Benguet Corporation discloses to the SEC and PSE that it signed today (Oct. 7, 2009) a mining contractorship and off-take agreement with DMCI Mining Corporation for a portion of its Nickel Project in Sta. Cruz, Zambales.  The  agreement calls for the mining and sale of high grade nickel ore with 2% nickel cut-off grade for up to 200, 000 tons per year for the next three years.

Earlier this year, BenguetCorp made two shipments of nickel ore for metallurgical testing to Europe and China.  Currently, the Company is conducting a feasibility study on tank leaching of middle grade nickel ore and on pelletizing nickel ore in order to add value by processing the ore.

The LME price of nickel has recovered in recent months that will earn  a reasonable returns on their investment and mining cost.  The off-take agreement assured the Company of a ready market for its high grade nickel product.  The Company operates the nickel  laterite mine with total area of 1,406 hectares under an approved Mineral Production Sharing Agreement denominated as MPSA No. 226-2005-III.