Mines and Geosciences Bureau Order

RNS Number : 6918D

Metals Exploration PLC

28 October 2015

 

28 October 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 - Runruno Project

Metals Exploration, through its Philippine subsidiary company FCF Minerals Corporation ("FCF"), advises that, following a site inspection into the damage caused by Typhoon Lando (Koppu), the Mines and Geosciences Bureau ("MGB") has issued an order directing FCF to suspend certain works in the areas of the Residual Storage Impoundment, the Malilibeg dump site and tailings pipeline bench area of the Runruno project.  FCF has also been directed to undertake rehabilitation and clean up works to the areas affected by excessive water runoff.  No other mine site operations are affected by the suspension.

FCF had already prioritised and commenced works in each of the areas subsequently identified by the MGB to rectify the impact of this extreme weather event.  This work is ongoing.  As announced by the Company on 19^th October, Typhoon Lando (Koppu) caused no structural damage but there is debris to clean up and water damage to address.

The Company is working closely with the MGB to agree a programme of work to be undertaken to enable the suspension order to be lifted.  It is expected that the programme will be agreed within a week for immediate implementation.

Commissioning of the processing plant is continuing, however the commencement of processing operations will be delayed until the suspension order is lifted.  At this time it is not possible to estimate when this might occur.

Typhoon Lando (Koppu) made landfall on Sunday 18^th October, its track passing close by Runruno as it moved in a north westerly and then northerly direction across Northern Luzon.  It was recorded as a Super Typhoon event and was slow moving which resulted in the Runruno project being impacted by strong winds and intense rain fall over two days.    Beyond the immediate concerns the remainder of the Project withstood the impacts of the Typhoon well.

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

Ian R. Holzberger	[phone]		Nominated Adviser
(Chairman)	[phone]		Westhouse Securities Ltd
Liam A. Ruddy	[phone]		Robert Finlay, Alastair Stratton, David Coaten	[phone]
(Company Secretary)	[phone]
			Public Relations
			Tavistock
			Edward Portman;    Jos Simson	[phone]
			Broker
			SP Angel Corporate Finance LLP
			Ewan Leggat;	[phone]

 

END

 

 

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