March 31,
2011 - Calgary, AB - Philippine
Metals Inc. (the "Company") (TSXV: PHI) (FRANKFURT: PM7)(OTCQX: PHIXF) is pleased to provide an update
on activities and developments on its Malitao
and Taurus Projects.
Malitao Update
Further to the update provided in its news
release on September 23, 2010 in which the Company advised that a formal
objection to its Malitao Exploration Permit
Application ("EPA") had been filed during the permitting
process, the Company advises that EPA process is still ongoing and, on
March 2, 2011, the Panel of Arbitrators of the regional Mines and
Geosciences Bureau (the "Panel") convened a hearing in which
Philippine Metals and the other party presented their respective
arguments to the Panel. A date for delivery of the Panel's decision has
not been communicated to the parties. In parallel, the Company has filed
a Motion for Resolution formally requesting the Panel to rule on the
objection. Philippine Metals continues to believe that the objection filed
on the Malitao EPA is completely without merit
and remains confident that the EPA will be granted in favor of Philippine
Metals. The Company will continue to work thru the EPA process as quickly
as possible and is poised to ramp its activities on the project once this
is complete.
Taurus Update
On December 21, 2010, the Company announced that
it had commenced a 1,440 line km airborne EM/Mag
survey on its Taurus Project. The airborne survey was completed in early
January 2011 and the Company has now received the final digitized output
from the survey. The initial results of the survey highlighted some
areas that may warrant further evaluation however did not reveal the
results anticipated by the Company. The Company has now reviewed
all the ground and airborne geophysical data as well as the ground
sampling and mapping and has decided not to continue with the planned
drilling program. The Company is in discussions with other groups
regarding joint venture opportunities as the project does have potential
for smaller tonnage high grade material that can be feed source to
existing mills in the area.
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.
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 potential mineral recovery. 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.