Ann: MPSA Granted , page-2

GRANT OF MPSA APPLICATION

The Company advises that it has received confirmation from Sibuyan Nickel
Properties Development Corporation (SNPDC) and its Joint Venture partner in the
Philippines that the long]awaited Mineral Processing Sharing Agreement (MPSA)
Application over the Romblon Nickel project in the Philippines has been granted.

The grant has been made to the Applicant Altai Resources Inc. (Altai). The
agreement between Altai and SNBDC provides for the transfer of the MPSA from
Altai to SNBDC within three (3) months of grant and the payment to Altai of the
purchase consideration.
The Company, SNBDC and Altai are co]operating in expediting the transfer process
with a view to early settlement.
] Ends ]