Philippine Mineral Reporting Code

The PMRC is modelled substantially on the wording of the JORC Code of

Australia, and is also compatible with the international codes from South

Africa, European Union, and Canada

It is consistent with the international Reporting Template established by the

Committee for Mineral Reserves International Reporting Standard (CRIRSCO)

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PMRC committee composed of the following:

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Philippine Mineral Development

Institute Foundation (PMDIF)

Chamber of Mines of the Philippines

(COMP)

Mines and Geosciences Bureau

(MGB)

The Philippines Australia Business

Council (PABC)

The Philippine Stock Exchange (PSE) Board of Investments (BOI)

Transparency:

- Must provided with sufficient information, also clear and unambiguous.

Materiality:

- Need to contains all the relevant information which investors

and their professional advisers would reasonably require.

Competence:

- requires the Public Report be based on work that is the responsibility of suitably qualified

and experienced persons who are subject to an enforceable professional code of ethics.

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Inferred Minerals Reserves CANNOT exchange to Ore Reserves 5

The PMRC requires the Competent

Person (CP) to be named in the report.

The PMRC has been adopted by the

PSEM, GSP and SMEP and is therefor

binding on members of these

professional organizations.

PSE require PMRC report to list on.

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