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%.
21/05/12
Annual Financial Report08/05/12
OPERATIONAL UPDATE QUARTER ENDED 31 MARCH 201201/02/12
Re-organisation of Nominated Adviser26/01/12
Operational Update Q4 201106/12/11
Corporate Update
26/09/11
After a delay not of his own making, the Metals Exploration chairman has his eye firmly on the main prize - getting the Runruno Gold Project in the Philippines into production as quickly as possible.
23/07/10
The mandatory cash offer values the Philippines focused miner at £35.76 million. Metals Exploration said in response it would make its position know "in due course". Solomon already controls 44.1% of the group.
04/05/10
The study confirms the flagship gold-molybdenum project’s viability with average production of 96,700oz gold per annum for a ten-year mine life.
26/01/10
The company expects to complete the full feasibility study for its flagship project in the Philippines in April and anticipates strong newsflow until then.
10/08/09
So the location is right, the infrastructure is there, the community are supportive, the resources are plentiful with potential for more to come. The company is fully funded to complete the BFS, and a capex requirement of under $250 million is not over-demanding even in the current credit climate.
21/05/12
Metals Exploration set to announce debt funding for Runruno gold-moly project in coming weeks08/05/12
Metals Exploration pleased with progress at Runruno gold-moly project26/01/12
Metals Exploration hails 'rewarding' progress at Runruno gold-moly project - UPDATE26/01/12
Metals Exploration hails 'rewarding' progress at Runruno gold-moly project06/12/11
UPDATE: Metals Exploration takes full control of flagship Runruno gold-molybdenum project
07/06/2010
20/05/2010
08/09/2009
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.
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.
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
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
Website
www.metalsexploration.com
Emails
info@metalsexploration.com
Share Capital
Issued
694,673,626
Fully Diluted:
726,663,626
Current share price
[See Stock Information area]
Top 4 Significant Shareholders %
Solomon Capital Limited & Shelfco 724 Limited - related parties
46.48
Baker Steel
21.48
Runruno Holdings Limited & Graham Edwards - related parties
18.00
Williams de Broe
5.33
Not in Public Hands
86.21%
Holding as at 17th August 2011
This information was last updated on: 18th August 2011
Reviewed 03.10.11
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