Additional Information

Market:	AIM
Sector:	Gold Mining
EPIC:	MTL
Latest Price:	9.88 (0.00%)
52-week High:	19.25
52-week Low:	9.50
Market Cap:	68.60M

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Metals Exploration

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%.

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Company Statement:

Metals Exploration`s management strategy and corporate plan is to:

Provide shareholders with high capital growth potential, delivered by developing a mineral project into a world class mine.

Undertake cost-effective and precise exploration on those targets most likely to deliver

Respect the indigenous culture of the exploration areas and to promote social and economic development for the traditional custodians.

Maintain a "queue" of projects ranging from grass-roots exploration to advanced resource projects requiring definitive feasibility studies.

Manage the inherent value of its portfolio by advancing short-term projects, joint venturing long-term projects requiring significant development capital, or by selling off those assets which deliver immediate value to the shareholders.

Use financial modelling to ensure that the targets being sought are of the style to deliver a low-cost position on the production-cost curve.

Conduct operations in a safe and environmentally responsible manner to industry best practise standards.

Offer employment opportunities to those who live in the exploration project areas.

Current Operations:

Runruno

Runruno

Runruno is located 200 miles north of Manila in the mineral rich province of Nueva Viscaya. The area has been known to be abundant in gold and other precious metals since the early 1960s and has enjoyed a varied exploration history.

Metals Exploration first became involved with the Runruno deposit in 2005 and has undertaken extensive scientific and geological surveys since, with extremely encouraging results. In May 2010 the Company announced the results of the Runruno project Feasibility Study which confirmed the viability of the project, projecting average production of 96,700oz of gold per annum over a mine life of 10.4 years, at an average forecast operating cost $477/oz gold before any molybdenum credits. The capital cost is forecast to be US$149.3 million, with payback within 3.5 years at US$1,000/oz gold. The Runruno project will be an open pit operation, and will use the proven BIOX® and carbon in leach processes to recover gold and molybdenum.

Work to date has defined a resource of 1.42 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 900,000oz gold reporting to the Measured and Indicated categories and 780,000oz gold within the Mining Proven & Probable Reserve category.

The deposit is located within a large alkaline volcanic complex, approximately 3.5 kilometres in diameter, of which less than 15% has been effectively explored presenting substantial exploration upside.

For a full resource estimate please see the Runruno Resource page.

Other Projects

Dupax

The Dupax EPA comprises two separate blocks – Dupax (5,042 hectares) and Solano (3,814 hectares) – totaling some 8,856 hectares in area.

Sulong

The Sulong EPA covers some 6,963 hectares in area and is situated to the east of Solano, Nueva Vizcaya Province, approximately 220km north of Manila.

Worldwide

On 7 March 2006 the Company announced that it had applied for an Exploration Permit (“EP”) for a property (“Worldwide”) located in the district of Northern Luzon, Philippines, adjoining the historic Santa Nino copper-gold producer.

Waigeo

Historical drilling in the 1970`s identified nickel laterite deposits of some 35Mt at grades of 1.5% Ni, 0.13% Co and 37% Fe within the area. The Company believes there is potential to develop a sustainable short and medium term nickel operation in Waigeo.

Management

Ian Holzberger - Executive Chairman

Ian has over 35 years experience in the mining industry, which encompasses a wide range of management, operational, mine development and feasibility study roles. Ian was Managing Director of Highlands Pacific Limited from 1997 to 2007, where he implemented the feasibility study on the Ramu nickel laterite project, and subsequent sale of a majority interest in the project to a major Chinese corporation. He was also responsible for the feasibility study, development, financing, construction and commissioning of the Kainantu gold mine in PNG. Ian has extensive experience in the implementation of major project feasibility studies, equity raising, investor relations, debt financing, working with traditional societies, Government negotiations and all aspects of project development. He is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.

Jonathan Beardsworth - Non Executive Director

Jonathan has over twelve years experience in investment banking focused solely on the mining and metals sector with Standard Bank, and formerly with Warrior International. He was head of the London office of Standard Bank’s Mining and Metals team with additional responsibility for Moscow and Shanghai. Jonathan is London based and responsible for overall Company strategy.

Tim Dean – Non Executive Director

Tim joined the Board as a Non-Executive Director following the January placing to Solomon Capital. Mr. Dean is a Director of Solomon Capital Limited, an Associate of the Institute of Chartered Accountants in England and Wales and has a Masters Degree in Engineering Science from Oxford University.

Edward Parsons – Non Executive Director

Ed joined the Board as a Non-Executive Director on 4th April 2011. He represents the Company’s major shareholder Solomon Capital Limited.

Guy Walker – Non Executive Director

Guy joined the Board as a Non-Executive Director on 9th May 2011. He represents the Company’s significant shareholder Runruno Holdings Limited.

Richard Williams – Non Executive Director

Richard the Board as a Non-Executive Director on 4th April 2011. He represents the Company’s major shareholder Solomon Capital Limited.

Major Shareholders

Share Capital
Issued	694,673,626
Fully Diluted:	726,663,626
Current share price	[See Stock Information area]
Top 5 Significant Shareholders %
Solomon Capital Limited	32.08
Baker Steel	21.48
Runruno Holdings Limited	15.26
Shelfco 724 Limited	14.40
Williams de Broe	5.33
Not in Public Hands	86.21%

Holding as at 17^th August 2011
This information was last updated on: 18^th August 2011

Reviewed 03.10.11

Contact Information

Registered Office

200 Strand London WC2R IDJ
Tel: (+44 20) 7539 7272

United Kingdom

18th Floor
Portland House
Bressenden Place
London
SW1E 5RS
United Kingdom

Phone: +44 (0) 207 869 5109
Fax: +44 (0) 207 869 8129

Philippines

22nd Floor, Salcedo Towers,
169 H.V. Dela Costa Street,
Salcedo Village, Makati City 1227,
Metro Manila, Philippines.
Phone: +63 (0) 2 659 5662
Fax: +63 (0) 2 846 8507

Corporate Information

Nominated Adviser & Broker:
Westhouse Securities Limited,
One Angel Court,
London,
EC2R 7HJ
+44 (0) 207 601 6100
http://www.westhousesecurities.com

Registrar:
Capita Registrars
4th Floor, Beaufort House
15 St Botolph Street
London
EC3A 7HH
Tel: +44 (0) 20 7556 8800
www.capitaregistrars.com

Public Investor Relations:
Conduit PR Ltd
76 Cannon St
London
EC4N 6AE
Tel: +44 (0) 20 7429 6666
www.conduitpr.com