENRO) reviewed and dismissed this challenge.
The Community Environment and Natural Resources Office (CENRO) of Brookes Point, Palawan has reviewed the status of the Domadoway Foundation and its Community Forestry Stewardship Agreement (CFSA). In summary, CENRO reports that:
The CENRO Certification and other supporting documentation will be submitted to the August 11, 2000 meeting of the Bureau of Mines and Geosciences (BMG) Review Board for final adjudication. During this same time period Fenway and Partners also expect to receive an Endorsement Letter from the Palawan Council for Sustainable Development (PCSD) for issuance of the MPSA by the BMG.
The BMG Review Board adjudication statement and the PCSD Endorsement Letter are necessary components to the final applications for the Mineral Production Sharing Agreements (MPSA) and the Environment Compliance Certificate (ECC). The MPSA and the ECC are the only two remaining certificates the Palawan Cement Project requires before construction of the proposed 2,500,000 tonne per year cement plant located at Scott Point, Palawan, begins. All supporting documentation for the MPSA and ECC applications have been prepared including numerous letters of recommendation, endorsement and support from Municipal, Provincial and Federal Government agencies and community and indigenous peoples' organizations.
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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