Metals Exploration plc – Operational Update

Metals Exploration plc – Operational Update

Metals Exploration plc, the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to provide an update on matters relating to the development of its Runruno gold-molybdenum project in the Philippines. 

Highlights

  • 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")

Ian Holzberger, Executive Chairman, commented: "I am pleased to be able to provide this positive update on the work completed at the project level since the announcement of the feasibility study in May.  I am particularly pleased that we have formalised relationships with world-class partners in Leighton and Biomin for the EPC and Biox licence respectively.  These agreements significantly move the project towards our objective of commencing development in the new year to take advantage of the dry season."

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