V
     THlS   MINERAL
    ''荮
     (,|,(:EM荲
      Tt',  Is 
       AD[
      腠
     荮
     1荱
     A,  PHlLlPPINES,
    腵
       腧
     腠
    莋|IWEE膌
     II
   PRODuCTloN sHARING
     AGREEHENT
   UI NR膡
    LcMc腜
    荨
    AR suurH
     LAS腵
   PAGE - 2 -
       Ei[:EI:EA::;:E::i :[v::L:腹
     [:ODIA:EL:IS:8駥
   :P511ilili'11[il腡
   :膊
       SOuTH  EAST
      諜
      THE  CoNTRACT
        腡
   ::II:|:::腵1[i C膊
         腡
         3UiI;:
    l:!:|:l!IIl\膊
      :luiilR
 腅腟
        7
                                                           H :l:iHENT
                                                          膊
                                                        芹
                                                 FRIA:苠
                                        l荲
                                          :[18腶
                                    :[鏁
                                    PA6E -3~
                                           WHEREAS, CONTRACTORS DESIRE TO CEDE TXTIR. HINING LEASES
                                     n"r,r r.riui,ii. rrr-i-rrru Uonriiinc r-ri,,in lu  rrrL UOvLllNflLNT ^Nu' lN
                                     iii*irci,-    io-u,.roenrtrE ixi  nEver-oPnENT AND uIlLlzATloN FL'R
                                     LoHrlttrc IAL PURPOSES  Or Cgxillt'r GOLD-cOPPCR-POtIPHYRY  DEPoSITS
                                     iiriiiri   ir  rxe coru'rRaci-Arrel As HERETNAFTER DEFINED ANo ANY
                                     orHEk tltNERALs l{HlcH ,oi gE-;rsiougnep tl  sucH.coNTR^cr AnEA
                                     UNDER THE REGIHE OT I  I'ITTTiNII PRODUCTION SHARING ACREEHENT
                                     lN  AccoRDANcE wrrx rxi'Ctl*sitrurtont' -i7,  ExEcuTlvE 0RDER N0'
                                     ,I/9,        ADHINISTRATIVi  ONiCN.TIO'           iTS.CI-IHIFIED BY DENR
                                           DENR iir,oit'-r'ro. -06,-sorr sentcs oF                              lN
                                     li;;t;^;"                                                 -I989' ^ND 
                                     aiconon"ce wirH THE TERt{s AND coNDtrl0Ns HERE0F;
                                           \.IHEREAS,  CONTRACTORS  HAVE                             TgEi  THE
                                                                            rruo s(lLLs NEc€ssARY T0 cAnRY
                                     caprr,tr-l iiixrurcrti cotrpeieruce          ^VAILABLE-^TO 
                                     our'rri  tlrruiHc 0penlrloNs HEREINAFTER DEScRIBED;
                                            liHEREAS.  THE GOVERNMENT DESIRES TO AV^IL.ITSELF OF THE
                                     r r*nni'iif-' iresrunces,^reCiutcitu corpgreNcE AND s(tLLs wHIcH
                                     btlr'i TNNCTONS      CAPABiE_OF                TO 'THE T,IINING OPERATIONS
                                                     ^RE                ^PPLYING HEREIN UNDER A  l'IINERAL
                                     ii     rru- ir<ouicr coNiE|'IPLATED 
                                      PRoDUCTION SHARI NG AGREEHENT:
                                            NO\{, THEREFORE, . FOR AND IN CONS IDER^TION OF THE
                                      pr,Ex t sis,   TdE |turuAL covENANTs, TERHs AND coNDIrIoNs
                                      *TNCII,TTTER SET FORTH, IT IS HEREBY STIPULATED  AND A6REED AS
                                      I OLLOWS:
                                                                      sEcTl0N I
                                                                         SCOPE
                                      I. i     THIS AGREEHENT IS  A  HINERAL- PRODUCTION  SHARING
                                      NCI.'ECXEruT ENTEffED I NTO PURSUANT TO EXECUT I VE  ORDER NO '
                                      I/9,    IHE PRIH^RY PURPOSE OF THIS AGREEHENT IS TO PROVIDE
                                      iox r*e ExpLoRATIoN, DEvELoPHENT AND coHt'lERclAL urILlzATl0l't
                                      or  uENTAIU HINERAL DTPOSITS EXlSTING I.,ITHIN THE CONTRACT
                                      AkEA. wITH ALL NECESSARY SERVtCES, TE.CHNOLOGY,AND  FINANCING
                                       IO  tsE FURNISHED OR ARRANGED FOR BY THE CON]RACTORS IN
                                       ,ricorunruce wrrH THE PRovlsloNs oF THls AGHEEHENT, THE
                                      loNinActoas sHALL Nor, BY v IRTUE oF rHls AGREEHENT' ^c0ulRE
                                       NT.,' TIiUT ]O LANDS ENCOHPASSED WIIHIN TI']E CONTR^CT AREA'
                                       1,2      CONTRACTORS  SHALL UNDER.!.^KE AND EXECUTE, FOR AND IN
                                       I,tno,-T -OT T;E 6OVERNHENT, t,1IN iIiG OPERAIIONS IN 
                                                                                                       ^CCORDANCE
                                       \{t TH THE pRovtstoNs oF THls AGRIEHENT, AND ls  llEllEBY
                                                           腒
                                                                                                               腙
                                                            裪                                                腒
                             V                     MENI :
                                :[18:FRIA:`]fH :1:腵
                           ll!:腶
                           iiiiliiirifuly lii?+urF3 53X,Iif Iyx?33e3,3[^riji,o.fi,,irr
                           ]tj    UuRIN6 THE TERr
                           ,noouc,ro,-'i,o'riil'oP'r]XI;^lS^S:XilrDTHE rorAL vALUE oF
                           I i+irrliii;f ;i3ii:ii!i,iruii*r;ii,ll^s[[!xnrli:sil:iil
                          ,1i11,,n,,]'5,nll|-,1[^]J?X?  ^l; .lXE^^!?*TRACToRs UNDER THrs
                                                  ,:::ill,ii
                          t:ll;li"diii;l.ilJiii,iiiiiiit,;^,,F,,ffi:,rix:.,st?: +xl
                          i;irrr|ffiT*"    HEANs rHrs HTNERAL pRoDucrroN 
                                                                              sHARTNG
                          i;3,,|;tFffi#fl#ffi{ts;.,51E.,?x:^xrNER^Ls  r,,HrcH occun
                         i;'^ ::riii:Tf;;"irliilrriiiiiiririr:iiiriiiiiliil.ril:;i:f r
                         I il, * :,ffim;il:;:m *,'mif [ili!]i+;, *y;l
                           STHE'''P龺1' HEANS THE CENTRAL BANK OF THE  R腫
                         :譧POBLIc
     腅腟
                                                                         芾
                                                                                 莓
            腛       HENT
               ittA:::fH :1:醁
           !llly:[18:荨
                           膋
                           NSIDERED  IN   THE
           ::lEI腡
             iNA\膊
               :l o:R8:1':RCi腡
                     :L陭
                      RO臧
                       :ITI:i.  
