Indophil Resources Ltd. (IRN.AU) Friday said the joint venture partners of the giant Tampakan copper-gold project in the Philippines have given the formal go-ahead for a final feasibility study.

The study targets an initial 20 year mine life at an average annual production of 340,000 metric tons of copper and 350,000 troy ounces of gold with a cash cost estimate of less than 46 U.S. cents a pound after gold credits.

Indophil holds a 34.23% interest in Tampakan via its stake in Sagittarius Mines Inc., with 62.5% held by diversified miner Xstrata PLC and 3.27% by Alsons Corporation.

Based on the current schedule, the feasibility study is expected to be submitted to the government by the second quarter of 2010, Sagittarius said in a statement.

Indophil has been trying to sell its stake in Tampakan, and chief executive Richard Laufmann said the company has signed confidentiality agreements and has opened a data room.

-By Elisabeth Behrmann, Dow Jones Newswires;

61-2-8272-4689 elisabeth.behrmann@dowjones.com
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