Sagittarius Mines, Incorporated (SMI) is the Philippine-based affiliate that operates the Tampakan Project whose 40% controlling equity is a joint venture between Xstrata Copper (62.5%) and Indophil Resources NL (37.5%). The 60% non-controlling equity shareholders of SMI are the Tampakan Mining Corporation and Southcot Mining Corporation (known as the Tampakan Group of Companies).

The Tampakan Project is located on the southern Philippine island of Mindanao, approximately 65 kilometers north of General Santos City. The project is situated on the boundaries of four provinces: South Cotabato, Sultan Kudarat, Davao del Sur, and Sarangani and represents one of the largest undeveloped copper-gold deposits in the South East Asia-Western Pacific region.

The new Measured, Indicated and Inferred Resource estimate totals 2.4 billion metric tons at a grade of 0.6% coper and 0.2 grams per ton gold and contains 13.5 million metric tons of copper and 15.8 million ounces of gold, using a 0.3% copper cut-off grade. The Mineral Resource also contains estimated average grades for molybdenum of 70 parts per million.

In December 2008, the Tampakan Project completed a 21-month extended pre-feasibility study. Upcoming project phases to be completed include a feasibility study, community consultation as part of the Environmental Impact Assessment (EIA) and provision of Free and Prior Informed Consent (FPIC) with our host indigenous communities.

In April 2010, SMI submitted the Mine Project Feasibility Study (MPFS) to the Philippine government.

As of July 2010, the Project has 341 employees and 1,050 contractors, including 373 local community residents to support the project’s exploratory drill rigs activities and other operational needs.