SurfaceMine-1
Surface Mine Stage 1 – view1
SurfaceMine-2
Surface Mine Stage 2 – view1
SurfaceMine-3
Surface Mine Stage 1 – view3
SurfaceMine-4
Surface Mine Stage 1 – view4
Surface Mine Stage 1 – view5
Surface Mine Stage 1 – view5
Stage 1
Surface Mine Stage 1 – view6
Aerial view of ROM pad and Process Plant
Aerial view of ROM pad and Process Plant
Aerial view of Process Plant
Aerial view of Process Plant
ROM Pad
ROM Pad
RSI
RSI - spillway view
RSI - pond view1
RSI - pond view1
RSI - pond view2
RSI - pond view2

Latest News

15/03/2019 -- Resignation of Nominated AdviserRead More
12/03/2019 -- Funding & Banking Update-Debt Standstill RequestedRead More
06/03/2019 -- Funding and Banking UpdateRead More
28/02/2019 -- Interim CFO AppointedRead More
27/02/2019 -- Results of Operational Review and ClarificationsRead More
18/02/2019 -- Amendment to Senior Lenders' Facility agreementRead More
08/02/2019 -- Banking UpdateRead More
05/02/2019 -- Appointment of Non-Executive DirectorRead More
31/01/2019 -- Banking UpdateRead More
30/01/2019 -- Quarter Ending 31 December 2018 operations updateRead More
25/01/2019 -- Holding in CompanyRead More
25/01/2019 -- Directorate ChangeRead More
25/01/2019 -- Appointment of ChairmanRead More
24/01/2019 -- Directorate ChangeRead More
16/01/2019 -- Corporate Update - Presentation Jan 2019Read More
16/01/2019 -- Corporate UpdateRead More
03/01/2019 -- Appointment of CEORead More

News Listings Page

06.09.2010 - Solomon Capital Offer Update

Solomon Capital today announced that the acceptance condition to its cash Offer to acquire the entire issued and to be issued share capital of Metals Exploration not already owned by it, the terms of which were announced on 23 July 2010, has now been satisfied. As the acceptance condition was the only condition to the Offer, the Offer is hereby declared wholly unconditional. The Offer Document was posted to Metals Exploration Shareholders on 20 August 2010.

As at 1.00 p.m. on Friday 3 September 2010, Solomon had received valid acceptances of the Offer in respect of 26,650,626 Metals Exploration Shares, representing approximately 9.88 per cent. of Metals Exploration’s current issued share capital.

For futher details and to read the relevant announcements please see the Company News area. The documents required relating to the offer are made available on the Solomon Capital document listing page of this website.

Statement by the Independent Director

Cash Offer by Strand Hanson Limited on behalf of Solomon Capital Limited for the whole of the issued and to be issued ordinary share capital of Metals Exploration plc not already owned by Solomon Capital Limited.

The Independent Director, Jonathan Beardsworth has been informed that certain independent shareholders of the Company have made a written submission to the Takeover Panel expressing concerns that a concert party comprising, amongst others, Solomon and Reef Securities Limited was in existence at the time of the subscription by Solomon for Ordinary Shares in the Company in January 2009 and/or in May and July 2009 and that these subscriptions were in breach of Rule 9 of The Takeover Code.

If the Panel were to rule that a breach of Rule 9 had occurred at any of these times, a mandatory bid obligation may be triggered at a price higher than 13 pence per Ordinary Share, the current Offer Price.Pending the outcome of this review, which may take some time to resolve, the Panel has required of Solomon that it makes no purchases of Metals Exploration shares (save for in relation to valid acceptances of the Offer) and that the Offer, full details of which can be found at www.metalsexploration.com/solomon-offer, shall remain open for acceptances until further notice.

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METALS EXPLORATION PLC OPERATIONAL UPDATE
Leighton Contractors (Asia) (“Leighton”) appointed to develop a Fixed Lump Sum Price (“FLSP”) for the Engineering, Procurement and Construction (“EPC”) delivery mechanism for the Runruno process plant

Licence agreement signed with Biomin Technologies S.A. (“Biomin”), the legal and beneficial owner of the BIOX® Process, granting the Company a licence to use BIOX® technology at Runruno  

Post-feasibility in-fill resource drilling programme nearing completion.  Resource update expected in Q1 2011

Metallurgical testwork on both gold and molybdenum recoveries continues

“Declaration of Mining Project Feasibility” submitted to the Mines and Geosciences Bureau (“MGB”)
04.05.2010 - Runruno Feasibility Study Completed

Metals Exploration Plc announced today the results of its Feasibility Study and a resource update for the Runruno gold-molybdenum Project on the island of Luzon in the northern Philippines. 

