The Philippines Mining Luncheon on June 10 will be a presentation by Ian Holzberger of Metals Exploration on its Runruno gold-molybdenum project. This is the company’s principle asset, on the island of Luzon in the northern Philippines. Work to date has defined a resource of 1.39 Moz of gold, and 25.6 Mlb of molybdenum with 1,050,000 oz gold reporting to the Measured and Indicated categories and 900,000 oz gold within the Mining Proven & Probable Reserve category.  The company acquired the project in February 2005 and holds an 85% interest with an exclusive option over the remaining 15%. In May 2010 the Company announced the results of the Runruno project Feasibility Study which confirmed the viability of the project, projecting average production of 96,700 oz of gold per annum over a mine life of 10.4 years, at an average forecast operating cost $477/oz gold before any molybdenum credits. The capital cost is forecast to be $149.3 million, with payback within 3.5 years at $1,000/oz gold. The Runruno project will be an open pit operation, and will use the proven BIOX^® and carbon in leach processes to recover gold and molybdenum.

In March 2010 the Company announced the award of the Environmental Compliance Certificate (ECC) for the Runruno project, which was issued after satisfactory evaluation of the project’s Environmental Impact Statement by the Philippine Environmental Management Bureau. The ECC process was conducted with the full participation and involvement of the local community, and under the ECC the company is committed to implement measures to protect and mitigate against any adverse impacts on the health and welfare of community and the environment. Securing the ECC is a significant point, following the award of the Financial or Technical Assistance Agreement, demonstrating continued support from the Philippine Government for the development of the Runruno project.