                      靸                 Ii[!i:||
                 A:FAIH:E,腡
                           :Is 
                                TI:I
                     :LII腵
                       11::Aw腡
                         I:腡
           liis ::跥
                            荍iE ::l:::膊
               ::r芲
           (li:[|!|1誱
              :|腅::
                :7:1趜
                  ,i10腡
                    lil}:F菌
                      !IY ::E:i:Ic[![:cili:ViilEI譧
  腟
  腟
   腟
        HENT
     Y[[18腶
    :[:腡
      FRIA:`],H :i:腵
    PACt - 6 -
         IEDilI:IITI:芴
          6RR[芴膪
           16N,  I[:荍
             :]
         SA30TACE`  EHIIAR60,  sTRI菈
             E,
         PUTCS,  CPIDE腧
           IC.  [ARTHO菒
            A菈
             [腅
          ::ENIIc:腵
           醁
           il芵
            [HA)0  11[
    ::|:郣
     1
       iii腡
        lill:11:IP:腡
       腅
    1賃
    :81Hl:,RI]鑶
 腒
 腁
 腁
                                 V
                            PRODuCT10N sHAFtING A6REEMENT
                                 腜
                            菒LNI芭llC腜
                                  L芶F Al芭
                                            SOulH LAS腵
                            PACC - 7 -
                            ==鏱
                                =====鏱
                                      ===================
                            TE LECOPY ( AUTHENTI CATED BY    ANSWER  BACK  OR  CONFlRHAT10N
                            I(ECE I VED)            OR SENT AS Pf`OVIDED IN SECT,ON Xlll  oF
                             lHls        ^DDRESSED 
                                  /tGkl_E,{[NT.
                            ,I ..1/ " OAE" HIANs HINERAL on RocK ExTRAcTED FoR PRoFIT.
                            '!:lE  " OsE---lu.NEn L" rlEANs A HINERAL T,AT cAN uE E*TRA.TED
                            FKOH OKL AND CONI I{IBUTES TO THE VALUE OF THE ORE,
                            7.29 ..P-          HEANs 
                                    !]IU.LLoN,.       DIREcT on INDtREcT ALTERATIoN oF THE
                            T,HYSICAL, THLT(HAL, CHEHICAL, ETOLOGICAL, OR RADIOACTTVE
                            PROPERTIES  OF ANY PART OI.J THE Et.JVIRONI.tENT  BY DISCHAHGING,
                            €HITIINO, OR DEPOSITIN6 WASTE SO AS TO TIATERTALLY AFFECT ANY
                            IJINTFICIAL USE ADVEIISELY, OR TO CAUSE A CONTITTION iIHICII IS
                            riAZArtUuus To  putJLlC HtiALtH, SAFEIy OH W[LFAtiE, OR TO
                            ANIIlALS, BIRDS, T{ILDLIFE, FISH, AOUATIC LIFE, AI.ID TO
                            PL NTS,
                            !,50  " Sf'c.RELA&y" xEANs rHE SECRETARY oF THE DEPARTHENT  oF
                            tNvrRoNHr.Nr      N^ruR^L ttpiouiiei itlcNi),  -
                            ?.ll         ^ND 
                                  " \.lgxLliAGB,A.t" HEANS A DocuHENT rlsrcH pREsENTs rHE
                            I'L^N  OF IIAJUR },IINING ACIIVITIES AND THE CONRESPOUOTIC
                            ErpENDlruREs        BUDGET oF THE CONTRACToRS rrl rrs  CorrxaCi
                            AriIA !ur{rNG  ^ND     pEnIoD 
                                           A GIvEN         oF TIHE, rnciriuruc rHE pLAN eru
                            I:XPENDITURES  FOR ENVIRON}IENIAL  PROTECTION /TIP REHABILITA-
                            rr0N, tJEvELopHENT.oF HOSI AND NEIGittioRIN6 Coilurut rtes  llu  or
                            LOC^L GEOSCIENCE AND HINERAL TECIiNOLOGY, ITS -SUUXTTTEO 
                                      PUHSUAN  T Io  THIS /{GR€ET,IENI                     IrTO
                            ^I,PHUvEIJ                SECTloN lll
                                                   TERM OF A6REE腡
                                                                  ENT
                            lilE (2:IEc:腡
                                          II111 T[llsO[RI腡
                                                                                      :lillli
                           腷
                             荲HHIN荮
                                    :loN AS PItov:DED HEREIN
                                                            liHI:|:ililIVi:|荌
                                                                              i161i:腡
                                                            NB,U膊
                                            [lil,I:::Su::腡
                                                                 腡
                                                                  ET:腡
                                                                        II[:DOloNI:rll腡
                                                                       腡
                                                                                         1  1:
                            II芫
                               |li:iV:il:i荌
                                                       SECT10N Iv
     腍
      腒
        腟                                            CONTRACT AREA
                                                                                    Vil腊
                           腡
                             61Dl(E:lZ腵
                                       wEl腡
                                           : S腡
                                               1:[ ?i20'EIEISI:liINI::EE[[腡
                                                                              IMs,膋
                                                                                        11 01i
                                                                                  荏
                                                                                            菁
                                        膌
                                      腒
                                       膜
                                       腧                           HENT
                                                                 腵
                                                    #荮
                                                       臧
                                                          ,H :1臧
                                           :[18:F芦
                                     !l臧
                                         :苇
                                                        `腶
                                                                   SECTloN V
                                                     HINIAlD 58:I'It:誱
                                                                          靜
                                                                           6N :苇
                                                                                 貾
                                                                                   :8:IENT
                                  5. ?.                                                                        臣
                                        ^- " 71;6 7o ra r,,
                                 m*gns*ffiffi#*ffi
                                 5, J    ,,REeop71l,j.,, _
      腒
       腟
         腟
                                                                                         荃
                                                                                                     莓
                                                            V
                                                  p
                                                                                           GREEMENT
                                                      腂腂腍
                                                          菒cTloN SHARINC腅
                                                                      FAR SOUIH LAST
                                                  DENR腜
                                                            LCMC腜
                                                  PA6E - 9 -
                                                             WELL   AS   I ll
                                                                                             HONOGRAPHS  OR   REPORTS
                                                             ACCORDANCE WITH
                                                                                              INTERNAT:ONAL STANDARDS,
                                                                                                      SECT10N VI
                                                                                             PRODUCT10N PERIOD
