EXPOSURE DRAFT

Philippine Mineral Reporting Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves

(The PMRC)

Prepared by the PMRC Committee composed of the Philippine Minerals Development
Institute Foundation, Philippine Society of Mining Engineers, Geological Society of the
Philippines, Society of Metallurgical Engineers of the Philippines, Mines and Geosciences Bureau,
The Philippine Stock Exchange, Inc., Board of Investments, Chamber of Mines of the Philippines
and the Philippine Australia Business Council

Foreword

1. The Philippine Mineral Reporting Code (PMRC), or the "Code", sets out minimum standards, recommendations and guidelines for Public Reporting in the Philippines of Exploration Results, Mineral Resources and Ore Reserves. The Code was formulated with the intent of setting minimum standards for public reporting on minerals that is compatible with global standards. The formulation of the PMRC relied on the international codes from Australia, South Africa, European Union, Canada, particularly the JORC Code (2004) of Australia, and the International Reporting Template (2006) by the Committee for Mineral Reserves International Reporting Standard (CRIRSCO).

The PMRC is an initiative of the Philippine Minerals Development Institute Foundation (PMDIF) together with The Philippine Stock Exchange, Inc. (PSE), Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources, Chamber of Mines of the Philippines (COMP), Philippines-Australia Business Council (PABC) and the Board of Investments (BOI) of the Department of Trade and Industry. The formulation of the technical provisions of the code was undertaken by the Professional Regulation Commission’s (PRC) accredited professional organizations of the minerals industry which are the Philippine Society of Mining Engineers (PSEM), Geological Society of the Philippines (GSP), Society of Metallurgical Engineers of the Philippines (SMEP) and chaired by the PMDIF.

The formulation of the PMRC was supported by the Australian Government through the Philippines-Australia Partnership for Economic Governance Reforms (PEGR), and the BOI.