DECEMBER 20, 2010, Mindanao Islands, Philippines— Oro East Mining, Inc., holder of the mining claim MPSA 184 XI in the Davao region of the Mindanao Islands, Philippines, organized a landmark conference today in Mindanao with the various katawhang lumad tribes in the region. The lumads are the indigenous peoples of the southern Philippines and have resided for centuries on their ancestral lands in Mindanao. To access the mining claims, Oro East and other mining corporations in the region would need to construct roads and tunnels through the lumads’ ancestral domain. The conference today sought to negotiate a peace treaty with the lumad tribes. In return for the lumads’ formal permission to Oro East for passage through the ancestral lands, the company would provide food donations, set up health clinics, and schools for the lumad tribes.
Historically mining corporations in the Davao Region would drive out the lumad people from their ancestral lands by forced eviction and government-backed resettlement programs. However, in an attempt to operate its business differently, Oro East invited the tribe leaders in Mindanao for a good faith conference to discuss a peaceful, mutually beneficial agreement. Oro East representatives listened to the primary concerns of the lumad tribes and announced the establishment of an oversight department and ombudsman whose sole responsibilities would be to serve as a liaison between corporate management and the lumad tribal leaders.
Oro East global business ventures carry a strong humanitarian emphasis and the company invests heavily in local schools and public welfare institutions for the local communities that the company serves. Establishing its mining operations and refinery factory in Mindanao will further provide hundreds of jobs to the otherwise impoverished villages.
The company strictly adheres to the mandates of the Philippine Department of Environment and Natural Resources (DENR), and has established a strong and robust Social Development Management Program (SDMP) within Oro-East. The SDMP of Oro East is committed to funding and providing sustainable living and improving the quality of life of neighboring communities.
Oro East Mining will not only stimulate job growth in the Republic of Philippines, but its SDMP has implemented humanitarian programs for the improvement of the lives of the miners it employs. Company-funded health care services, nutritional and childcare services are provided for employees. Community schools will also be provided for local villages, along with paved roads for improved safety and travel for Oro East miners and their families. The Oro East SDMP further seeks to develop the local area and increase industrialization to help improve the national economy. Finally, all Oro East SDMP services strive to promote conservation and intellectual use and management of the environment vis-à-vis community and mining activities.
This news release includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the control of Oro East. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding future expectations of Oro East. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Oro East’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Philippine peso; failure to recover the resource and reserve estimates of the Project; the failure of Oro East’s suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The company assumes no obligation to update such information.