MOP Mincorp

RNS Number:1500W
Mincorp Plc
22 December 2005

                                  MINCORP PLC

                                 Project Update



            The directors of Mincorp Plc are pleased to announce further
progress on the Mt Cadig nickel deposit in the Philippines. The last work
carried out on the prospect was in 1970 when 103 pits were sunk on the weathered
laterite layer. In 1971, geologists and mining engineers from the Philippine
Bureau of Mines carried out a detailed survey of the completed pitting program.
They calculated the resource as approximately 83 million tons of nickel bearing
laterite. In the Philippine Government Mines and Geosciences Bureau publication
of January 2005, Mt Cadig is described as a positive reserve of 83,129,840
metric tons assaying 1.4% nickel.



            No detailed assay results are now available. In order to determine
the nickel grade and size of the resource, Mincorp Asia, Inc, through it's
wholly owned subsidiary Bonaventure Mining Corporation , will shortly commence a
pitting and boring program to confirm the tonnage and grade of the deposit. The
1970 work tested a portion only of the deposit. However, based on the mapping
carried out at that time by the Bureau of Mines, the total area is estimated by
Mincorp Asia's geological staff to contain at least 120 million tons of
laterite.



            Pitting and boring at Mt Cadig will commence as soon as the
Exploration Permit of  9,462 hectares is granted to Bonaventure Mining
Corporation. Most of the requirements necessary for the issue of the permit have
been completed. The last major step was a memorandum of agreement with a small
group of indigenous people living on the exploration permit area. This has now
been signed.



23 December 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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