Results of AGM and Start of Major Construction

RNS Number : 4283H

Metals Exploration PLC

19 June 2013

 



19 June 2013

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.

Results of AGM and Announcing the Start of Major Construction

Results of AGM

The Directors of Metals Exploration announce that at the annual general meeting held on 19 June 2013, all resolutions were duly passed.

A copy of the presentation delivered to the shareholders at today's AGM is available on the Company's website and can be accessed from the following link.

http://www.metalsexploration.com/investor-presentation.html

Start of Major Construction

Following a meeting of the Board of Directors of the Company held on 19 June 2013, Metals Exploration is pleased to announce that full construction of the Runruno project will commence on 1 July 2013. It is expected the build duration will be circa 15 months to first pour, forecast for early Q4 2014.

The Chairman, Mr Ian Holzberger added that the first major contract package for the construction of the process plant for a SAG mill has been awarded to CITIC Heavy Industries Co Ltd, to be manufactured in China. The SAG mill is the longest lead time item in the equipment procurement schedule and is expected to be fully delivered May 2014 and commissioned by the end of Q3 2014.

Mr Holzberger commented, "our shareholders have been supportive of the progress the Company has made over the last few years and our energy and focus is on commencing commercial production as soon as we possibly can and realise value as a reward for their confidence through some challenging times".

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

Metals Exploration PLC                                                 [e-mail]

Ian R. Holzberger                                                                             [phone]

(Chairman)                                                                                         [phone]

Liam A. Ruddy                                                                                   [phone]

(Company Secretary)                                                                     [phone]

Nominated Adviser

Westhouse Securities Ltd                                                            [phone]

Martin Davison

Paul Gillam                                                                        

Public Relations

Tavistock Communications

Edward Portman                                                                              [phone]

Jos Simson                                                                                          [phone]

Broker

SP Angel Corporate Finance LLP                                                 [phone]

Ewan Leggat

Katy Birkin

 

END

 

 

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