Launch of Scoping Study

29 Jan 2008 07:00

Metals Exploration PLC29 January 2008 29 January 2008 METALS EXPLORATION PLC o LAUNCH OF SCOPING STUDY ON RUNRUNO GOLD-MOLY PROJECT o APPOINTMENT OF IAN HOLZBERGER AS PROJECT DIRECTOR o NEW EXPLORATION TARGETS IDENTIFIED Metals Exploration Plc ("the Company") (AIM: MTL), the UK based precious andbase metals exploration company focused in the Pacific Rim Region is pleased toannounce the appointment of Ian Holzberger as a consultant to the Company withimmediate effect. Ian will assume the role of Project Director and beresponsible for driving a detailed scoping study on the Runruno gold-molyproject in the Philippines. Launch of Scoping Study Ian will be responsible for the launch of a detailed scoping study into thetechnical and economic aspects of the Runruno gold-moly project. The study willinvolve, inter alia, additional drilling to test the variability of the resourceand provide the basis for determining the extent of infill drilling requiredthrough the feasibility study to bring the resource up to reserve status. Thisdrilling is intended to firm up the Company's understanding of the resource.The study is set to report in the summer of 2008 and provide the basis for abankable feasibility study to begin in the second half of the year. Interimfindings should be available around Easter and the Company expects to announcefurther resource updates throughout the year. Appointment of Ian Holzberger as Project Manager Ian Holzberger has more than 35 years experience in the base and precious metalsmining industry. His experience encompasses a wide range of management,operational, mine development and feasibility study roles. For 10 years,between April 1997 and May 2007, he was Managing Director of Highlands PacificLimited, a company listed on the Australian Stock Exchange with operations inPapua New Guinea (PNG). In this capacity he was directly responsible for thecompletion of the feasibility study on the Ramu nickel laterite project in PNG,and subsequent sale of a majority interest in the project to a major Chinesecorporation. He was also responsible for the feasibility study, development,financing, construction and commissioning of the Kainantu gold mine in PNG whichwas recently acquired by Barrick Gold Corporation for US$141.5 million. Having previously worked for a number of Australia's major and smaller miningcompanies throughout Australia and South East Asia, Ian has extensive experiencein the implementation of major project feasibility studies, equity raising,investor relations, debt financing, working with traditional societies,Government negotiations and all aspects of project development. Exploration targets identified Several exploration targets outside the current resource area, located aroundthe rest of the Runruno alkaline volcanic complex, have also been identified anda drilling programme has already commenced. Results will be reported as theyoccur. Jonathan Beardsworth, CEO of Metals Exploration Plc commented: "We are delighted that someone of Ian's quality, experience and expertise hascome on board to assist the Company in the development of Runruno. Hisagreement to become involved is a powerful endorsement of the project, andshould send a clear message to the market that we are committed to developing itthrough to production". For more information: Jonathan Beardsworth + 44 (0) 20 7927 6690CEO + 44 (0) 7747 101 552 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