CDC20 Aug 2012 12:32
CDC Meets with Philippine Government on Basay
As stated in its news announcement of 8 August 2012, Copper Development Corporation (AIM: CDC, "the Company") has not yet received approval of the assignment of the Basay exploration permit to its Philip-pine subsidiary Adanacex Resources Inc. ("Adanacex"), and continues vigorously to defend the challenge posed by the unfounded claim by the Privatization and Management Office ("PMO") on the Basay property.
Last week, the Company initiated direct discussions with Philippine government officials at the highest level and presented its case, which is underpinned by legal opinions issued by two leading Philippine law firms, one of which is the affiliate of a major international law firm, that there is no overlap between PMO's and CDC's areas and, consequently, no legal basis for the PMO claim. The Company submitted the most concrete and graphic basis for this in the form of a map (see below) and the following paragraph from a letter dated 16 September 2011 to the PMO from the Director of the Mines and Geosciences Bureau ("MGB") Region VII. Office, which, inter alia, states:
"Relative to issuance by this Office of an Exploration Permit to Euzkadi Holdings Corporation (Euzkadi) denominated as EP-000013VII (which was later assigned to Adanacex Resources, Inc. and presently pending approval by the MGB Director), it may be stressed that the area covered by the said EP is outside of the area held in trust by the APT (now Privatization Management Office)."
The map submitted is an official certified map produced by the MGB showing clearly that there is no overlap between the PMO ground and the Basay tenement, as can be seen by the following simplified version of the official MGB map:
http://www.rns-pdf.londonstockexchange.com/rns/3608K_-2012-8-20.pdf