Business
Annual Report and Accounts
Annual Report and Accounts.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n Metals Exploration PLC\n30 March 2007\n\n\n\n\n METALS EXPLORATION PLC\n\n Annual Report and Accounts for the year ended 30 September 2006\n\n\nLONDON - 30 March 2007 - The Directors of Metals Exploration plc ('Metals Ex'),\nthe UK based gold exploration company with a focus on the Philippines, are\npleased to announce the audited final results for the period to 30 September\n2006.\n\n\nHighlights - up to 30 September 2006\n\n\n• October 2005 - Diamond drilling commences at Runruno\n• 07 March 2006 - Acquisition of 100% in Worlwide, near Baguio, a\n copper+gold porphyry-style mineralization project. Exploration permit \n applied for\n• 11 May 2006 - For Runruno, within 6 months of the commencement of drilling, \n an inferred mineral resource containing 1.7m oz of gold at 2.3gm/t and 34m \n lbs of molybdenum at 0.07% is announced\n• 18 May 2006 - New Nomad and broker, Collins Stewart, appointed\n• 06 July 2006 - Announcement of a new Chief Executive, Jonathan Beardsworth, \n to start 04 September 2006\n\n\nHighlights- post 30 September 2006\n\n\n • 18 October 2006 - Raised £5m pre-expenses through a placing at 25p\n • 12 December 2006 - Runruno's inferred mineral resource upgraded to 2.03m\n oz of gold at 2.23gm/t and 34.4m lbs of molybdenum at 0.06%\n • 31 January 2007 - Preliminary metallurgical results show 92% extraction of\n gold through gravity + flotation\n\n\nCommenting on the results, Steven Smith, Chairman of Metals Exploration plc, said:\n\n'It has been a year of considerable achievement for Metals Exploration plc,\nduring which we have made the transition from being a speculative\nCountry/exploration play to becoming established as an altogether more\nsubstantive company based around a potentially world class gold deposit in\nRunruno.\n\nAt the start of the accounting period we had not completed a single drillhole at\nRunruno. By the end of the period we had announced an Inferred resource of 1.7\nmillion ounces of gold (since increased to 2.03 million ounces) and 34 million\npounds of molybdenum. This is a most impressive rate of resource development,\nand I congratulate all involved in the Philippines whose commitment and\nprofessionalism have made it possible.'\n\n\nFinancial\n\nIn October 2006, the Company raised £5 million (£4.7 million net of expenses) in\na Secondary Placing on AIM, as a re...