Metals Exploration Regulatory News (MTL)

3 Oct 2007 07:00

Metals Exploration PLC03 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 basedprecious and base metals exploration company focused in the Pacific Rim Regionis pleased to report that the current drilling campaign has been completed onschedule at its flagship Runruno Project in the Philippines. The infill drilling programme, comprising some 41 drill-holes for a total of5,888 metres since the last announcement of drilling results on 11 July 2007,has been completed on schedule. As assay results are received the resourcemodel is being updated. Due to the backlog of samples at the laboratories whereresults from 2,458 samples are still awaited it will not be possible to releasea resource update this week as planned. The Company is advised that it shouldbe 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 onschedule. However we can not influence the backlog that exists in thelaboratories, which is a worldwide problem at this time in the industry. Assoon 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 andexploration industry for more than 24 years. He has a Bachelor of AppliedScience degree in geology and is a member of the Australasian Institute ofMining and Metallurgy and the Australasian Institute of Geoscientists. He hascompiled, read and approved the technical disclosure in this regulatoryannouncement. For more information: Jonathan Beardsworth + 44 (0) 20 7927 6690CEO + 44 (0) 7747 101 552 Jonathan Anderson + 44 (0) 20 7927 6690Investor Relations + 44 (0)7950 410 680 Adrian Hadden + 44 (0) 20 7523 8350Collins Stewart Europe Limited Charles Vivian + 44 (0) 20 7743 6672Pelham PR Klara Kaczmarek + 44 (0) 20 3159 4395Pelham PR This information is provided by RNS The company news service from the London Stock Exchange