SEC to probe MMC

 The Department of Environment and Natural Resources (DENR) has asked
the Securities and Exchange Commission (SEC) to investigate Manila Mining
Corporation (MMC) for disclosing to the public that its exploration permit has
already been approved.
        DENR Sec. Angelo Reyes said: "MMC’s false announcement and the
subsequent speculative effects in the Philippine Stock Exchange (PSE) is
therefore misleading and irresponsible for a publicly-listed company and does
not blend well with the government’s efforts to revitalize the mining
industry."
        He stressed that the renewal of the MMC's exploration permit (No.
XIII-014) covering its Kalaya-an Gold Project is still pending with his office
awaiting clearance and final approval.
         Reyes said this is contrary to the recent published reports  that
MMC’s exploratin permit had already been approved and that DENR Undersecretary
for Mining Demetrio L. Ignacio had given the company clearance to inform the
stockholders about its supposed approval during its annual stockholders meeting
recently.
         Mines and Geosciences Bureau Director Jeremias L. Dolino for his part
said that as required under DENR Memorandum Order No. 2005-20 “all applications
for Exploration Permits filed prior to August 26, 2005 shall be cleared with
the DENR Secretary.” 
          MMC’s application was filed 16 July 2004 but encountered opposition
from the community of Barangay Anislagan, Placer, Surigao del Norte.(Edu Lopez)
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