The company bagged three of the most coveted awards in the mining industry including 2011 Presidential Mineral Industry Environmental Award
In early 2012, earthworks activities commenced on the Runruno Gold-Molybdenum Project
An Information Centre welcomes stakeholders and local residents to ask questions about the Runruno Gold-Molybdenum Project.
Drilling and exploration
Children beneficiaries of the company's social development program
Environment protection and monitoring being promoted by the company
The company achieved the "2,000,000 manhours worked without lost-time accident" certificate issued by the Mines and Geosciences Bureau.
School children line up for the medical check-up sponsored by the company
Reforestation program

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24/10/2011 - Operational Update Quarter Ended 30 September 2011Read More
29/09/2011 - Interim Results for the Six Months Ended 30th June 2011Read More
06/09/2011 - Appointment of BrokerRead More
18/08/2011 - Total Voting Rights and Share CapitalRead More
16/08/2011 - Issue of EquityRead More

Metals Exploration Plc

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"

Read More

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 recently increased its interest in the project to 100%.

Work to date has defined a resource of 1.39 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 1,050,000oz gold reporting to the Measured and Indicated categories and 900,000oz gold within the Mining Proven & Probable Reserve category. For further information please see the Runruno Resource page.

In October 2011, the Runruno Declaration of Mining Project Feasibility ("DMPF") was approved. This paved the way for the Project to move forward to development and construction phase. Early project development works have began in January 2012.

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.

In March 2010 the Company announced the award of the Environmental Compliance Certificate (ECC) for the Runruno project, which was issued after satisfactory evaluation of the project’s Environmental Impact Statement by the Philippine Environmental Management Bureau. The ECC process was conducted with the full participation and involvement of the local community, and under the ECC the Company is committed to implement measures to protect and mitigate against any adverse impacts on the health and welfare of community and the environment. Securing the ECC is a significant point, following the award of the Financial or Technical Assistance Agreement, demonstrating continued support from the Philippine Government for the development of the Runruno project.

In October 2009 Metals Ex reached an important milestone as the Financial or Technical Assistance Agreement (FTAA) was signed by Executive Secretary Eduardo Ermita on the authority of the President of the Philippines. Under the terms of the FTAA, FCF Minerals, the Philippine subsidiary which operates the Runruno Project, is granted the exclusive right for 25 years to explore, mine, process and export minerals from the licence area. In exchange for this right, FCF is required to commit a minimum investment of $50 million in project development, much of which will be spent on local infrastructure benefiting local communities.

Metals Exploration works hard to maintain excellent relations with the local communities in the project areas. FCF Minerals promotes social and economic development through the Runruno Livelihood Foundation, a trust funded jointly by the Company and the Philippine government. We also conduct all our operations in a safe and environmentally responsible manner to industry best practise standards.

Metals Exploration Plc is publicly listed company on the London Stock Exchange and admitted to the Alternative Investment Market (AIM:MTL) on 22 October 2004.

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