Philippine Metals Sells NSR on Ming's Mine

Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX
VENTURE:PHI)(FRANKFURT:PM7) announces Rambler Metals and Mining PLC (TSX
VENTURE:RAB) has purchased the 2-per-cent net smelter royalty held by Philippine
Metals, formerly New Meridian Mining Corp. ("New Meridian"), on the Ming Mine
located in Newfoundland for $600,000. The NSR was held by New Meridian prior to
the Reverse Transaction between New Meridian and Philippine Metals. Under the
original NSR agreement the owner of the Ming Mine had the option to purchase the
2% NSR for $600,000.


In addition to the payment to acquire the NSR, a further NSR payment to
Philippine Metals for the period of mining operations up to February 7th, 2012
is currently being calculated by Rambler Metals and Philippine Metals. To date,
the gross amount $46,358.96 has been paid to Philippine Metals on account of the
NSR.


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.

Philippine Metals (TSXV:PHI)
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