October 2, 2000
Shareholder Update
Newport Beach, CA - October 2, 2000 - Fenway and its Philippine joint venture partners have prepared complete and final documentation according to Regulations for submission to the Philippine Bureau of Mines and Geosciences (BMG) in support of the three Mineral Production Sharing Agreement applications for the Palawan Cement Project. Fenway and Partners selected BMG accredited Professional Mining Engineer Alvero Abenojar to review, approve then endorse and submit the MPSA supporting documentation to the BMG in the week of October 3, 2000. Issuance of the MPSA's is anticipated soon thereafter.
The submission contains voluminous data specific to legal, technical, economic, social and environmental factors relating to the operation of a 2,500,000 tonne per year cement plant in the Municipalities of Sofronio Espaņola and Quezon, Palawan. The submission brings to a close eight years of dedicated work and effort by Fenway and its Philippine partners and many prominent Filipinos. They include Deputy Speaker the Honourable Congressman Alfredo E. Abueg and The Honourable Congressman Vicente Sandoval, who made the effort to come to Vancouver to witness clean operating cement plants; the former Palawan Governor Salvador Socrates, recently deceased in a tragic airplane crash and The Honourable Vice-Governor and Acting Palawan Governor Joel Reyes who gave Provincial support; Sofronio Espaņola's Honourable Mayor Iber Chou and the Municipal Council who worked extensively to confirm the benefit of having the Cement Plant in their Municipality then inform their constituents; Region IV Director for the National Commission on Indigenous People Ms. Velma Chollipas who worked tirelessly with Indigenous People (IP) over several months to explain the pros and cons of the Palawan Cement Project. The IP vote was overwhelmingly in favour of having the Cement Plant in their community.
Fenway's Palawan Cement Plant will employ some 2500 people during construction, 700 permanent workers in operation, and will cause indirect employment for 7000 to 10,000 people in related community industries and projects. No other industrial activity is currently in the region and there is no community wide or regional electricity supply. Neither is there a viable public communications system nor a regional public hospital. Rice farming represents the main commercial activity with insufficient production to feed the local population. Annual income equates to 2 Pesos per person per day! (CAD$1.00=28 P; US$1.00=40 P). Upland communities in the mine site region are experiencing starvation and the worst food shortages in 50 years.
On receipt of the MPSA's Fenway and Partners will file similar documentation in support of the application for the Cement Projects' Environmental Compliance Certificate (ECC). The ECC is the final Government approval before Plant construction and operation may proceed. The ECC submission and approval process is not thought to be lengthy after all the careful preparatory work that has been done.
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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