@Piru
Thanks for the info - am certain now that it is the chip, not the board which is at fault.
cpu060 returns PCR value of04310403 (in hex - the first 16 bits in binary translates to 0000010000110001). If it was a board issue there would be no reason for the cpu to return a PCR value stating it is an LC. It should have returned 04300101 (translates to 0000010000110000). I am returning the chip for replacement/refund (hopefully replacement).
:-)