Philippine Metals Announces Completion of Geochemical Survey on Leyte Island, Philippines; Update on Its Malitao and Dilong Projects
CALGARY, ALBERTA -- (Marketwire) -- 07/03/12 -- Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX VENTURE: PHI)(FRANKFURT: PM7) is pleased to announce the completion of a geochemical survey of stream sediment taken from an area covering approximately 85% of its permitted Taurus and Suhi concessions (c. 10,000 ha) on Leyte Island, Philippines. A total of 226 stream sediment samples were collected through this survey at an average density of approximately 2.7 samples per km sq. Statistical and spatial analyses of the survey results has identified five new target areas that are prospective for Cypress-type volcanogenic massive sulfide occurrences, one new area with anomalous gold values, and one new area with anomalous lead-zinc values.
The geochemical data set resulting from the geochemical survey is currently being integrated into the existing geophysical data sets in preparation for detailed ground follow up.
Each of the stream sediment samples was tested for gold and 31 other elements. All sampling was done under the supervision of William Dynes, P. Geol., who is a Qualified Person as defined in NI 43-101 and has reviewed and verified the technical aspects of this news release. The secured samples were analyzed by McPhar of Manila, an ISO certified laboratory. Blind standards and blanks were inserted for control. For additional information regarding the Taurus and Suhi concessions please refer to the Company's Technical Report with an effective date of October 22, 2009 prepared on behalf of the Company by Daniel A. Beauchamp, P. Geol., M.B.A., and Bill Dynes, P. Geol., a copy of which is available under the Company's SEDAR profile at www.SEDAR.com.
Malitao Update
On September 9, 2011, the Company announced that it had been advised that the objecting party to the Malitao Exploration Permit Application ("EPA") had taken steps to appeal the decision of the Panel of Arbitrators to the Mines Adjudication Board ("MAB") in the Mines and Geosciences Bureau's Central Office in Greater Manila (the "MGB Central Office"). Both parties to the Malitao Adverse Claim have filed all relevant documentation and supporting arguments related to the hearing with the MAB, and the case is now ready for ruling by the same. No timeline for the MAB's ruling has been communicated to the parties. The Company continues to believe that the Adverse Claim is without merit and is confident that the ruling made by the Panel of Arbitrators dated July 19, 2011 in favour of the Company will be upheld by the MAB. The Company will provide a further update as developments require.
Dilong Update
Further to the news release on April 21, 2011, the Company continues its efforts to work with the Mines and Geosciences Bureau ("MGB") to overturn the cancellation of the Dilong EPA last year by the MGB pursuant to its "use it or lose it" policy. The Company has filed with the MGB Central Office the appropriate objection notice, supported by documentation already filed with the MGB regional office demonstrating that the Company had been actively advancing its permit application and complying with all of the requirements set by the government. Currently, the case is with the MGB Central Office where it awaits the action of the Director. The Company continues to believe that it has demonstrated legal arguments to overturn the cancellation due to both force majeure considerations and the absence of due process in the cancellation.
In addition to the focus on its existing projects, the Company continues to actively seek out and evaluate prospective project opportunities in the Philippines with the potential to create value for its shareholders.
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.
ON BEHALF OF THE BOARD OF PHILIPPINE METALS INC.
Feisal Somji, Chief Executive Officer
This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and the timing for the resolution of disputes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "plan", "anticipated", "expected", "intend", believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. Forward-looking statements included in this news release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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
866.684.4209
jamie@ascentacapital.com