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Philippine Stock Exchange
February 27, 2013
Philippine Stock Exchange
February 27, 2013
Gentlemen:
Please be informed that about 5:00 PM yesterday, February 26, 2013, the Company [Philex Mining Corporation] received from the Mines and Geosciences Bureau its Order dated the same day on the Urgent Remediation Measures for Tailings Storage Facility No. 3 of Philex Mining Corporation, the dispositive portion of whic…h reads as follows: “WHEREFORE, the foregoing premises considered, Philex Mining Corporation is hereby authorized to resume operation in order to undertake urgent remediation measures for Tailings Storage Facility No. 3 under its proposed Rehabilitation and Clean-Up Plan, subject to the following conditions: 1. The resumption of the company’s operation’s for shall not exceed a period of 4 months starting from receipt hereof; and 2. Philex Mining Corporation shall commission an independent third party to undertake a monitoring and audit of the remediation measures to be-undertaken: Provided, That said third party shall possess the necessary track record for the task, has no business interest in Philex Mining Corporation or its subsidiaries and affiliates and shall be chosen jointly by Philex Mining Corporation and this Office.”
Very truly yours
Eulalio B. Austin
President & COO
President & COO
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