Philippine Metals Inc. Announces Shareholder Approval of the Re-Election of Board and Shareholder Rights Plan

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Philippine Metals Inc. (the "Corporation" or "Philippine Metals") (TSX
VENTURE:PHI)(FRANKFURT:PM7) is pleased to announce the results of the Annual
General and Special Meeting of Shareholders held yesterday (the "AGM"). Marshall
Farris, the President, Feisal Somji, the Chief Executive Officer, J. Roberto
Delgado, James Glass, Edward Farrauto and Louis Clinton were re-elected as the
Board of Directors of the Corporation for the upcoming year. In addition to the
annual resolutions, including the appointment of auditors, a resolution was
passed re-approving the Corporation's existing stock option plan as required by
the TSX Venture Exchange. The Corporation also received shareholder approval of
the proposed shareholder rights plan initially announced on September 10, 2010
at its AGM. The Corporation wishes to thank its shareholders for the
overwhelming support.

Philippine Metals (TSXV:PHI)
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