To All,
Fenway Resources Ltd
FWY VSE
January 15, 1997
Progress Report Palawan Cement Project
FENWAY RESOURCES LTD ("FWY-V;FENRF-L")
- Progress Report Palawan Cement Project
H. John Wilson, President of Fenway Resources Ltd. is pleased to announce that the Fenway officers have returned to Vancouver following a series of productive meetings in Manila with their joint venture partners, environmental consultants and financial agents for the Palawan Cement Project. Management notes there is now considerable public discussion in the Province of Palawan regarding construction and operation of the cement plant.
As previously announced, the Palawan Council for Sustainable Development (PCSD) authorized the Department of Environment and Natural Resources (DENR) to issue the Environmental Compliance Certificate (ECC) subject to receipt of the Environmental Impact Assessment (EIA). Current project activity is focused on completing the EIA Report (the Environmental Impact Statement) for presentation to the PCSD and the DENR. Fenway is pleased to note the EIA was conducted under the guidance of SNC Lavalin Environmental, Inc. of Canada and GAIA South, Inc. of the Philippines. The Study and Report rigorously followed guidelines set out by the DENR.
In particular, after correcting a lot of misinformation as to the operation of the quarry and the areas affected, the indigenous people of the area, the Dumadoway, have consented to the establishment of the Palawan Cement Project as evidenced by letters from their Foundation Chairman Mr. Tito Mata, and Mr. Patinti Sapit, tribal chieftain of the affected area. Their consent is based on Fenway's assurance that there will be appropriate compensation for any damage to their improvements and crops. Fenway is pleased to confirm and endorse the commitment to protect the well being of the Dumadoway and its members while respecting their cultural heritage. The project proponents have evidence that the majority of citizens within the affected municipalities are in favour of the cement plant operation.
Company officers are scheduled to travel with their engineering consultants from Kilborn SNC Lavalin Inc. in early February to view several modern cement plants in Asia. The purpose will be to select the most suitable plant design for ultimate purchase from the selected manufacturer. Coincidentally, other officers will be fine-tuning the construction financing contracts in accordance with the Mandate Agreement signed December 7, 1996 with Strategic Alliance Development Corporation and AIA Capital, Inc.
TEL: (604) 844-2265 H. John Wilson, President FAX: (604) 844-2267
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c1997 Canadian Stock Market Reporter |
