Progress on the Didipio Gold and Copper Project development remains on schedule and on budget.

Project development comprises four years of open cut mining, followed by at least 11 years of underground sub-level caving operations.

The project is designed for a throughput of two and a half million tonnes of ore per annum and annual metal production will average about 227,000 gold equivalent ounces in the first 10 years of production, comprising 120,000 ounces of gold and 15,000 tonnes of copper in concentrate.

Value engineering has been completed by Ausenco to confirm the process flow and equipment list generated and long lead time equipment has been ordered, including key equipment required for the development of the underground drainage tunnel.

The diamond drill rig will carry on drilling infill underground and open pit targets.

Exploration of the Papaya prospect within the FTAA will start soon with stream sediment sampling and detailed mapping. A soil grid will be surveyed and sampled to determine optimum drill targets.

At the Manhulayan Project, the access road will be started as soon as the tenement is granted and a temporary camp built near Costan village for use during fieldwork and drilling.

At the Manag Project, NCIP will undertake final meetings with the local people to complete the access MOA.