                                                   II . i      ..TIHET^BLE'. -  CONTRACTORS sH^LL sUBHt.I wITHIN sIxTY
                                                   (bU) DAYS FfIoH IHE CoI,IPLETIoN  oF TiE coNsTRUcTIoN FAcILITIEs
                                                   ^ \./oR( PROGR^H FoR ^ PERIOD OF THRE€ (J) YEARS. CONTRACTORS
                                                   SH LL  COIIhENCE COHHERCIAL PRODUCTION ACCORDTNG TO  THE
                                                   PERIOD(S) S''I':C IFIED IN THE APPROVED l./ORK PROGRAH, FAILURE
                                                   oF CONTRACTORS To coI'{HENCE CoHHERcIAL PRoDUcTION !/ITHiN
                                                   THE PIKIOD SHALL BE CONSIDERED A SUBSTANTIAL BREACH OF THIS
                                                   AGRETHE  NT ,
                                                   6,2           ""IORK PROGRAXS" -  DURING THE PRODUCTION PERIOD,
                                                   CONTRACTORS SH^LL SUBXlT To THE GOVERNT1ENT  lJoRK PRoGR^|1s
                                                   COVER ING                 PERIOD OF THREE (])  YEARS EACH !'HICH SHALL BE
                                                                       ^                                                     (]O) 
                                                   SUDXITTED NOT LATER THAN THIRTY                                                       DAYS XEFORE THE
                                                   EIPIR^TION OF THE PERIOD COVERED EY THE PREVIOUS I.IORK
                                                   PkoGRAHs,
                                                   CONTRACTORS SH^LL CONDUCT I'lINING OPERATIONS AND OTH€R
                                                   RILAIED ^CTIVITIES FOR THE DURATION OF THE PRODUCTION PERIOD
                                                   ItI  ^CCORDANCE  WtTH THE DULY APPITOVED \./ORK PROGRAT{S  AND ANY
                                                   H(JDtF IC TION THEREOF APPROVED BY THE SECRETARY PURSUANT TO
                                                   SECTION VIII  HEREOF.
                                                   b, J  "REPORT I NG"
                                                              (^) ..OUARTERLY REPORTS,, -  BEGINNING  l,ITH THE
                                                             FIRST C^LENDAR OUARTER FOLLOI.'ING THE
                                                             COFlHENCEHENT OF  THE PRODUCTION PERtOD,
                                                             CONIRACTORS SHALL SUBHIT WITHIN THIRTY
                                                              ( JU )      D^YS AFTER THE END OF EACH CIUEruOAR
                                                             OUARTIR. A  OUARTERLY R€PoRY STATING THE
                                                              ]ONNAG€ OF PRODUCTION IN  TERI'1S OF ORES,
                                                             CONCENTR^TES, AND THEIR CORRESPONDING GRADES
                                                             AND OTHER TYPES OF  PRODUCTS, VALUES,
                                                             DESTINATION  OF SALES OR EXPORTS AND TO WHOH
                                                              SOLU, TEI,ItlS OF SALES AND EXPENDITURES.
         腟                                                    (B) '.ANNUAL REPoRTS.'  -  DURING THE PRoDUcTIoN
           腟
             腟                                               PrRIoD, CoNTRACT0RS sriALL surtHtT t/rTHtN
                                                              SITTY (60) DAYS F'IOH THE END OF EACH CNICIONI
                                                                                                                                                  /莌
                                                                                              :荃
                              V
                 荭
               /腌
                                            荮HENT
                                             86ofH :1臧
                                                      醁
                                    :芫
                               Il!:苇iR腡
                                      li腶
                                    芳il:IcI:腡
                                             T D:荍
                                                  腡
                                                   莲[:   REPORT   INDICATINC   IN
                                                                                      腝
                                                          lllIIIlliilll::tiill!      
                                  CuLA芽
                                       liVIITHO腡
                                                :菌:::IPT:FN'膊
                                                                                     |
                                                             ):11:I膊
                                                                    ;,' PARII腜
     腒
      腁
       腁
                                                                               荏
                 腒
                                             V A:3],H :1:腵
                                                                            HENT
                                                          腡
                                                :芫
                                        ilil苇
                                                   li][芦
                                                                            SECTION VI I
                                                                          FISCAL RE6IIlE
                                       l;,1.r"rr9t'!lll.PR,IJcIllg:"  --IHE FINANcTAL  REGTxE oF THrs
                                       ;;fiIi:; lri,i"l:ndili-iii;ii:^1,],ll;l:,ll!illi:ll;?x
                                       i5,i,i:lihiiiiis.,,iiiii,,i'  .llijiml, liriiiii;ii:.ff iii
                                       :,1et.. nrsxs 'oi ;;;ilAh,,lif.,ii: ]!,,i1 lll.i .5ii,,,jis
                                       iii rijiiii;!.;E-[it[,,, x, ;ll_,ililtili".all^,1u,,;iiEEyif
                                      ;rf  ;gr*i.iniil: rff  j; ;f                                        ll'ill'l;rlxri
                                           ;                             I        ;ilili3iillirfi 
                                      Iliru:+i[l:'i'lllX.s'ili...-^un"BXu',io,,lll  3E,rEffillIi.,^l
                                      [i;iyt;,'^;,it+ll,ii^ iiiriit, iill,!.I?tj"6,,lil;ti,'iliiiil
                                     i,i;;:lil"iiiim:i,rii; I ilrir, iiiiill'rHii Iiiiislli':li,';i
                                     NETsHINING REvENUEs sHALL HEAN GRoss I.IINING 
                                                                                                        REvENUEs
                                             (A) H1x1ry6, H I L L I N G , 
                                             HANDL I NG ANIJ HAR(EI ., R E F .l N I. N 6 ,   TRANspoRTJNG,.
                                             DLDucTruLr rno, ouojforil:l.ltrt  r{HlcH 
                                             (I,)                                                     ^r(E'Nor
                                                    UEPLETIoN AND
                                            rar punpoiei-;,,,;''i,BE[^iiIlJi?ir.ll;!lr,  ..*
                                            i,,"ilj i,iil;filsillii,r:ii;il,r jiriii;rii
      腍
        腒
          腁                                                                                             荐
                                                                                                                     芢
                                     V
                   /
                  荭
                              PR01,uCT:ON SHARING A6REE14ENT
                                           FAR SOUTH EAST
                              ll荱NR腜HC腜
                                     L芶
                              PAC腫
                                    ~ 17~
                                     CONTRACTORS  NET OF DEPRECIAT:ON AS          COHPUTED
                                     FoR IAX PUI芭
                                                   POSES AND SHALL EXCLUDEAPPRAISAL
                                     INCREASE.
