Indophil Resources, has increased its direct interest in the worldclass Tampakan copper-gold project in the southern Philippines by agreeing to buy Filipino partner Alsons" 5% interest.

Under the agreement, Indophil will progressively lift its stake in the Tampakan project from 32.5% to 37.5%.

Xstrata Copper will hold the remaining 62.5% as part of a separate agreement announced last December. Xstrata Copper assumed project management responsibilities for the Tampakan project on March 30.

Under the progressive agreement, Alsons remains firmly committed to playing a vital local role in successfully developing the project by providing a range of strategic and specialised services to maintain and strengthen the project's social licence with government and the people of the Philippines.

The Tampakan project is held by Philippine company Sagittarius Mines, under the Columbio Financial or Technical Assistance Agreement that is a contract with the Government of the Philippines on behalf of the people of the Philippines.

Tampakan is a 2000 million tonne deposit, with potential for growth. Based on current studies.

Tampakan is a longlife operation containing 11.6 million tonnes of copper and 14.6 million ounces of gold at a 0.3% copper cut-off grade.

It is expected to produce 210,000 tonnes/year of copper and 218,000 ounces/year of gold during its first 10 years of production. www.indophil.com

Indophil Resources managing director Tony Robbins will give a presentation on Indophil Resources Tampakan Project at The ASIA Miner Investing in Mining conference on May 7-8 in Sydney.