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May 10, 2010- Calgary, AB - Philippine Metals Inc. (the "Company") (TSXV: PHI) (FRANKFURT: PM7) announces that it has applied to the TSX Venture Exchange (the "Exchange") to extend the expiry date of certain of its outstanding common share purchase warrants (the "Warrants ").  The application has been made to extend the term of 3,333,333 Warrants with an exercise price of $0.60 per common share and due to expire on October 21, 2010 by one year to October 21, 2011.  These Warrants were issued as part of the New Meridian financing that was completed  prior to the Reverse Take Over transaction recently completed with Philippine Metals Corp.  The amended two year term of these Warrants equals the two year term of the of the warrants issued by Philippine Metals Corp.  The extension of the term of the Warrants is subject to the acceptance of the Exchange.  

For further information on the original issuance of the Warrants, please refer to the press releases of the Corporation dated May 26, 2009 and October 26, 2009 filed on SEDAR.

Warrantholders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to the Corporation in order to effect the exercise or transfer of such Warrants.

For further information, contact:

Feisal Somji, CEO

Philippine Metals Inc.

Phone: 403.236.4520

Fax: 403.398.0693

Email: feisal@somji.ca

Jamie Mathers

Investor Relations

Phone: 604.684.4743 ext. 236

Email: jamie@ascentacapital.com