                               ANy ExcrsE TAx CURRENTLY txposED AND pAtD By CoNTRACToRS
                               SH^LL LE  CHAR6ED AGAINST THE PRODUCTION SHARE PAYABLE TO
                               6OVERNI'IENT, PROVIDED THAT IF THE EXCTSE TAX IN ANY CONTRACT
                               YL^R SHOULD E)(CEED THE PHODUCTION SHARE AS DETERBINED IN
                               ^CCORD^NCE WITH THIS SECTION, CONTRACTORS SHALL NOT HAVE THE
                               t(I6HI  1O RICOVER THE EXCESS FKOH THE GOVERNI1ENT. PROVTDED
                               FUR't HER, IF THE VALUE OF TI]E SHARE IS LESS IHAN THE VALUE OF
                               TH€ TXCISE T^X, THE CONTRACTORS SH^LL PAY THE EXCISE T^T
                               INJTEAD.
                               I,\    "PRTCTNG OF SALES" -  TH€ CONTRACTORS CH^tL ENDEAVOII TO
                               UTIAIN THE BfST ACHIEVABLE PIIICE FOR ITS PRODUCTION AND PAY
                               ]HC LOI{EST ACHIEVABLE HAN(ETING COIIHISSIONS AND ftELATED
                               FEES.  CONTRACIORS sHALL sEEK To sTRI(E A  bALANcE gETl.lE€N
                               L ONU-TT,IIH ANIJ 9HORT'TER}I  SALES COHPARAIILL TO  POL IC IES
                               FOLLOI.,,ED !Y  INDEPE DENT PhUDUCETI'i IN  'IHE  INTERNATIONAL
                               rllNlNd llr!,USTnY,
                               rHE CONTRACTORS  sHALL L.I(ElrtsE sEE( A BALANcED DIsTRIBUTIoN
                               AhoNd CONsunERs. INSOI.AR As SALES I O  CoNTRACT0RS,
                               AIJFJLIAT€S ARE CONCERNED, PRICES SHALL BE AT  AfTHS-LEN6TH
                               SIAND^I{D AND COHPETIN6 OFFEHS FOR LANGE SCALE ^ND LONG-TLITH
                               CONIH CIS ShALL IJE PROCURED,
                               7,5    "SALE oF  GoLD AND SILVER" -  ALL GoLD AND stLVER
                               PI(U!,,UcTIoN  oF CONIRACTORS sxnr-I lJE SoLIJ Io  IHE CEN.II(AL IJ^NK
                               C}I  'IHE PHILIPPINES IN ACCOROANCE WITH IH(  EXISTING LAi{S,
                               RULES ^ND REGULATIONS,
                               /,b    ..ASsocIATED I'lINIRALs,, -  IF HINERALS, oTHIR TIIAN GotD.
                               i,UfiIIYRY COPI'ER ARE IJISCOVERED  IN COHXERCIAL OUANI IT IES  IN
                               IHE LOUTTACT AREA, THE VALUI THEREOF SH^LL bE ADOED TO THE
                               VALUE Ol: 'IHE PRINCIPAL HTNERAL IN COITPUTING IHE SHAIIE OF THE
                               GOVERN|lENT.                 SECT10N VIII
                                                           WORK PROGRAMS
                               h.1    ''SuBHlssloN  T0  60VERN腡
                                                                            腜
                                                                                WlTHIN  THE  PERIODS
                                                                     ENT''  
                                                    E:I::腡
                                                                                OF  THIs  AcREEMENT,
                              88:,ill荌
                                        8Rs i腡AL芫
                                                           ,E bilDAN菌
                                                                        uB,i;
                                                                               TO THE 60VERNMENT THE
        膍A:苠
              MENT
            ]fH :1:腵
         :[|;][R腡
        !lll荳
                  Si:L[膋
                    RKN:1膋
                     CRl:
               [腅IT:F Tl[1:膊
       ||IEASIli::IVillli:Iii Ai::::趇
                  8膋
             SECTloN ix
  腒
  腁
  腁
                                                良 艱 艮 艮菒 艢 艳腤 艮 艭  色 艧 艠 艱艨 艭 艦  艠 艕 艱艤 艤 艧 艤鍣 艳
                                                艣 艫 艭艱   艫 膍艧 艢 腀 艥艠 艕 腀 芃芎 膁 芆 艧腀 芒      腀 腀荨 腀
                                                       裪   芵    裪    膜   芏腪 菒        艠 腒艳    腀
                                                良      腀 芉 腀    腀    腀 腀 腀  腀    腀 艫 荮艏 腀 腀 腀腛腝腀
                                                  艠 艢艤 腀    芌 艨 腀 裪腀      腀   腀 腀  腀 腀腀      腜腜
                                                         腀 腀    腀    腀 腀 腀  腀    腀 腀 腀  腀 腀 腀腜腝腀
                                                花 膬 膬膬 膬 膬 裪膬 膬 膬 膬膬 裪 膬 膬膬 膬 膬 膬裪 裪 裪膬 裪 裪 膬膜 膬
                                                           裪         腎           腬 裪 裪  裪 腎  荒
                                                                                             艧
                                                                                             腵
                                                                                             芢
                                                                                             荧
                                                                                             莍
                                                                                             艩艨
                                                        (A)        PERFORX ALL I,lINING OPERATIONS IN
                                                        ^CCORDANCE  \,,ITH THE GENERALLY ACCEPTTP iTPTITC
                                                        ^ND  ENGINEER]NG  PRACIICES PROVIDIN6 EI-I-
                                                        NEC€SSARY SERVtCE, TECHTJOLOGY AND rrrIIrrCiXO
                                                        IN CONNC CT I ON THEREI{I  TH.
