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Gold/Mining/Energy : Manhattan Minerals (MAN.T)

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To: Andrew Cook who wrote (4225)2/14/2001 2:32:11 PM
From: Krikor  Read Replies (3) of 4504
 
Hi Andrew,

The response from MAN:

canadianbusiness.com

---------------------------

Digging in

Your article regarding Manhattan's mining project in Peru unfairly emphasizes the opinion of a small
group of activists ("City of gold," Feb. 5). In reality, the majority of Tambo Grande residents are
supportive of environmentally responsible development. Charles Montgomery's rudimentary
understanding of the political process in Peru perpetuates a stereotype of outdated mining practices,
and his infatuation with a few random acts of vandalism overlooks the overwhelmingly positive
aspects of this project.

Mr. Montgomery consistently exaggerates the degree of opposition to this project. Claims that
vandalism against Manhattan property caused US$1 million of damage were grossly incorrect and,
in fact, refer to isolated acts more than a year ago in which two vehicles were damaged, resulting in
an insurance claim of less than $25,000. A few rocks thrown at the departing helicopter of the
minister of energy and mines were nowhere close to the stoning the author describes. Concurrent
with the political changes in Peru, community activism is increasing. This may initially be a challenge,
but in the long run the consensus being built will be for the benefit of all. Mr. Montgomery's naïve
assessment of this process is evidenced by how easily he was swayed by a small group of
protesters. He suggests this group speaks for the majority, when, in fact, more than 70% of Tambo
Grande residents have elected committees to facilitate negotiation of the resettlement. As well, the
majority of the democratically elected town council recently reaffirmed its approval of Manhattan's
permit to carry out work in the urban area. The prospect of mining development is understandably
unnerving to people in an historically agricultural area such as Tambo Grande, but there are many
examples throughout the world where mining and agriculture coexist successfully. From the
beginning, Manhattan has been committed to a process of open and transparent negotiations with all
of the stakeholders of the Tambo Grande project. Our shareholders have given us a mandate to
advance the project, but only if residents are treated fairly and with respect. We spent a great deal
of time with Mr. Montgomery, discussing the challenges faced by everyone in this complex and
continually evolving endeavor. At the very least, we would have expected accuracy and balance
rather than a snapshot portrayal backed up by a rehash of local gossip.

Graham Clow President and CEO Manhattan Minerals Corp. Vancouver
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