Update on Partial Suspension Order & Permitting

RNS Number : 4398H

Metals Exploration PLC

01 December 2015

 

1 December 2015

METALS EXPLORATION PLC

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), the natural resources exploration and development company with assets in the Pacific Rim region.

Partial Suspension Order and Update on Permitting - Runruno Project

Partial Suspension Order Update

Metals Exploration, through its Philippine subsidiary company FCF Minerals Corporation ("FCF"), advises that the rehabilitation and clean up works in the areas affected by the recent typhoon are progressing well. In addition to this work a comprehensive programme of enhancement work is being undertaken on the Malilibeg dump site and within the down-stream Residual Storage Impoundment ("RSI") areas for the satisfaction of the Mines and Geosciences Bureau ("MGB").  These works will be complemented by independent third party geotechnical assessments of the enhanced and existing structures. The programme of works is expected to be completed in December with assessment by the MGB following thereafter.

The completed rehabilitation works and independent geotechnical assessment will provide the MGB the basis to lift the partial suspension order.

Permitting and Commissioning Update

Operational permitting of the Project, in particular the Processing Plant, has continued largely unaffected by the partial suspension order.  The majority of the plant is now permitted for operations.  The remainder of the plant is undergoing verification and will be permitted progressively as ore is processed and ramp up commences.

The Processing Plant has been successfully commissioned on water and stands ready to commence ore commissioning, which can only occur following the lifting of the partial suspension order impacting the RSI and Malilibeg dump areas, and the subsequent commissioning of the tailing discharge pipeline and the RSI.   

Currently the Company is forecasting that ore commissioning of the Processing Plant leading to first production will commence during the second half of January 2016.  This forecast is provided after taking into account the combined impacts of the partial suspension order and the comprehensive close down of business in the Philippines over the Christmas and New Year period.

For further information please visit or contact www.metalsexploration.com

Ian R. Holzberger	[phone]		Nominated Adviser:     WESTHOUSE SECURITIES Ltd
(Chairman)	[phone]		Robert Finlay, Alastair Stratton, Edward Thomas	[phone]
Liam A. Ruddy	[phone]
(Company Secretary)	[phone]		Public Relations:     TAVISTOCK
			Edward Portman;    Jos Simson	[phone]
			Broker:     SP ANGEL CORPORATE FINANCE LLP
			Ewan Leggat;	[phone]

 

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