                                                        (8)  PERFORH ITS ACTIVITIES WTTHIN THE PERIODS
                                                        ExpREssED IN THts A6REEr,tEr,lr, pr_lr,rs lto-  Wonx
                                                        Pk06RAhs, sAvE As ltAy tsE ExcusED By fonce
                                                        HAJEURE,
                                                          (C} FURNISH ALL HATERIALS,  LABOR, EOUIPXENT,
                                                        AND orHER .rNsrALLirtoNs  rHAT r,{Ay IJE ntouinro
                                                       l0R cARRylN6 oN ALL HTNTNG Openrirori. -"'io
                                                       TH€ xA)(IHUh ExTENT coHPATIIJLE wITI] iriicler.,r
                                                       opER^Tl0Ns, CONTRACT0RS sH^LL GrvE pneiinirc'e
                                                   ,  ro pHoDUcrs                  sERvrcEs pRoDUcED ANo-oirEriip
                                                                    pHrLrpprNEs 
                                                        rN THE              ^ND         oF coxpn.n,rrrvi ouariii-iro
                                                       pr.i r c€ ,    lN p^RTrcuL^R, cONTRACToRS-iiieiu'ciuE
                                                       pRTFcRENcE  ro  rtLrprNo coNsr,(uc;roN  -e ,liin_
                                                       PR ISES                USE  BUILDIN6S WHICH C;N -;E
                                                       c0NsrRUcrED ^ND tsy UsING lrlrERIALs a*o -tiruls
                                                       ^v^TLABLE rN rHE pHrLlpptrgs, exprov-nriipi,ro
                                                       sulc0NTRAcroRs  FoR RoAD cors rnuir r ol-'  n"p
                                                       ]R^NSPORTAT I ON,  AND PURCH^SE PXiITPPiI]i
                                                       HOUSEHOLD EOUIPHENT, FUNNTTURE IIO rOON.' ' ' "
                                                       (D) CONTRACTORS sHALL, To IHE ExTENT FEAsIBLE
                                                       ^Nrr AccEpTABLE IN vrEr{ oF THE neril-'erir
                                                       c0NDrTr0Ns                                nexlxtre-rnt" uie "iil
                                                       I r L r p r No       ^vAILABLE, 
                                                                       vEssELs AND orHER xinui 6i-rnar'ipoii
                                                                                    pHrLrpprNEs.  ro rrc'iLiiiiE
                                                       ^v^rL^ALE_rN.rHE                                       -rnnrllieiitii
                                                      rH I s, _CONTRACTORS  xnv sEr JoINT 
                                                      wrrs Frr rprNo coNcERNs poR rie rnarii;iiHiiiio^,
                                                      OF CONCENTRATES,
                                                       (E) CONTRACTOS  SHALL (EEP ACCURATE TECHNICAL
                                                      Rrc0rrDs ^rrour THE opeRitrtons ns *ir_i'-n!
                                                      llil':ili,_^ilp,3^86ilAilfi ,nl..ll;:,"lll^,ll!:
                                                      ^urd0Rt/LD uy rHE SEcRErnHv roa ,rR;diei.,;;
                                                                           pERFonH^NcE  nND coxpiir,'rii- ;;
                                                      ^sstssrN6                                                  -'oi-- 
      t\                                              C0i.iTRACI0RS \{trH  THE renis                                         rxi!
                                                      AcRtEHtNr,
                                                                                                                                          \.-
 /
   A:膫
   腡
   ,H腍
   腶
    :ltiHENT
   [芦
  |lil::芫
   |!腺
    i i:il:lil::膋
     lil!腵
   ||:l!||li:ilillii:lii:!Vil钼
    ::||!|:|:N菉
    P N:[:ii:|::lli
    苔
   lill[lIII::I:iH:l荨
     ECT:腡
     :
   lll:::l:::W:ITli:il:v:lli:腹
    lil:L:,AII:腡
     ,I:I:
   11ls iili鉐
   li::|:INl::li11011iD:|::I:`C:腡
  DEVE芵
  OPH[NT oF HosT AND NElGHDORI腍
    c cOMHuNITIES:
                                                     裪                                                        腛
                                                    l'R芵
                                                          bt,CT!oN bH荮
                                                                             RING AGREEMENT
                                                                    腜
                                                        NR腜
                                                    芶荱
                                                             LCM芶AR soulH LASr
                                                                     腵
                                                                      腜
                                                    PACL - lb 
                                                             SUCH ^S IJUT NOT LIHITED TO, REFOIIESTATION ANI)
                                                             PI(oDUCTION OF GOODs AND sERvIcEs NEEDED BY
                                                             THE HINE,
                                                             ( I I I )    I'IE cONTRAcTORS  sH LL GIvE PREFERENcE
                                                             T0 FtLrprNo crrrzENs, p^RrrcuL^Ray nisioE^rrs
                                                             OF ITS HOST                   NEIGHBORIN6 COHHUNITIES IN
                                                             HIRING                 ^ND 
                                                                           PERSONNEL FUR IT5 I,IINING OPERATIONS.
                                                             lr       NEcEsslRy sKtLLs  AND  ExpERTisE AHE
                                                             cURRENTLY  NoT Av^IL^BLE, THE cONTRAcTORS xusT
                                                             pREpARE AND UNDERTIKE n  rHnrrlrruC- 
                                                             REC RU I THENT PROGRAH I{ITHIN THE F IRST                                 ^ND
                                                             UOHHEIICIAL PRODUCTION AT ITS                                    YEAR OF
                                                                                                                EXPENSC.
