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Market: AIM
Sector: General Mining - Gold
EPIC: MTL
Latest Price: 9.50p  (-2.56% Descending)
52-week High: 19.38p
52-week Low: 9.75p
Market Cap: 65.99M
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Metals Exploration
www.metalsexploration.com

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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Metals Exploration hails 'rewarding' progress at Runruno gold-moly project

26th Jan 2012, 8:46 am by Sergei Balashov Metals Exploration said the last quarter of 2011 was 'rewarding'

Metals Exploration (LON:MTL) called the last three months of 2011 a “rewarding” quarter, which saw the mining firm make significant progress at its flagship Runruno gold-molybdenum mine in the Philippines.

The company has now started earthworks at the Runruno site with the programme of early site works expected to take five months to expedite construction.

Full construction is expected to take 15 months following the completion of early site works, which include the development of the processing plant pad and construction infrastructure.

Meanwhile, Leighton Contractors, which is responsible for the design and construction of the Runruno processing plant, has started detailed design and engineering works.

During the quarter, Metals Exploration received the declaration of Mining Project Feasibility (DMPF), allowing it to move Runruno into the development and construction stage, and raised its stake in the project from 85 percent to 100 percent.

Runruno, when it is up and running in the next two years, will produce an average 96,700 ounces of gold a year for the next 10 years and three months, according to the 2010 feasibility study.

The company has recently outlined a potential gold mineralised zone south of the Runruno mineralisation.

Drill intercepts included three metres at 3.46 grammes per tonne (g/t) gold and 454 parts per million (ppm) molybdenum and 13 metres at 2.28 g/t gold and 2,951 ppm moly.

“It has been a very rewarding and significant quarter with the issue of the DMPF, approval of a package of early site works and indeed the initiation of those works with the commencement of earthworks on the processing plant site,” said MTL executive chairman Ian Holzberger.

“The encouragement we continue to receive in our exploration drilling activities both south of the Runruno pit and at Magnetite Creek demonstrates the potential of Runruno.

“It is significant that the company has now developed an understanding of the potential mineralisation south of the planned pit and can set about testing that model.”

Investors welcomed the report as shares in Metals Exploration rose 3.5 percent to trade at 11 pence, valuing the company at £76.4 million.

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