Metals Exploration Regulatory News (MTL)

13 Jun 2005 07:01

Metals Exploration PLC13 June 2005 IMMEDIATE RELEASE 13 JUNE 2005 METALS EXPLORATION PLC Runruno Project - Final results of channel sampling of Tunnels Highlights • Final results received from extensive channel sampling of local miners' tunnels at Runruno Project have returned average grades of 4.3 g/t gold; 1,125 g/t molybdenum and 4.8 g/t silver. • Local tunnels (fifty tunnels in total) sampled occur over a distance of approximately 2 kilometres • Diamond core drilling anticipated to commence early next month The Company has now received the last batch of results from its recentunderground tunnel sampling program. The Company is very encouraged by theseresults and looks forward to the commencement of a drilling program early nextmonth. Results of mapping and sampling of the local miners' tunnels located at theBalcony 1, Balcony 2, Main Runruno, Tayab and Malilibeg areas have confirmedthe existence of the high grade (>1.4g/t Au) potential of gold mineralisation(and molybdenum) in the hangingwall and footwall zones of the main Runrunomineralisation. A description of how the samples were taken, and what they represent, wasprovided in the Company's recent news release dated 27 May 2005. Generally, 5metre channel samples were taken continuously along the side walls and backs ofthe local miners' tunnels. Results of the channel samples represent the gradesof the high-grade material that the local miners have been leaving behind.the channel samples (315 samples) taken from fifty tunnels have returned average grades of 4.3 g/t gold; 1,125 g/t molybdenum, and 4.8 g/t silver. --------------------------------------------------------------------------------Tunnel No. of Tunnels No. of Au Mo AgLocations sampled Samples g/t g/t g/t--------------------------------------------------------------------------------Balcony 1 7 50 5.7 754 3.7--------------------------------------------------------------------------------Balcony 2 1 14 5.5 978 5.2--------------------------------------------------------------------------------Main Runruno 5 42 3.1 420 2.3--------------------------------------------------------------------------------Tayab 19 100 4.5 1060 4.5--------------------------------------------------------------------------------Malilibeg 18 109 3.9 1642 6.6--------------------------------------------------------------------------------Totals 50 315 samples--------------------------------------------------------------------------------Weighted AverageGrades 4.3 1,125 4.8-------------------------------------------------------------------------------- The local miners' tunnels are located predominantly in the hanging-wall orfoot-wall zones of the main Runruno mineralisation, which has been mapped atsurface over a strike distance of 2.5 kilometres. The local miners' tunnelsoccur over a distance of approximately 2 kilometres. Forward Looking Statement The Company's objective is to determine a gold (+molybdenum) resource over a 600metre strike, 100 metres width to a down-dip depth of 400 metres. Given theseparameters, the Directors are setting a resource target for this part of thedeposit of 45 to 55 million tonnes. This is a forward looking statement andshould not be regarded as anything else and should not be regarded as a trueindication of the resource until it has been properly explored. Qualified Person Gary Powell has been involved in the mining and exploration industry for morethan 20 years. He has a Bachelor of Applied Science degree in geology, and is amember of the Australasian Institute of Mining and Metallurgy ("AusIMM") and theAustralasian Institute of Geoscientists ("AIG"). He has compiled, read andapproved the technical disclosure in this regulatory announcement. For further information please contact:Steven Smith, Chairman: 0044(0)7797721858Jonathan Anderson, Investor Relations: 0044(0)7950410680 www.metalsexploration.com This information is provided by RNS The company news service from the London Stock Exchange