                                                    lJEVELOPXETIT  oF OEoscrENcE AND IlINERAL Tecxlorocv:
                                                   INV IRONXENT^L PROTECTION  AND INDUSTRIAL SAFETY I
                                                             鍉       艳 艧 艤  艢 艮 艭
                                                               駯    驱   腀  艠艭 艣 腀
                                                               芍    腧   软  艤  艳 腀
                                                                            艭
                                                                                腀
                                                            良 芏 芓 芓  芎 腶 艤    腀
                                                                           膌    腀
                                                               腎   芓 艥 艮 艱 艬  艳 艨艨
                                                                   襾  艠 艫色     艨
                                                               腎    腎  芌 腝芖 艤   艥
                                                               腎    腀   艧  鞖    艦
                                                               芍    芯    色 腵   艤
                                                            艳 艮    艳 艧 艤  艥 艮  腨
         腟 艠芕艳艧艮艱艧艫
             腁 腨芍艸腂腝 1:DF:腡
                                                                                             菌i:I:iTIEO:|:::ES 6::6till
                                                              鯗
                                                                   腅
                                                                                          腂
                                                                                                  荏
                                                                                                                                               莌
                                                                                                                                                                                                                                                                                                                                                                                            V
                                                                                                                                                                                       腛
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  顉
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  膁
                                                                                                                                                                                                                   荮
                                                                                                                                                                                                                                                                                       HENT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  膁
                                                                                                                                                                                                                         :3芶fH :15醁
                                                                                                                                                                 :[|;][:腡
                                                                                                                                 il!!苇
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  钚
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  钎
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  鎬
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  鉅
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  韙
                                                                                                                                                                                                                                                                                                        BE                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                 REFLECTED  FLEARLY   IN   THE
                                                                                                                                lx5i5,^,liJ,,IJIi'i-.allll                                                                                                                                                                                                                                                                                                                                                                                                                        趌
                                                                                                                                9,.1 .'RIGHTS oF THE coNTRAcToRs,,                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                   -  THE coNTRAcToRS SH^LLI                                                                                                                                                                                                     韙
                                                                                                                                                               !^)                                 H^vE THE R                                                                                                                                                                                                                                                                                                                                                                    醟
                                                                                                                                                             gf                                                                                                                                                                                                                                                                                                                                                                                                                  陑
                                                                                                                                                                          il ^+ifl i,lxirlsicSljnlii,n*Ei,?x.t.,oxitii3                                                                                                                                                                                                                                                                                                                                                          鏥
                                                                                                                                                              (B) HAvE                                                                                                                                                                                                                                                                                                                                                                                                           韮
                                                                                                                                                            CoNTRACT                                                            rHE RrqHJ..9f _poss.EssroN oF rHE                                                                                                                                                                                                                                                                                                                裱
                                                                                                                                                                                                                    AREA, yI TI                                                                                                                                                                                                                                                                                                                                                 陼
                                                                                                                                                            s5':::, +;;i,;x.lt';i.iil,3i1,3i,,+[8..3^t]i                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                鷴
                                                                                                                                                            (C) H^VE rHE RTGHT TO.USE AND HAV€ ACCESS                                                                                                                                                                                                                                                                                                                                                                           鷴
                                                                                                                                                                                                                                                                                                                                                         "'ieoiiiiicor,                                                                                                                                                                                                         腧
                                                                                                                                                                                          DEcr^ssrFrED cror-o-crcat,                                                                                                                                                                                                                  TO
                                                                                                                                                           ^LL                                                                                                                                                                                                                                                                                                                                                                                                                  韙
                                                                                                                                                          DRILLING, PRODUCTI                                                                                                                                                                                                   ,l:llii',BX
                                                                                                                                                          !i!9 B'                                                                                                                                                           ol"il,,                                                                                                                                                                                                                                             鶘
                                                                                                                                                          EN rE Rpn I sE rxErEoi                                                                                                                                                                                                                                                                                                                                                                                                腬
                                                                                                                                                                                                                        ',,--ooviHilNlil?                                                                                                                              rHE FuruRE,                                                                                                                                                                                           腃  艨
                                                                                                                                                          neurrruc-io iiir"ioirr*X3l ell^lt                                                                                                                                                                                                                                                                                                                                                                                     艫
                                                                                                                                                          (D) H^vE THE                                                                                                                                                                                                                                                                                                                                                                                                        腶陭
                                                                                                                                                                                                                                          RI,GHT                                                                                                                                                                                                                                                                                                                              腵
                                                                                                                                                         coNvEy oR -o;ri,irrlS tsii;.lir,Ei, 
                                                                                                                                                         pr6HTs, rr,,rEREsrs n*rl-oar-iceiioni'                                                                                                                                                                                         Ill-.'ii;                                                                                                                                                                             裪腎艫
                                                                                                                                                        AGkEEHENT suBJEcr ro_rrE-                                                                                                                                                                                           rrilii  rxrs,ire
                                                                                                                                                                                                                                                                                                                                      epindrii".S^  I
                                                                                                                                                        SECRETARy, wH.tCH rrroo"r-", ^'i.,i:,'"'  ..Y: 
                                                                                                                                                        uNREAsoN^DLy  rrrrraall"o'ot  t{ILL Nor BE
                                                                                                                                                        (E)                                  SUBJECT To                                                                                                                                                                   LAws 
                                                                                                                                                                                                                                                                                                                                     -iirrc-^iiro AND
                                                                                                                                                       R€GuLATroNs, ro  .^APPLIcABLE 
                                                                                                                                                      PHILTPPINES                                                                                                      rxpr-ov on                                                                                                                                           ir.
                                                                                                                                                      penso*ri,- -ir FORE T GN
                                                                                                                                                      THEIR                                                                      u;i';i;;n'iil'i :li,il?rrlE;;lhl,Ei
                                                                                                                                                                                                  FAHILIEs) As
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
                                                                                                                                                      :Flll,!li.al,lll Siliiigifi^3i'HI3i?,.il,tii                                                                                                                                                                                                                                                                                                                                                                     |
                                                                                                                                                      tltsers *ii*'i*e''iiilii8iofi!'i:X,,!:^.+il
                                                                                                                                                     ^ppLrc^BLE LAr{s                                                                                                                                                              iecuriiioNi, ,o*
                                                                                                                                                      IxHTGR TIoTJ sHALL                                                                                                         ^llD_ 
                                                                                                                                                     (F)                                                                                                            AppLy ro r,iei.-..,..'.
                                                                                                                                                                                   ENJoY, sUBJEcT                                                                                                                                                                                                          iiiil
                                                                                                                                                   iliii i: ffi xiili'lil,,li'*i: iii:,i",* 
                腟
                                                                                                                                                   (6)H荮
                                                                                                                                                                                        vE T,IE R
                                                                                                                                                  AND  RE141TTANC
                         腟
                                                                                                                                                 i腡
                                                                                                                                                             IE8[::R': 
                                                                                                                                                                                                                           苠lil'[li[l::|li:|::||llill!|||li
                                                                                                                                                                                                                                 '                                                                                                                                                                                                                             荧
                                                                                                                                                                                                            腒
                 V                V
                    A臧
                          HENT
                18腺
                  F芦
                   腡
                     :芶,H :1:醁
            ::lly:芫
            PA6E - 18 -
               1r] _!lyq rHE RrGHT To rHpoRT rHE|.1 NEcEssARy
               ALL E0UIpHENT, spARE pARTs, Ar.lD RArl ;;;;Ri;i-i
               !!9yIlED lN rHE opERArroNs rr r,cconoaijci'viii
               EXtSTtN6 LA!/S AND REGULATIONS.
