For immediate release 20 August 2012
("CDC" or "the Company")
CDC Meets with Philippine Government on Basay
As stated in its news announcement of 8 August 2012, Copper
Development Corporation (AIM: CDC, "the Company") has not yet
received approval of the assignment of the Basay exploration
permit to its Philip- pine subsidiary Adanacex Resources Inc.
("Adanacex"), and continues vigorously to defend the
challenge posed by the unfounded claim by the Privatization
and Management Office ("PMO") on the Basay property.
Last week, the Company initiated direct discussions with
Philippine government officials at the highest level and
presented its case, which is underpinned by legal opinions
issued by two leading Philippine law firms, one of which is
the affiliate of a major international law firm, that there
is no overlap between PMO's and CDC's areas and,
consequently, no legal basis for the PMO claim. The Company
submitted the most concrete and graphic basis for this in the
form of a map (see below) and the following paragraph from a
letter dated 16 September 2011 to the PMO from the Director
of the Mines and Geosciences Bureau ("MGB") Region VII.
Office, which, inter alia, states:
"Relative to issuance by this Office of an Exploration
Permit to Euzkadi Holdings Corporation (Euzkadi) denominated
as EP-000013VII (which was later assigned to Adanacex
Resources, Inc. and presently pending approval by the MGB
Director), it may be stressed that the area covered by the
said EP is outside of the area held in trust by the APT (now
Privatization Management Office)."
The map submitted is an official certified map produced by
the MGB showing clearly that there is no overlap between the
PMO ground and the Basay tenement, as can be seen by the
following simplified version of the official MGB map:
Mitch Alland, Executive Chairman of CDC, commented:
"We have presented to the Philippine government solid and
incontrovertible proof that there is no overlap between the
PMO areas and the Basay tenement and, therefore, no basis for
the PMO claim. Also, in our discussion with high level
government officials we have explained that we are a serious
foreign investor, having invested together with our affiliate
- TSX-listed Crazy Horse Resources, Inc. - close to US$90
million in mining projects in the country. Therefore, I am
optimistic that the government will come to a prompt and fair
conclusion and will approve the assignment to us of the Basay
exploration permit and will renew the permit in December."
Copper Development Corporation | Beaumont Cornish Limited | GMP Securities | GTH Communications |
The Company | Nomad | Broker | Financial PR |
Mitch Alland | Roland Cornish | Richard Greenfield | Toby Hall Suzanne Johnson Walsh |
+44 (0)1624 639396 | +44 (0)20 7628 3396 | +44 (0)20 7647 2800 | +44 (0)20 3103 3902 |
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