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Additional Information

Market:	AIM
Sector:	Gold Mining
EPIC:	MTL
Latest Price:	9.88 (1.28% )
52-week High:	19.25
52-week Low:	9.53
Market Cap:	68.60M

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Metals Exploration Full Metals Exploration profile here

Metals Exploration is a natural resources exploration and development company operating in the Pacific Rim, with particular focus on the Philippines.

The Company’s principle asset is the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines. The Company acquired the project in February 2005 and holds an 85% interest with an exclusive option over the remaining 15%.

Metals Exploration resource drilling at Runruno in the Philippines ahead of schedule

Monday, September 07, 2009

Metals Exploration PLC (AIM: MTL) said resource drilling for the definitive feasibility study (DFS) for the Runruno gold-molybdenum project in the Philippines is ahead of target, with over 45,000 metres of the planned 65,000 metre programme for 2009 already complete.

The comment came with the group’s announcement it has received an independent technical review for the project, which stated that the a more sophisticated approach than the one previously used is required for the purposes of completing the DFS and estimation of recoverable reserves.

Metals Exploration said it has contracted the author of the review, Mining Associates Pty Ltd, to generate a full resource estimate from all the drilling completed by the company to date, including the 32,000 metres drilled prior to the commencement of the 65,000 metre programme for 2009. It anticipates the first results of this work to be available from the end of October 2009.

In relation to the wider exploration potential at Runruno, MA concluded that 'recent and historical exploration has demonstrated that the mineralized systems within the tenement are prospective for the discovery of additional gold mineralization of a similar nature to that at the current Runruno deposit at other locations within the overall system'.

With the main DFS drilling progressing ahead of schedule, the company has now been able to reallocate resources to begin the step-out drilling and deep drilling programmes currently in train and referred to in previous announcements. Progress on both programmes will be announced as it becomes available, Metals Exploration added.

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