                                   腎
                       OF THE 60VERNHENTI:   
                                      THE  60V[RNHENT
            :部lLL::'OBLIGAT1011S
                              :II:' I腡
                       |:A:::|:腡
                            :l膪
                                  ::IiER膊
                                      II:
               i:|[:腡
                  illl]i::腡
                          :iil:l:: :lEliliI::N:71i
               lili:|llil!lililil10腡
                          SECT10N X
                       ASSETS AND EOuIPHENT
                                  iT:INI:GBE Pi::II:::
            II[:Al腡
                ;lll::::::i:i腡
                       |:荌
                         lil::::li靲
                              i:|腹
                                 :腡
                                                  芒
                                                  芌芌
                                                  腅
                                                  腝
                                                  腝
                                                  腜
                                                  腜
                                                  苉
                                                  艫
                                                  芒
                                                  腶
                                                  腝
   腟
    腁
                                       荏
                                         |膍
                        荋
                                      VA:`芶
                                                         HCNT
                                                膊H :1:醁
                          ll!:Y:[|:][R腡
                                                          SECTION XI
                                 EHPLOYHENT AND TRAINING OF PH]LIPPINE PERSONNEL
                          II:}.-   I',   CONTRACToRS--AGREE  To EHPLoY, To THE EXTENT
                          P0sslDLE, ou^LrFrED FrLrptNo pensoHiii' IN' rrS  tlINING
                         0pER^rtoNs;  ND AFrER cox ERcIAL pnonuCiioH ioxxerJces 
                          IN coNsuLTArIoN IND l{IrH THE coHsir,ri -oi -ixE                     sxnLu,
                         UNDERTA(E AN ELABoRATE ANg                                       SEcRETARy,
                         FoR_ExpLoyHFNT oF surrABLE             Exrersive inlrNruo pRocRAxrlE
                         oF. EHpL0yr.rENr, IHE              rruiprruo-Hlilolaii''nr  lLr  LEvELs
                         REAcH wrrHrN THE          oBJEcrtvE oe-srrp pnoiiiiixi sHALL BE To
                         TARGETS OF              rIlrE_TABLE ser ronrx siio;  ixE  FoLLo,rINc
                                        "FTLIPINIZAT]ON'':
                                    UI腅
                                      sK:LLED/ SKILLED/CLERICAL/PROFESSlo腍
                                                                                     AL/ 
                                                                                          腡
                                                                                           ANAGEHENT
                         YR, 1
                                      100膡
                                                      507    1ool
                                                                             50膡
                                                                                              601
                         YR, 7
                                      100膡
                                                     60膡
                                                             lool
                                                                             60膡
                                                                                              601
                         YR, 5
                                      100膡
                                                      701    loo膡
                                                                             70膡
                                                                                              601
                         YR. 5
                                      1001
                                                     751    loo膡
                                                                             75膡
                                                                                             657
                         YR, 
                              荭
                                      100膡
                                                    100膡
                                                             100膡
                                                                             80膡
                                                                                              70膡
                         YR. 10
                                      10o膡
                                                    100膡
                                                             loo膡
                                                                            85膡
                                                                                             757
                         YR. 15
                                      100膡
                                                    1001    lool
                                                                            901
                                                                                             95膡
                         l l ,2   Cosrs AND      EXPENSES  oF  TRAINING  OF
                                                                                       CONTRACToRS:
                         FILIPINo  PERsoNNEL        AND  EHPLOYEES  SHAL芵
                                                                                 BE
                                                                                       INCLuDED  IN
                         OPERAT I NG EXPENSES  .        SECT10N XII
                                                       ARBITRAT10N
      腟
         腟
                                                                                            膌
                                                                                       靛
                                                                                                |芾
 PRODuCT10N SHARINC A6REEHENT
 FAR SOUTH EAST
 D[NR腜
 LCMC腜
 PAGE - 70 -
     荮
      HENT
     臧
     8:,H :1:腵
    :[!i][R腡
   il!:苇
   ==========================L=
   ||: |:i腵
    li荌
 腍
 芭
 t腟
                                        V
                             PRODuCT:ON SHARING AGREEHENT
                                   腜腜
                             D荱NI芭
                                    LCM芶
                                            AR SoulH EAST
                                          腵
                             PA6E - 22 -
                             LI'IHER PARTY II^Y SUSSTITUTE OR CHANGE SUCH ADDRESS ON
                             NOTICE THEREOF TO THE OTHER PARTY
                             I4.2 "FUTURE LEGISLATION"
                             ANY TERiI AND coNDITIoN HoR€ FAvoRABLE To PRoDUcTIoN sHARING
                             coNTRAcroRs RESULTING FRor{ THE REpEAL oR eiirortt.,r  oF  ANy
                             E)usrrNG LAtl oR REGULATIoN oR rnox rie-drrCiirrr or A LArr,
                             RLGUL^'I ION, OR ADHINISTI(ATIVE ORDER SiIIi                   rHUNE TO THE
                             BENEFIT OF THE CONTRACTORS AND SUCH iIW, - RCCULIrIOru, 
                             ADI{INISTRATIVE ORDER S}iALL BE CONSIDERED A  PART                            OR
                             AGRIEHENI.                                                            OF THIS
                             11.J  ..GoVERI{ING LAw -  THIs AGREEI{ENT AND THE RELATIoN
                             BETwEEN THE pARTt €s  HERETo sHALL BE Covenr,reo ay  AND
                             c0NsTRuED lN AccoRDANcE  l,/trH THE lnws oF rxi'Ieeunlrc  or rr,e
                             PH I L I PP I NEs.
                             iq.Ii   .,SUsPENsIoN oF OBLIGATIoNs.,
                                    (A)  ANY FATLURE OR DELAY ON TH€ PART OF ANY
                                    fARJy tN THEr pERFORHANCT  OF ITS oILIGATIONS
                                   OI{ DUTIES HEREUNDER SIlALL !E EXCUSED TO THE
                                   ExTENT ATTRTDTJTABLE  To FoRcE HAJEunE,
                             '      (B)     IF  IIINING OPERATIoNs AR€ DELAYED,
                                   cuRrArLED oR pREvENTED tsy srcH Fonce -r,riiEunE
                                   CAUSES, 'I tIEN THE TIHE FOR ENJOYING  rU€ NiCXTS
                                   AND CAt.tRytNG OUT .rHE OIILtGATIONS rxinelv
                                   AFFEcTED AND ALL RIGHTs AND oDLIGAiroNs
                                   IiEREUNIJER SHALL BE EXTENDED FOR N  PEHIOO
                                   EOU^L O .THE PER t OD THUS t NVOLVED
                                   (C )   IHE PARTY WHOSE ABIL ITY TO PERFORH ITS
                                   oBLI6ATtONS tS AFFECTED (r)  sxrr-i  iioxprr_v
                                   6I VE NOTICE TO THE OTHER IN VRtr'INC Or  E'Y
                                   sucH DELAy 0R FA rLURE r N  pe nronrlrr,rci, THE
                                   EIPECIEIJ DURATION THEREOF, ;;D-                         I TS
                                   ANTICIPATED EFFECT ON THL PARTY EIPE'TED TO
                                   pERF0RH, AND (rt)  sH^LL usE. tTs sEir--cr.Ionrs
                                   T0 REHEDy Sucrr oguly, rxcipr ixar  nreiinEn
                                   pARTy sHILL BE UNDER ANy orlLIGATIo, ro sirrue
       腅 腟                         A L ^!oR D I sPUTE,
                            IIT,5 ,,AHENDHENTs,, -  THIs-A6REET{ENT  sHALL NoT BE 
                                       oR HoDIFTED rN                                            ANNULLED,
                            ^hENDED                        lty l!!l!ar-ixcipi-ir''iuru,rl  coNsENr
                            IN HRITING OF THE PARTIES HEREOF.                                            |腠
                                      荖                                        V
                              PRODuCTIoN SHARING ACREEHENT
                              DENR腜FAt SOUTH LAST
                                    LCMC腜
                              PA6E - 25
                              Ii{,b    THE CONTRACTORS  SH^LL cAUsE THE REGtSTR^TIoN oF THIs
                              AGREEI'ENI TO ThE I]ENR REGTONAL OFFICE CONCERNED TITHIN
                              ]HIRTY (JO) CALENDAR DAYS FI(OI{ DATE OF E'(ECUTIUN.
