Indophil In Discussion With A Number Of Parties On Tampakan

Indophil Resources Ltd. (IRN.AU) said Monday it was in discussions with a number of interested parties showing "considerable interest" in acquiring its stake in the copper-gold Tampakan project in the Philippines.

Indophil currently holds a 34.23% stake in Tampakan, with global miner Xstrata PLC (XTA.LN) holding a further 62.5%.

Private investment group Alsons Corp. has agreed to sell its remaining 3.27% interest in Tampakan as part of a potential sale of Indophil's stake, should it receive an "acceptable" proposal from a third party.

"While there has been no formal purchase agreement at this time, indications are that most buyers would prefer to acquire the combined 37.5%," said Indophil Chief Executive Richard Laufmann.

Tampakan is targeting an initial 20 years' production at an average annual rate of 340,000 metric tons of copper and 350,000 troy ounces of gold.

-By Elisabeth Behrmann, Dow Jones Newswires;

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