Metals Exploration PLC
02 August 2007
02 August 2007
METALS EXPLORATION PLC
RUNRUNO EXPLORATION PERMIT RENEWAL APPROVED
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 Exploration Permit (EP-II-000013) ('EP') granted
to FCF Mining Corporation, the current holder of the Runruno EP, in accordance
with The Philippine Mining Act of 1995 relating to the Runruno Project was today
renewed by signature of the Director of the Mines and Geosciences Bureau of the
Department of Environment and Natural Resources.
Philippine mining regulations permit the partial or total conversion of an
Exploration Permit to a Mineral Agreement or FTAA for the purpose of undertaking
detailed exploration, if the exploration activities indicate a resource
discovery. Thus, in addition to continuing its exploration activities at
Runruno, and since its activities to date have indicated a resource discovery,
the Company intends to investigate the possibility of converting its EP to a
Mineral Agreement or FTAA and will provide further updates as matters progress
Jonathan Beardsworth, CEO of Metals Exploration PLC commented:
'The successful renewal of the EP for the statutory period of two years should
provide investors with confidence as to the Company's rights to the Runruno
Project.'
Jonathan Beardsworth
Chief Executive Officer
For more information:
Jonathan Beardsworth CEO + 44 (0) 20 7927 6690
+ 44 (0) 7747 101 552
Jonathan Anderson Investor Relations + 44 (0) 20 7927 6690
+44 (0) 7950 410680
Adrian Hadden Collins Stewart Europe Limited +44 (0) 20 7523 8350
Charles Vivian Pelham PR +44 (0) 20 7743 6672
James MacFarlane Pelham PR +44 (0) 20 7743 6375
This information is provided by RNS
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