Indophil Resources NL (IRN.AU) said Tuesday it is in advanced talks over the possible sale of its stake in the Tampakan copper-gold project in the Philippines.

Tampakan's majority owner Xstrata PLC (XTA.LN) has announced a new measured, indicated and inferred resource of 2.4 billion metric tons at the project and expects the first-stage capital expenditure for its development to be US$5.2 billion.

Indophil said it had sufficient cash to meet its budgeted share of Tampakan project costs through to completion of a final feasibility study but is also holding discussions about a possible sale of its 34.2% stake.

"Following site visits, these discussions have progressed well, and they are now at an advanced stage. Indophil will update the market on any material developments as they occur," the Melbourne-based junior said in a statement.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com
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