November 21, 2000
Panel Of Arbitrators Clear Legal Issues To Newport Beach, CA - November 21, 2000 - Pyramid Hill Mining and Industrial Corporation, in association with Palawan Star Mining Ventures Inc. and Central Palawan Mining and Industrial Corporation (collectively CPMIC and Associates) are the Philippine joint venture partners to Fenway International Inc. in the Palawan Cement Project. On November 20, 2000 the Panel of Arbitrators for the Bureau of Mines and Geosciences (BMG) handed down a decision in favor of Pyramid Hill dismissing a claim by the Domadoway Foundation, Inc. as represented by Tito Mata which opposed the issuance of the MPSA.
The Panel of Arbitrators decision clears the way for Pyramid Hill to join Palawan Star, Central Palawan and Fenway International Inc. in the completed applications to the BMG for issuance of the MPSA's and to the Department of Environment and Natural Resources (DENR) for issuance of the Environmental Compliance Certificate (ECC). The DENR has scheduled a site visit and project area walk-through for November 28, 2000 for final consideration prior to issuing the ECC.
Fenway International, Inc. is the lead proponent in the development of two large commercial grade portland cement production facilities in the Philippines. Upon completion, Fenway International will be one of the largest portland cement suppliers in the entire southeast Asian region.
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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