                              THIS IN I.IITNESS tlHEREOF, TH€ PARTIEs I]ERETo HAvE .,..,i,
                                    A6RET.XENT, AS OF THE DAY AND YEAR FIRST ABOVE I'HITTEN.
                                THE REPUBL10 0F THE
                                                                           LEPANTO CONsOLIDATED
                                      PHlLIPPINES
                       BY:
                                                                   BY:
                               Uj3ENC10 S, FACTORAN膌
                                                             R.
                                                            腶
                                       SECRETARY
                                                                                    ND OHlEF ExECuTIVE
                           IJEPARTxENT  oF ENv IRoNHENT AND
                                                                                    OFFICER
                                  NA rURAL REsouRcEs
                                               FAR SOUTH EAST 60LD RESOURCES INC,
                                              :   /腖
                                           韗
                                                                          膍
                                                          RA腡
                                                              ON A, RECT0
                                             CHAlRHAN AND CHIEF ExEC苨
                                                                            TlVE OFFICER
                              APPROVED BY:
     腍
      腒
       腁
         腟
                                            V                              HENT
                                             荳
                                       ::膒諑
                                               :118腶FRIA:3],H :1:腵
                                       l'ACC -21-
                                                _=====膬
                                       =====鏱
                                                           =====荱
                                                                    =========
                                                                 SICNED IN THE . RESENC[ OF
                                                              腶
                                                        腜%菇
                                                        腜///腜
                                                                         ACKNOI./LEDGHENT
                                       REPUBLIC OF THE PHILTPPINES)
                                        Ar,A T I,  HETRO,TIANILA                )   S.S.
                                              AT  IlAKATI, TlETRO I,IANILA.THtS JRD DAY OF HARCH, 1990,.nii,
                                       PERSON^LLY APPEARED, FULGENCIO 5. FACToRAN, .,,n., wiirr 
                                       llr  . q€Er. .No, 't9?5s5 r,  rssuio nr Ouizori' iiri,                   oN JANU^Ry
                                       1L 1990, SEcR€TARy oF EN.vtRoNt.tENr euo-irrunni nsiouRcEi-;'ilD
                                       REPRESENTING  THE REPUBLIc.oF-THE PHILtPprpes;_ri[iFE uI-yiiii
                                       !lI!     HEs._tAx-CERT.  No, lZq7I00, rssueo-rri-Devro- Erii, "bN
                                      I-EBRUARy 15, I990, CHA.tRM^N luo Csrei [iEcuriv-e OrriiEn'orl
                                      AND REpRESENTTnG, LEpANTo CoNsoLIDATED lttntnc Coiplxi,'  wrix
                                      u0r(p0R^TE !Es, cERr.' Nu,^JUbzs9, rssutD'^i- i.rererr, HETRo
                                      rlANrLA, oN FEBRUARy  28, 1,990; AND RAr0N A. RECTO, wirn Aiil
                                      .l^)( CERT, No, 4121275, IssuED Ar mi,rarl Neino HAr,llLA, oN
                                      tElRylfl t9, ls9U,-cHAtRHAN eruu Cxrer'Iiicuiivi orrrcrn or,
                                            REpRESENTTHc, FaR SourH. EAsr Oouo nesouniei, ttc,, 
                                      ^ND                                               -iisuio--ei--nerorr,  wiri
                                      c0RpokATE kEs, IAx No, ?-?129t,                                                    tlETRo
                                      rlANlLA, oN FesnurnV 16,-1990; rLi-irownr io ri .irrE 
                                      (NC,WN TO BE THE SA}.E PERSONS WHO CIiCtirir,                             AND ro  hE
                                      PRODUcTIoN sH^RING AGREEHENT                                                 fJOIIIGOING
                                      PH lL r pp.l NEr                               ueIwei,I-i,i..frEPUBLIc oF THE
                                      s0urH IAST ^ND LEpANro-Corusor_ronrio-lirri  ic'Ibipen,v oro I_At
                                      S^ r.             0oLD REsouric6s, trc., n^ro eL'ini6rlibcr-r, rxer rHe
                                                tS IxIllr  FREE- ANIr_vOLUNI.A,ty  Acr n*D t iII-nrr., rxe  FREE
                                      ^ND v0LUNr^Ry Acr                D:lp_9i_,lHE cove nn iE,ri-irsrRUHEr,,lrALrry
                                            cI]RPokATIONS  ^ND 
                                      ^NI)                      THEY, REsPEcIjvELY,  nepnicEr''ri.
                                              ]  FURTHER cERTIFY THAT-THts INsTRuHENT  coNsIsTs 
                                      pAGEs,                                                                           OF 211
                                                  tNcLUDIN6 THrs . pAGE r{HERE rri  -rcri6rr_euc^ren  r  rs
                                      wlir rrEN, STGNED AT THE L€FT-HAND ienoir oi''Eiin  AND 
                                      p^6E By rH€ p^RrrEs AND rxern rrsr.riuiir.r,iri virie,sses,                        EvERy
                                                                                         THC PL
                                                                                                     E AND ON THC  DATE
                                      陭
                                       lRSTWII:;:StRI靲
                                                              T:lND AN, SEAL
                                                                                              ril AYSoN, JR,
                                                                                         NOTAUI/ PUIL I C
                                      00C, NO.  528 :
                                      PACE No.   6/ :
                                                                          PTR No趂
                                     腶
                                       00K NO.   vl ,
                                                                                    荮
                                                                                      腹(蹱
                                                                                          :::~1::1:花
                                                                                                         ilII:ii 1990
                                      SER:ES OF 1990.
                                                                                                                       1腙