Philippine Metals: Suhi Exploration Permits Granted; Exploration Activity to Accelerate

Philippine Metals Inc. (the "Company") (TSX VENTURE:PHI)(FRANKFURT:PM7) is
pleased to announce that it has been granted two additional exploration permits
covering its Suhi tenements on the Taurus Project by the Philippine Department
of Environment and Natural Resources (DENR) on June 23, 2010. The two additional
Suhi permitted tenements adjoin the Company's already permitted tenement (the
"Taurus Block") and collectively comprise the Company's 9,896 ha Taurus Project,
which is located in the north-eastern part of the island of Leyte near the city
of Tacloban (please see location plan on the Company's website). 


With the addition of the 6,290 ha of tenement covered by the two Suhi
exploration permits, the Taurus Project now largely encompasses the entire
Palo-Babatngon "Ophiolitic Belt" on Leyte. Several historical mining camps and
mineralized occurrences can now be targeted for exploration with the granting of
these new permits (see descriptions below).


Ophiolite terrains are sections of the ocean floor that have been obducted into
and onto island arcs. They are often associated with Cyprus type volcanogenic
massive sulphide (VMS) deposits that are notably rich in copper. Within the
Taurus Project, occurrences and historical deposits of Cyprus style Cu
mineralization stretch considerable distances in two parallel belts.  


The granting of the Suhi exploration permits will enable the Company to
accelerate its planned exploration activities currently underway. The Company is
making arrangements to immediately deploy an independent environmental
assessment team to the Suhi tenements and geological field crews are ready to
conduct mapping and sampling at the historical mining camps on the Suhi
tenements. These activities will be complemented in due course by additional
ground geophysics and core drilling to test and delineate the reported
mineralized zones.


Currently, the Company is working to finalize arrangements to conduct a 1,000
line km helicopter-borne TEM (time domain electromagnetic) survey over the
entire Taurus Project. The survey will be designed to identify and discriminate,
at depth, any conductors that may be associated with the occurrence of massive
sulphides. In addition to providing better resolution of previously identified
surface targets, significant new targets may be identified within the highly
prospective Palo-Babatngon Ophiolitic Belt. 


"The granting of these additional exploration permits on our Taurus Project
demonstrates the support for our Company from the local communities and the
Philippine Mines and Geosciences Bureau and the Department of Energy and Natural
Resources," stated Marshall Farris, President of Philippine Metals. "Our Company
is the first to consolidate this entire 17.6 km historical mining belt into one
land package. This will enable us now to undertake a focused and systematic
exploration program across almost the entire Palo-Babatngon Ophiolitic Belt,
where modern exploration techniques will be employed for the first time." 


About the Suhi Tenements

The first Suhi tenement, situated immediately adjacent to the Taurus Block to
the north and to the east, covers approximately 5,032 ha in one tenement block.
The second Suhi tenement is comprised of three smaller blocks, each located
adjacent to the first Suhi tenement to the east, which collectively extend the
Taurus Project permitted tenement by a further 1,258 ha. 


The Suhi tenements add to the Taurus Project permitted areas that include two
historical mining sites and one mineral occurrence site, as highlighted below:




1.  At Cabalawan, in the Barrio Suhi mining site - Rafael Zerda, Senior
    Geologist at the Mines and Geosciences Bureau ("MGB"), in February 1974
    conducted a field verification and appraisal of the area and estimated,
    based on regularly spaced test pit and trenches, that two strike
    persistent copper-bearing veins contained 2.02 M tonnes with a grade of
    2 - 3% Cu. This resource was not estimated according to NI 43-101
    regulations and should not be relied upon; 
    
2.  At the Caibaan mining site - Conrado Fortamos (1964), Supervising
    Geologists of the MGB, based on a sampling of 17 X-ray drill holes,
    three test pits and a tunnel, estimated 51,000 tonnes of 5.09% Cu. This
    resource was not estimated according to NI 43-101 regulations and should
    not be relied upon; 
    
3.  At the (Bagacay) Suhi mineral occurrence site - Armando Paredes (1972),
    also an MGB geologist, reported fissure filling lenticular
    mineralization up to 4 m thick with samples assaying 0.4 - 1.8% Cu. 
    



