Business
Quarterly Update to 30 September 2018
Quarterly Update to 30 September 2018.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 1682F Metals Exploration PLC 25 October 2018 \n\nMETALS EXPLORATION PLC\n \nQUARTERLY UPDATE TO 30 SEPTEMBER 2018\n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\" or \"the Company\"), the natural resources exploration and development company with assets in the Pacific Rim region, today provides a quarterly update on matters relating to the development of its Runruno gold-molybdenum project (the \"Project\") in the Philippines.\n \n\n\n\nAIM Code: MTL\nAt: 30 Sep 2018\nShares in Issue: 2,071,334,586\nWarrants: 100,000,000\n \nDirectors:\nIan Holzberger, Executive Chairman\nGuy Walker\nEduard Simovici\n \nManagement:\nIan Holzberger, Executive Chairman\nLiam Ruddy, Company Secretary \nAndrew Rodgers, CFO\nJohn Barnes, COO\nIan Moller, GM Operations (Acting) & Country\nManager\nRoland Taganas, Legal Counsel\nTommy Alfonso, Financial Controller\n \nFor further Information please contact:\n \nMetals Exploration plc\nIan Holzberger: +61 41 888 6165\nLiam Ruddy; +44 7904 200857\nAndrew Rodgers; +61 412 429 856\n \nNominated Adviser & Broker:\nCanaccord Genuity Limited\nMartin Davison; James Asensio\n\n\n\n+44 (0) 207 523 4689 \n \n \n\n\n\n\n\n\nPublic Relations:\nTavistock\nJos Simson; Barnaby Hayward\n+44(0) 207 920 3150\n\n\n\n \n \n\n\n\n\n\n\n\n\n\nSummary:\nThe BIOX® circuit, after having established full operations early in the quarter, was operated continuously at reduced throughput rates to match the availability of sulphide concentrate feed. No material power issues were experienced during the period. Unfortunately an error in the software used in mine scheduling caused the under-estimation of the volume of waste to be removed, with the effect of delaying access into the ore positions in stage 2 of the mine. As a consequence, ore feed to the processing plant has been adjusted to compensate for the reduction in ore tonnages available for processing. It is expected that full processing operations will re-commence in December. \n \nMining Operations\n· Overall mining operations c...