Metals Exploration PLC
03 October 2007
3 October 2007
METALS EXPLORATION PLC
METALS EXPLORATION DRILLING CAMPAIGN COMPLETED ON SCHEDULE
RUNRUNO PROJECT
• Drilling campaign completed on schedule
• Results from over 2,000 samples awaited from the assay laboratories
• Results received to date encouraging - modeling and resource estimation
under way
• Resource update imminent once all results received
The Board of Metals Exploration PLC ('the Company') (AIM: MTL), the UK based
precious and base metals exploration company focused in the Pacific Rim Region
is pleased to report that the current drilling campaign has been completed on
schedule at its flagship Runruno Project in the Philippines.
The infill drilling programme, comprising some 41 drill-holes for a total of
5,888 metres since the last announcement of drilling results on 11 July 2007,
has been completed on schedule. As assay results are received the resource
model is being updated. Due to the backlog of samples at the laboratories where
results from 2,458 samples are still awaited it will not be possible to release
a resource update this week as planned. The Company is advised that it should
be in a position to release by the end of this month.
Jonathan Beardsworth, CEO of Metals Exploration plc said:
'I congratulate our people on completing the planned drilling programme on
schedule. However we can not influence the backlog that exists in the
laboratories, which is a worldwide problem at this time in the industry. As
soon as the results are received a resource update will be released.'
Jonathan Beardsworth
Chief Executive Officer
QUALIFIED/COMPETENT PERSONS
Gary Powell (a Director of the Company) has been involved in the mining and
exploration industry for more than 24 years. He has a Bachelor of Applied
Science degree in geology and is a member of the Australasian Institute of
Mining and Metallurgy and the Australasian Institute of Geoscientists. He has
compiled, read and approved the technical disclosure in this regulatory
announcement.
For more information:
Jonathan Beardsworth + 44 (0) 20 7927 6690
CEO + 44 (0) 7747 101 552
Jonathan Anderson + 44 (0) 20 7927 6690
Investor Relations + 44 (0)7950 410 680
Adrian Hadden + 44 (0) 20 7523 8350
Collins Stewart Europe Limited
Charles Vivian + 44 (0) 20 7743 6672
Pelham PR
Klara Kaczmarek + 44 (0) 20 3159 4395
Pelham PR
This information is provided by RNS
The company news service from the London Stock Exchange