Clarification in connection with the news article

Oriental Peninsula Resources Group Inc. ("ORE") clarifies it position and Citinickel Mines and Development Corporation ("Citinickel"), which is the operating mining company owned by ORE in light of the Decision dated September 4, 2009 of the Supreme Court in GR Nos. 178188, 180674, 181141 and 183527 with reference to Philippine Stock Exchange letter dated November 10, 2009, requiring ORE to confirm the following statement found in November 10, 2009 issue of Malaya:

Listed Oriental Peninsula Resources Group has lost its appeal before the Supreme Court on all four cases where it questioned the jurisdiction of the Palawan Regional Trial Court over its dispute with Platinum Group Metals Corp. (PGMC).... In a 23-page decision penned by Justice Arturo Brion, the special second division of the High Tribunal also denied motions to refer the earlier decision to the Supreme Court en banc...

ORE apprises the public that:

1. ORE is not a party to these cases decided by the Special Second Division of the Supreme Court in GR Nos. 178186, 183527, 180674 and 181141 subject of the above-mentioned news article;

2. Further, please be informed that the assailed resolution subject of GR 183527 refers to the resolution dated March 3, 2008 of the Court of Appeals in CA-GR SP No. 101544 which ordered the issuance of the writ of preliminary injunction enjoining the RTC of Puerto Princesa, Branch 95 from conducting further proceedings in Civil Case No. 4199. This Decision does not in anyway nullify the right of Citinickel Mines and Development Corporation over any of its mineral properties in Palawan. We reiterate our previous disclosure (with PSE) that the validity of the termination of the Operating Agreement is still in issue and has not been resolved.;

3. On July 14, 2008, the Court of Appeal in CA-GR SP 101544 issued a Decision which nullifies the assailed order of the RTC of Puerto Princesa, Branch 95, dated July 21, 2006, October 26, 2006 and April 13, 2007 in Civil Case 4199. These orders of the RTC in Civil Case 4199 refers to the issuance of writ of preliminary injunction against respondents therein, granted the motion for leave to amend complaint to include other parties and issuance of expanded writ of preliminary injunction to extend to the Department of Environment and Natural Resources. Further on September 9, 2009, the Third Division of the Supreme Court dismissed the Petition for Review filed by Platinum Group Metals Corporation on the said Decision of CA-GR SP 101544. Thus, the Decision of the Court of Appeals dated July 14, 2008 has not been reversed or set aside.

Further, Citinickel Mines and Development Corporation ("Citinickel") intends to be guided by the Decision of the Supreme Court dated September 4, 2009 in ensuring that its rights as the holder of the Mineral Production Sharing Agreement will be protected. Citinickel made note of the pronouncement of the Supreme Court that:

[I]"The RTC's order should be understood as only preventing the said agencies from taking jurisdiction over the disputes pertaining to the Operating Agreement. However, [B]the RTC should not enjoin the DENR and its offices or other executive/administrative agencies from exercising their jurisdiction over alleged violation of the terms of Platinum's ECC or other mining permits."[/B][/I]

Thus, as ruled by the Supreme Court that it is a successor in interest of Olympic Mines and Development Corporation ("OMDC") with respect to the Operating Agreement, Citinickel is now guided by the above pronouncement as to the venue for its action/s to vindicate its rights against the abuses perpetuated by Platinum Group Metals in the exercise of its alleged rights as stated in the Operating Agreement between OMDC and PGMC.

(as disclosed with the Philippine Stock Exchange - November 11, 2009)

Archive of News Releases

November 11, 2009 05:09am (CST)
Clarification in connection with the news article

Oriental Peninsula Resources Group Inc. ("ORE") clarifies it position and Citinickel Mines and Development Corporation ("Citinickel"), which is the operating mining company owned by ORE in light of the Decision dated September 4, 2009 of t...

January 20, 2009 07:52pm (CST)
Oriental Peninsula gives back to the community

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June 26, 2008 09:01pm (CDT)
DENR Grants ECC to Citinickel's Nickel Mine Project in Palawan

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June 26, 2008 07:39pm (CDT)
Citinickel signs pact with 2 tribal groups

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June 16, 2008 05:36pm (CDT)
Nickel futures seen heading up

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2008 Nickel Forecasts

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Orientalpeninsula.com soft launching

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April 16, 2008 04:46pm (CDT)
Citinickel Prepares to file a Declaration of Mining Feasibility

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April 16, 2008 04:16pm (CDT)
MGB Team validate the mineral resource of Citinickel's nickel mine in Palawan

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