Overview:

  • Study confirms the viability of a project producing an average of 96,700 ozs of gold per annum over a mine life of 10.4 years
  • Average production Years 1-5: 101,800 ozs gold per annum; Years 6-10: 92,700 ozs gold per annum
  • 780,000 ozs gold classified, for the first time, as Proven and Probable Mining Reserve
  • Average forecast operating cost $477/oz gold
  • Capital cost forecast to be US$149.3 million - payback within 3.5 years at US$1,000 gold
  • IRR 20% at $1,000/oz gold (ungeared and after tax)
  • Moly credits not included – testwork continues

Summary
The Feasibility Study has been project managed by the Company, with all material components undertaken by independent external consultants including Mining Associates (Resource and Mining), Goldfields and SGS (Metallurgical and Testwork), Lycopodium (Process Engineering), Leighton (Constructability and Capital Cost Review), GHD (Tailings Storage Facility, Detailed Pit Design, Mine Schedule), Aboitiz (Power Supply), AECOM (Roads, Environment and Permitting) and SGV (Taxation).

The study has been based on a mineable reserve prepared by Mining Associates with an open pit mining operation and biological leaching using the proven BIOX® process combined with conventional carbon in leach treatment to recover gold to doré bullion and molybdenum to a saleable molybdenum product.

15.03.2010 - Environmental Compliance Certificate awarded

Metals Exploration Plcis pleased to announce the award of the Environmental Compliance Certificate (“ECC”) for the Runruno Gold-Molybdenum Project in the Philippines.

  • ECC signed by Acting Secretary of the Department of Environment and Natural Resources (“DENR”) under Presidential Decree No. 1586 (known as the “Philippine Environmental Impact Statement System”)
  • The ECC was issued after satisfactory evaluation of the project’s Environmental Impact Statement (“EIS”) by the Environmental Management Bureau (“EMB”)
  • The ECC and EIS process has been conducted with the full participation and involvement of the local community and all relevant stakeholders
  • Under the ECC the Company is committed to implement measures presented in the EIS to protect and mitigate against any adverse impacts on the health and welfare of community and the environment
  • Securing the ECC is a significant milestone following the award of the Financial or Technical Assistance Agreement in October 2009, demonstrating continued support from the Philippine Government for the development of the Runruno project
26.01.2010 Updated Runruno economic guidance

Metals Exploration Plc announces guidance on the updated economic parameters of its Runruno project on the island of Luzon in the northern Philippines. The Company also provides an indication of anticipated news flow over the next quarter.

To read the full announcement please visit the Company News area.
06.09.2010 Solomon Capital Offer Declared Unconditional
21.12.2009 Results of Step-out drilling
Metals Exploration Plc today announces the assay results for three holes drilled outside the current resource boundary of its 1.5 million ounces of gold and 25.4 million pounds of molybdenum Runruno gold-molybdenum project.
19.11.2009 - Runruno Resource Update
Metals Exploration Plc today announces a resource update for its Runruno gold-molybdenum project on the island of Luzon in the northern Philippines
29.10.2009 - FTAA Approved for Runruno Project
Metals Exploration Plc is pleased to report that its Financial or Technical Assistance Agreement (“FTAA”) for the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines has been signed by order of President Macapagal-Arroyo, President of the Republic of the Philippines.
18.09.2009 - Meeting with President Arroyo
On 18th September Jonathan Beardsworth, MD of Metals Exploration, met HE President Gloria Macapagal-Arroyo during her trip to London.
07.09.2009 - Resource Review
Metals Exploration Plc is pleased to report that it has received an independent technical review of the geology, exploration and current mineral resource estimates on its Runruno project in Nueva Viscaya Province in the Philippines.
06.08.2009 - Extension of Runruno EP
Metals Exploration Plc  is pleased to announce that the Exploration Permit (“EP”) granted to FCF Minerals Corporation (“FCF”), relating to the Runruno Project was renewed on 31 July 2009 by Horacio Ramos, Director of the Mines and Geosciences Bureau.
06.07.2009 - Announcement of EGM
Metals Exploration announces that a circular containing notice of an Extraordinary General Meeting (“EGM”) is being posted to shareholders today. The EGM is to be held on 28 July 2009 at 11 a.m. at the offices of Kerman & Co, 200 Strand, London WC2R 1DJ.
07.05.2009 - £12M Placing
Metals Exploration is pleased to announce that the Company has conditionally raised £12 million (before expenses) through a placing of 104,347,828 new ordinary shares at a price of 11.5 pence per share (the “Placing”).
10.03.2009 – FTAA endorsed by DENR
Metals Exploration PLC is pleased to announce that Secretary Lito Atienza of the Department of the Environment & Natural Resources (DENR) has endorsed the Company’s FTAA application in respect of its Runruno gold-molybdenum project in the Philippines