MOP Mincorp

RNS Number:8233L
Mincorp Plc
09 November 2006

                          Mincorp Plc (the "Company")

                   Litigation relating to Exploration Permit

                           Application in Philippines



Bonaventure Mining Corporation ("BMC") the wholly-owned subsidiary of Mincorp
Asia, Inc. has advised Mincorp Plc about the current status of the litigation
relating to its Exploration Permit Application of approximately 9,400 hectares
covering the Mt. Cadig nickel deposit in the Philippines. Mincorp Plc currently
holds 40% of the issued capital of Mincorp Asia, Inc.



Title to the area is subject to an ongoing dispute with another Philippine
corporation, V.I.L. Mines, Inc.  The Mines Adjudication Board initially
dismissed the claim by V.I.L. Mines, Inc. and also its Motion for
Reconsideration. Following this, the dispute was elevated to the Court of
Appeals.  In an unexpected decision, the Court of Appeals has now found in
favour of the adverse party.



BMC has notified its intention to dispute the decision in the Philippine Supreme
Court.  Mincorp Asia's lawyers are of the opinion that the Court of Appeals'
decision can be overturned in the Supreme Court as it is in serious conflict
with applicable administrative laws and the normal operating procedure adopted
by the Philippine Department of Environment and Natural Resources ("DENR").



Since the Court of Appeals' decision is not yet final and executory until the
issue is decided with finality by the Supreme Court, BMC remains the legal and
qualified applicant for the Mt. Cadig Exploration Permit.  As the appeal to the
Supreme Court will delay the issuance of the Exploration Permit, BMC has decided
to stop any further exploration expenditure on the property for the time being.
Nevertheless, BMC will pursue the Exploration Permit Application with the DENR.



Mincorp Asia, Inc.'s ownership of BMC is conditional on Mincorp Asia, Inc.
fulfilling certain conditions of the agreement between the parties.  Mincorp Plc
holds 40% of the issued capital of Mincorp Asia, Inc. and has an option to
acquire the remaining 60% in the event the title to Mt. Cadig is converted to a
Financial and Technical Service Agreement.



- Ends -



Reginald Hare                                             00632 682 1063/

Chief Executive                                          00 63 9198 101221

Mincorp Plc





Jonathan Naess                                          0207 710 7400

Director

Nabarro Wells & Co Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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