Philippine Metals Begins Airborne EM/Mag Survey on the Entire Taurus Project

CALGARY, ALBERTA -- (Marketwire) -- 12/21/10 -- Philippine Metals Inc. (the 'Company') (TSX VENTURE: PHI)(OTCQX: PHIXF)(FRANKFURT: PM7) is pleased to announce the commencement of a 1,440 line km airborne EM/Mag survey on its Taurus Project.

The airborne Versatile Time-Domain Electromagnetic (VTEM) survey will cover approximately 1,440 line-km with 100 m line-spacing and tie-lines every 1,000-m. Specific areas of interest will be surveyed at 50 m intervals. The airborne survey will be completed by January 2011 with results from processing by February 2011. The survey is expected to:

--  provide more understanding of the 3-dimensional extent of the drill
    target pursued through an initial drill testing phase conducted at the
    Kambalantong-Malayahay Area
--  identify and define additional massive sulphide targets within the rest
    of the 9,896 hectare tenement blocks.

'We are very pleased to announce that we are beginning the airborne survey,' stated Marshall Farris, President of Philippine Metals Inc. 'This will be the first time that such a technologically-advanced survey has been flown over the entire project area. We are quite optimistic that the use of this cost-effective geophysical survey could potentially lead to the discovery of multiple highly prospective massive sulphide targets on the project.'

The company has commissioned Geotech Airborne Malta Ltd. to conduct the survey using its VTEM geophysical system because:

--  it is excellent for locating discrete conductive anomalies (massive
    sulphide bodies) as well as mapping lateral & vertical variation in
    resistivity (stratigraphic mapping)
--  it uses a high sensitivity cesium magnetometer for mapping geologic
    structures and lithologies
--  it has topographic mapping capabilities with the use of radar altimeter
    with about 1-m accuracy coupled with a real time (CDGPS) navigation
    system for an in-flight accuracy of up to 3 meters
--  it has an expected depth penetration range (VTEM-mag technology) from
    300 to 800 meters

William Dynes P Geol, is the qualified person, as defined in NI 43-101, whom has reviewed and verified the scientific and technical disclosures contained in this press release.

About Philippine Metals Inc.

Philippine Metals Inc. is focused on the exploration, discovery and development of highly prospective copper and copper-gold deposits in the Philippines. Based on the region's geological environment, the company's management team recognizes the country's potential for hosting large, world-class deposits of copper and copper-gold.

The Company's initial projects, Taurus, Malitao and Dilong, are examples of management's ability to source quality, highly prospective targets. The management team combines strong financial capabilities with world-class experience in mineral exploration, discovery and mine development.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Philippine Metals Inc.

Marshall Farris

President & Director

604.684.4743 ext. 222

403.398.0693 (FAX)
marshall@philippinemetals.com
www.philippinemetals.com


Ascenta Capital Partners Inc.

Jamie Mathers

Investor Relations

604.684.4743 ext. 236 or 866.684.4209
Jamie@ascentacapital.com