Metals Exploration Regulatory News (MTL)

22 Sep 2006 07:01

Metals Exploration PLC22 September 2006 Metals Exploration Plc ("Metals Ex" or "the Company") Chief Executive Officer Assumes Responsibilities Update on Runruno 22 September 2006 Metals Exploration Plc is pleased to announce, further to the announcement on 6July 2006, that Jonathan Beardsworth has assumed his duties on 4 September 2006as Chief Executive Officer of the Company. Jonathan has just returned from the Philippines, meeting the Company's personneland management and being briefed on progress on the Company's projects, inparticular Runruno on which the Company has a right to an 85% ownershipinterest. The Company is confident that Jonathan's experience of mining and corporatefinance in emerging markets will make a major contribution to the continuedsuccess of the Company's strategy. Update on Runruno: On 11 May 2006, the Company announced a JORC compliant Inferred Mineral Resourceat Runruno totaling an estimated 23 million tonnes at an average grade of 2.3 g/t gold and 0.07% molybdenum, giving a total contained resource of 1.7 millionounces of gold and 34 million pounds (15.4 kt) of molybdenum. The resource estimate is classified as an Inferred Mineral Resource as definedby the JORC Code, the Australasian Code for Reporting of Identified MineralResources and Ore Reserves. Since the last drilling report on the 7th August, a further 18 drill holes havebeen drilled and 3 more are in progress at Runruno. The Company expects toannounce by mid November an updated resource statement for Runruno. There are no other requirements of AIM Rule Schedule 2(g) that fall to bedisclosed. Qualified/competent persons Gary Powell (a Director of the Company) has been involved in the mining andexploration industry for more than 20 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. Enquiries: Steven Smith Chairman +44 (0) 7797 721 858Jonathan Beardsworth Chief Executive +44(0)7747101552Jonathan Anderson Investor Relations +44 (0) 7950 410 680 or +63 (0) 917 560 6654 Nomad/BrokerChris Rollason/ Adrian Hadden (Collins Stewart) +44 (0)207 523 8350 This information is provided by RNSThe company news service from the London Stock Exchange END This information is provided by RNS The company news service from the London Stock Exchange