The Tampakan Copper-Gold Project (Tampakan Project) is located approximately 50km north of General Santos City , a major growth centre on the southern Philippines island of Mindanao (Fig. 1). General Santos has a population of approximately 500,000 and is accessed by sealed highways, a major deep water port and an international standard airport with the capacity to take commercial aircraft.

With a recently updated (December 2007) measured, indicated and inferred resource estimate, of 2.4 billion tonnes at 0.6% copper and 0.2 g/t gold at a 0.3% copper cut-off grade, carried out under JORC reporting guidelines, the Tampakan deposit represents the largest undeveloped copper-gold deposit in the South East Asia - Western Pacific Region (Fig. 2). This resource contains 13.5 million tonnes of copper metal and 15.8 million ounces of gold. Significant additional mineralisation potential exists.

The Tampakan Copper-Gold Project was the subject of a Pre-Feasibility Study (PFS) by Indophil and then an Extended PFS by Xstrata Copper into mine development. Xstrata`s Final Feasibility Study into project viability is expected to have been completed during the second quarter of 2010. In summary, the Tampakan Project is proving to have robust economic outcomes using conservative price inputs and based on a preferred large scale open pit option producing copper concentrates with associated gold.

On 1 April 2007, Xstrata assumed the role of project manager following exercise of the option to purchase 62.5% of the share in Sagittarius Mines, Inc (SMI)., the operating entity of the Tampakan Project. Indophil holds the remaining 37.5%

On 8 April 2010, SMI advised that it had formally handed over the Tampakan Mining Project Feasibility Study to the Philippine Government. The Philippine Government would undertake a detailed review of the study.