Philippine Metals Inc. Applies to Extend the Expiry Date of Outstanding Warrants

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES.


Philippine Metals Inc. (the "Corporation") (TSX VENTURE:PHI)(FRANKFURT:PM7)
announces that it has applied to the TSX Venture Exchange (the "Exchange") to
extend the expiry date of certain of its outstanding common share purchase
warrants (the "Warrants"). The application has been made to extend the term of
3,333,333 Warrants with an exercise price of $0.60 per common share and due to
expire on October 21, 2010 by one year to October 21, 2011. These Warrants were
issued as part of the New Meridian financing that was completed prior to the
Reverse Take Over transaction recently completed with Philippine Metals Corp.
The amended two year term of these Warrants equals the two year term of the of
the warrants issued by Philippine Metals Corp. The extension of the term of the
Warrants is subject to the acceptance of the Exchange.


For further information on the original issuance of the Warrants, please refer
to the press releases of the Corporation dated May 26, 2009 and October 26, 2009
filed on SEDAR.


Warrantholders are advised that replacement Warrant certificates will not be
issued and that the original Warrant certificates must be presented to the
Corporation in order to effect the exercise or transfer of such Warrants.

Philippine Metals (TSXV:PHI)
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