Metals Exploration Regulatory News (MTL)

2 Aug 2007 12:07

Metals Exploration PLC02 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 basedprecious and base metals exploration company focused in the Pacific Rim Regionis pleased to report that the Exploration Permit (EP-II-000013) ("EP") grantedto FCF Mining Corporation, the current holder of the Runruno EP, in accordancewith The Philippine Mining Act of 1995 relating to the Runruno Project was todayrenewed by signature of the Director of the Mines and Geosciences Bureau of theDepartment of Environment and Natural Resources. Philippine mining regulations permit the partial or total conversion of anExploration Permit to a Mineral Agreement or FTAA for the purpose of undertakingdetailed exploration, if the exploration activities indicate a resourcediscovery. Thus, in addition to continuing its exploration activities atRunruno, and since its activities to date have indicated a resource discovery,the Company intends to investigate the possibility of converting its EP to aMineral 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 shouldprovide investors with confidence as to the Company's rights to the RunrunoProject." Jonathan BeardsworthChief Executive Officer For more information:Jonathan Beardsworth CEO + 44 (0) 20 7927 6690 + 44 (0) 7747 101 552Jonathan Anderson Investor Relations + 44 (0) 20 7927 6690 +44 (0) 7950 410680Adrian Hadden Collins Stewart Europe Limited +44 (0) 20 7523 8350Charles Vivian Pelham PR +44 (0) 20 7743 6672James MacFarlane Pelham PR +44 (0) 20 7743 6375 This information is provided by RNS The company news service from the London Stock Exchange