LATEST NEWS
Operational Update
Quarter ended 31st March 2012
Metals Exploration plc (AIM: MTL) (“Metals Exploration” or “the Company”), the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to provide an operations update on matters relating to its Runruno gold-molybdenum project (“the Project”) and exploration activities in the Philippines.
Highlights
-
Runruno early works program reached design activity levels during the quarter.
- Very satisfactory progress achieved.
- The earthworks contractor is now at full strength.
- Campsite, batch plant, office and lay-down area earth works estimated to be 75% complete.
- Two causeways established across the Sulong river.
- Processing plant earthworks estimated to be 50% complete.
- The processing plant detailed engineering program is proceeding well.
- Leighton Contractors (Asia) Limited ("Leighton") reports the program to be 57% complete.
- Work has commenced on the construction of the camp and office complexes.
- A short reserve infill drill program at the south end of the pit successfully confirmed the geological interpretation in this area.
- Debt funding activities continue to progress positively with legal documentation in progress.
- Two drill holes drilled to test a zone of potential gold mineralised zone outlined south of the Runruno mineralisation confirmed the geological interpretation.
- Drill hole intercepts include MXD863 - 5.7m @1,47g/t Au and 1,704 ppm Mo.
- Drilling testing is ongoing.
- Further strong copper intersections recorded in Magnetite Creek drilling including in hole MAD014 - 15.5m from 335m @ 0.34%Cu, 0.13g/t Au and 17.5m from 396.5m @ 0.63%Cu, 0.19g/t Au.
Ian Holzberger, Executive Chairman, commented:
“It is very satisfying to see the progress being made on the ground at Runruno as the early works program ramps up and the work commencing on multiple facets of the project. This work demonstrates the Company's capacity to implement the Runruno project and is crystallising the size and scope of the project to its stakeholders.
"Equally it is pleasing to see the progress made with the processing plant detailed engineering package under Leighton's management. This work will support the early commencement of the processing plant construction once full funding is available.
"Every effort is being applied to finalising the debt funding package with legal documentation of the agreed commercial terms at an advanced stage. Finalising the funding package is a priority for management.
“Exploration activities outside the Runruno resource area continue to provide encouragement with further drill hole intersections of gold mineralisation being recorded south of the main mineralisation and of copper mineralisation at the Magnetite Creek prospect"
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