Fenway International Inc. has requested tendered bids for a diamond drilling contract to confirm approximately 390,000,000 tonnes of limestone reserves on the Company's Negros Oriental Province mineral claims in the central islands of the Philippines. This work will be the first in a series of geotechnical services conducted to upgrade the existing data to fully bankable status. Drilling is expected to commence early in the New Year. Other important engineering studies to follow are the marine studies and port , pier and cement plant preliminary design. This work program is planned for completion by mid-year 1999 from which detailed engineering can begin and ultimately lead to cement plant construction.

Prior to Fenway's purchase of a 90% equity interest in the Negros Oriental cement project obtained from the Negor RR Cement Corporation, Negor RR had conducted engineering studies sufficient to show its property contained adequate tonnage of high quality limestone to sustain cement production of 1.2 million tonnes of cement per year for 50 years. Fenway would like to install a cement plant of 1.5 million tonne per year rated capacity and prove up limestone reserves for at least 200 years production.

Negor RR Cement Corporation obtained the necessary Environmental Compliance Certificate (ECC) and the Mineral Production Sharing Agreement (MPSA) which permits Fenway to proceed in its development-construction program. The program will lead to cement production by year 2002