TORONTO, ONTARIO--(Marketwire - July 30, 2012) - Martina Minerals (TSX VENTURE:MTN) In response to queries from a number of shareholders regarding the issue of Executive Order EO79 in the Philippines, by President Benigno S Aquino III on 12 July related to the reform of the mining sector the Board of Martina welcomes the initiative and believes that it will have a beneficial effect on our business interests in the Philippines.
The Executive Order lays the foundation for the policy framework which will guide stakeholders and the Philippines Government in the implementation of mining laws, rules and regulations for responsible, sustainable and equitable mining. It is a result of consultation from various parties involved in the mining industry including environmental groups, church groups, Philippines Government agencies, mining and mining services companies.
Key features addressed Executive Order 79:
- The Government shall rationalise the existing revenue sharing schemes. Existing contracts such as the one held by Martina's 40% owned associate, Comval Tribal Resources Corporation's Operating Agreement shall continue to be valid and binding.
- The granting of new mineral agreements had been suspended until the fiscal sharing arrangements between the Government and the Contractor are rationalised and legislated. It is important to note that the Government has clarified however that this moratorium does not preclude the negotiation of new Exploration Permits for future mining projects, such as the areas covered by the San Miguel tribal lands.
- In fact, Exploration Permits may be granted following the release of the Implementing Rules and Regulations (IRR) expected within 60 days of the Executive Order. The Executive Order aims to align national interests with local governments' interests.
- Measures will be introduced to improve the regulation and control of small scale mining activities for metallic minerals and will be restricted to gold, silver and chromite mining only.
- The Government shall ensure strict enforcement of the environmental standards in mining.
- There will be improved transparency of the mining industry.
Implementing rules and regulations will be issued by the Philippines Government in the following weeks which will provide further direction.
Commenting on the developments Willie McLucas, President and CEO said, "As a key part of its good corporate citizen policy, the fact that all of the property interests that Martina either owns, or is the process of acquiring with Blue Creek Mining, either involve the local tribal communities as partners, or local Filipino families. I welcome the clarity that this Order brings to the system."
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction.
ON BEHALF OF THE BOARD
Willie McLucas, President and CEO, Martina Minerals Corp.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."