Malitao Ruling in Favor of Philippine Metals Subsidiary
CALGARY, ALBERTA -- (Marketwire) -- 07/27/11 -- Philippine Metals Inc. ('Philippine Metals' or the 'Company') (TSX VENTURE: PHI)(OTCQX: PHIXF)(FRANKFURT: PM7) is pleased to report that the Panel of Arbitrators of the regional Mines and Geosciences Bureau (the 'Panel') has now ruled on the formal objection to the Company's Malitao Exploration Permit Application ('EPA'). In its ruling, the Panel upheld that Pacific Metals Canada Philippines Inc. ('PMCPI'), a wholly-owned subsidiary of Philippine Metals, is the rightful title holder of the Malitao EPA under Philippine law and that the adverse claim was without merit.
'This has been a frustrating and unforeseen experience for our Company. Our focus on creating wealth for all stakeholders, including local communities, has been unnecessarily diverted. The Company has already signed a Memorandum of Agreement with the local community and has received sign off from the National Commission on Indigenous Peoples. We will now work diligently with the Mines and Geosciences Bureau to push forward the remaining application and approval process for the granting of our Malitao exploration permit,' stated Marshall Farris, President of Philippine Metals.
Mr. Leo Dominguez, Director of PMCPI and a lawyer who co-authored the bill that became the 1995 Philippine Mining Act added, 'This objection filed on the Malitao EPA was completely without merit and we are delighted that the EPA review process as set out under the Mining Act has been successfully administered to yield a just outcome.'
The Company wishes to acknowledge and express its deep appreciation for the strong and visible support received by our Company from the Governor of the Province of Apayao, the Congresswoman of the Province of Apayao and the Mayor, council members and community of Sitio Malitao, which has been extremely helpful in advancing due process. The Company's stated objective to work with all stakeholders in creating a stronger and healthier community has garnered a strong partnership from which to build as it will now prepare to begin work on the project.
Philippine Metals and PMCPI also wish to express their sincere appreciation for the professionalism shown by members of the Mines and Geosciences Bureau and the Department of Environment and Natural Resources in the resolution of this matter.
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.
ON BEHALF OF THE BOARD OF PHILIPPINE METALS INC.
Feisal Somji, Chief Executive Officer
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.
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.
Contacts:
Philippine Metals Inc.
Marshall Farris
President & Director
604.684.4743 ext. 222
403.398.0693 (FAX)
marshall@philippinemetals.com
www.philippinemetals.com
Ascenta Capital Partners Inc.
Jamie Mathers
Investor Relations
604.684.4743 ext. 236 or 866.684.4209
Jamie@ascentacapital.com