The Taurus Project lies along a rugged north-west trending mountain range
referred to as the Palo-Babatngon Ophiolitic Belt, which is gently-rolling in
the east but abruptly rises toward the west. Bagahupi Peak, the highest landmark
in the area, has an elevation of about 600 m. The Taurus Project extends over a
length of approximately 18 km along this belt and currently contains two broad
zones of copper mineralization - the Palo - Salvacion -Kambalantong/Malayahay -
San Roque/Boboa trend on the west and the Caibaan - (Bagacay) Suhi - Barrio Suhi
trend on the east. 


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.


The information concerning the Taurus Project set out in this news release has
been summarized from, and is qualified in its entirety by a report on the Taurus
Project dated October 22, 2009 (the "Technical Report"). The Technical Report
was prepared in accordance with NI 43-101 and a copy is available under the
Company's SEDAR profile at www.sedar.com.


William Dynes, P Geol, is the qualified person, as defined in NI 43-101, who has
reviewed and verified the scientific and technical disclosures contained in this
press release. Mr. Dynes is independent from the Company.


Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking
statements. These statements relate to future events or the future performance
of the Company. All statements, other than statements of historical fact, may be
forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"propose", "potential", "targeting", "intend", "could", "might", "should",
"believe", "budgeted", "scheduled", "forecasts", and similar expressions or
variations (including negative variations). These statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. The Company believes that the expectations reflected in those
forward-looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied upon by investors as
actual results may vary. These statements speak only as of the date of this news
release and are expressly qualified, in their entirety, by this cautionary
statement. The Company undertakes no obligation to update any forward-looking
statement or information to reflect information, events, results, circumstances
or otherwise after the date of which such statement is made or to reflect the
occurrence of unanticipated events, except as required by law.


In particular, this news release contains forward-looking statements, pertaining
to the following:




-- capital expenditure programs;                                         
-- development of resources;                                             
-- treatment under governmental regulatory and taxation regimes;         
-- expectations regarding the Company's ability to raise capital;        
-- expenditures to be made by the Company to meet certain work           
   commitments; and                                                      
-- work plans to be conducted by the Company.                            



With respect to forward-looking statements listed above and contained in this
news release, management of the Company have made assumptions regarding, among
other things: 




-- the legislative and regulatory environment;                           
-- the impact of increasing competition;                                 
-- the requirement to obtain certain governmental approvals;             
-- unpredictable changes to the market prices for copper and other       
   minerals;                                                             
-- that costs related to development of copper and other minerals will   
   remain consistent with historical experiences;                        
-- anticipated results of exploration activities and mine development;   
   and                                                                   
-- the Company's ability to obtain additional financing on satisfactory  
   terms.                                                                



The Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of the risk factors set forth below
and elsewhere in this news release: 




-- volatility in the market prices for copper and other minerals;          
-- changes to the legislative and regulatory environment                   
-- uncertainties associated with estimating resources;                     
-- geological, technical, drilling and processing problems;                
-- construction problems regarding development of a mining operation;      
-- liabilities and risks, including environmental liabilities and risks,   
   inherent in mineral exploration, development and production operations; 
-- fluctuations in currency and interest rates;                            
-- incorrect assessments of the value of resources;                        
-- unanticipated results of exploration activities;                        
-- competition for, among other things, capital, acquisitions of resources,
   undeveloped lands and skilled personnel; and                            
-- unpredictable weather conditions.                                       



The Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of these risk factors set forth
above.


New factors emerge from time to time and it is not possible for management to
predict all such factors, and to assess in advance the impact of such factor on
the Company's business or the extent to which any factor, or combination of
factors, may cause actual results that differ from those contained in any
forward looking statements or information.
Philippine Metals (TSXV:PHI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024