About Manila Mining Corporation

Manila Mining Corporation (MMC) was founded in 1949. It operates and controls almost 2,000 has. of prime mineral lands in Surigao Del Norte, Southern Philippines, and has an applications for another 4,850 has. around its mines. Mining operations commenced in the 1970s - initially small-scale using the underground method, and graduated into large-scale open pit mining operations in the mid 1980's. Prior to the shutdown of its operations in 2001, MMC had produced over a million oz Au. The shutdown was principally due to the non-renewal by the Department of Environment and Natural Resources of the permit to operate MMC's tailings dam.

As of 01 March 2004, MMC's mineral resource inventory amounted to 20.03 Million Mt at 1.38 g/t Au, for a total contained metal of about 0.89 Million Au ounces. Ore reserves is about 3.6 Million tonnes, averaging 1.68 g/t gold, or a contained metal of about 0.198 million Au ounces.

MMC's current activities have been focused on exploration and ore delineation to enhance the quantity and quality of its gold ounce inventory. MMC's most exciting project is the Kalaya-an Project located approximately 5 km southeast of the mine site. This area is immediately north of and adjacent to the Anglo-Philex property (Boyongan Project), wherein a large, high-grade copper-gold porphyry deposit was discovered in 2001 (greater than 100 million tonnes of about 1.0 % Cu and 1.2 g/t gold). Anglo, in December 2001, encouraged by excellent drill results, agreed to purchase an additional 10% equity interest from Philex in the Boyongan Property for US $ 20 million.

In 2002, MMC completed a single drill hole which, based on extensive fieldwork, tested for an interpreted porphyry copper-gold deposit. The drill results, while not intersecting economic grade over mining widths, did conclusively demonstrate that the drill test area is indeed at the edge of a large mineralized gold-copper porphyry system. Assay results are indeed exciting, in part having an 80-meter stretch of epithermal gold mineralization with a grade of 0.56 g/t gold and a 162-meter length of copper-gold porphyry style mineralization assaying 0.30 g/t gold and 0.16% copper.

MMC's management indicated its willingness to enter into joint venture and/or other similar sharing agreement with technically and financially capable entities for the resumption of mining operations in its Surigao Mines as well as in the exploration and development of the adjacent projects and prospects.

The major shareholders of MMC are Lepanto Consolidated Mining Company and the family of its Chairman and CEO, Mr. Felipe U. Yap.

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