Company Information for Metals Exploration PLC

Company stock charts - 12 Month chart

AIM; MTL View full financial data

Company Statement

Metals Exploration's primary objective is to increase shareholder value through the discovery and development of high value mineral resources within Southeast Asia, with particular emphasis on the Philippines.

Since acquiring our flagship Runruno project in 2005 a JORC compliant resource of 2.0 million ounces (Moz) of gold, and 34.4 million pounds (Mlb) of molybdenum has been defined, with 487,000oz of gold and 9.4Mlb of molybdenum within the Indicated category and 270,00oz and 7.8Mlb within Measured.

The Company completed a Scoping Study in October 2008, forecasting production of approximately 180,000oz gold and 1.7Mlb molybdenum per year, with a capex of US$208M to include the moly recovery circuit. The study was based on an open pit operation using the BIOX® and carbon in leach processes to recover gold and molybdenum. Average annual cash operating costs of $285/oz (net of moly credits) are within the lowest quartile of the current industry cost curve. These results were in line with the results of the Concept Study published in April 2008.

An ongoing strategy of reviewing opportunities as they arise will allow Metals Exploration to add to it’s existing projects and resource base where appropriate.

For full details of the Scoping Study, resources and operations please see the Metals Exploration website: www.metalsexploration.com.

Current Operations

Runruno - The Company is exploring Runruno, a gold / molybdenum deposit with a 2.0Moz Au and 34.4Mlb Mo JORC compliant Inferred, Indicated & Measured resource in the northern Philippines.

• Recently completed a Scoping Study on the deposit which reported in October 2008, providing the basis for a Bankable Feasibility Study. For full details please visit the Company News area of www.metalsexploration.com
• Site sits within a large alkaline volcanic complex of which less than 20% has been explored, providing potential to extend minelife and improve economics through the addition of resources.
• The mineralised structure is approximately 100m in thickness and is variably mineralised with higher gold-molybdenum values at the upper and lower margins of the zone.
• Deposit can be traced continually with a combination of outcrop, tunnel and drill control for a strike length of at least 2.2km and a down dip extension of over 600m. 

Exploration licences were recently granted for:

Sulong - previously mined for manganese in the 1970's, which may comprise a gold-bearing vein-fault system with potential for porphyry copper mineralisation.

Dupax - previously open-pit mined for zinc-copper-gold massive sulphide deposits. Grades of 45.7% Zn, 3.89% Cu and ~4g/t Au have been obtained.

Other Projects in the Company’s portfolio are covered by Exploration Permit applications

Puray - 2000tn of ore at better than 10% Cu mined previously. Estimated 8Mt of copper ore grading at least 0.7%, with a possible additional 28Mt at similar grade.

Worldwide - was the subject of copper-gold-molybdenum exploration in the 1970's. The Company is currently obtaining and collating historical data.

Capaz - hand panners have recovered nuggets and dust since 1987, and the area has the potential for a shallow gold resource.

Waigeo Island - Located in Indonesia, between Papua New Guinea and the Philippines. Historical drilling during the 1970s identified laterite deposits within the area of some 35Mt.

Geographical Spread

The Philippines and Indonesia (inset)

Board of Directors and Key Management

CEO	Jonathan Beardsworth
Executive Chairman	Ian Holzberger
Finance Director	Tim Wheeler
Executive Director & Chief Geologist	Gary Powell
Non Executive Director	Jonathan Pearson
Chief Operating Officer Philippines	Peter Draper

Company Address University House 11-13 Lower Grosvenor Place London, London, United Kingdom SW1W 0EX Telephone: 0044(0) 207 963 9540 Facsimile: 0044(0) 207 963 9549 Email: info[at]metalsexploration.com Website: http://www.metalsexploration.com

Additional Address/Key Contact Philippines Office (Manila) Tel: 0063(0)2 892 7107 Fax: 0063(0)2 816 2351

Capital For current share price see Metals Exploration website. Undiluted: 112,283,795 Fully diluted: 139,337,799

Annual General Meeting April

Year End 30th September

Nominated Brokers Hanson Westhouse 12th Floor One Angel Court London EC2R 7HJ Tel: +44 (0) 20 7601 6100

Nominated Advisors Hanson Westhouse 12th Floor One Angel Court London EC2R 7HJ Tel: +44 (0) 20 7601 6100

Broker/Analyst Reports

13/10/08 - t1ps.com
04/03/08 - Collins Stewart
02/11/07 - Collins Stewart
02/11/07 - Hardman & Co.
14/08/07 - Collins Stewart
23/04/07 - Hardman & Co: A Golden Opportunity - 23.04.2007

Major Shareholders

Our major shareholders include:

Allianz Cornhill,

Williams de Broe

Baker Steel Capital

AXA Framlington

Majedie Asset Management.

Related News

16/04/08 - Metals Exploration Can Go At Runruno Without The Moly, But Would Rather Keep It In
05/07/07 - Metals Exploration Expects Pre-Feasibility Study On Runruno Shortly
24/11/06 - Metals Exploration Feels The Market Has Overlooked The Potential Of Its Molybdenum Resource

Most Recent Statement

03/11/08 - Positive Scoping / Pre-Feasibility Study Results
15/07/08 - Runruno Scoping Study - Update
09/07/08 - Appointment of Chairman & Finance Director
05/06/08 - Grant of Additional Exploration Permits
16/05/08 - METALS EXPLORATION PLC PLACING
28/04/08 - Results of AGM