Philippine Metals Announces Completion of Geochemical Survey on Leyte Island, Philippines; Update on Its Malitao and Dilong P...

Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX
VENTURE:PHI)(FRANKFURT:PM7) is pleased to announce the completion of a
geochemical survey of stream sediment taken from an area covering approximately
85% of its permitted Taurus and Suhi concessions (c. 10,000 ha) on Leyte Island,
Philippines. A total of 226 stream sediment samples were collected through this
survey at an average density of approximately 2.7 samples per km sq. Statistical
and spatial analyses of the survey results has identified five new target areas
that are prospective for Cypress-type volcanogenic massive sulfide occurrences,
one new area with anomalous gold values, and one new area with anomalous
lead-zinc values. 


The geochemical data set resulting from the geochemical survey is currently
being integrated into the existing geophysical data sets in preparation for
detailed ground follow up.


Each of the stream sediment samples was tested for gold and 31 other elements.
All sampling was done under the supervision of William Dynes, P. Geol., who is a
Qualified Person as defined in NI 43-101 and has reviewed and verified the
technical aspects of this news release. The secured samples were analyzed by
McPhar of Manila, an ISO certified laboratory. Blind standards and blanks were
inserted for control. For additional information regarding the Taurus and Suhi
concessions please refer to the Company's Technical Report with an effective
date of October 22, 2009 prepared on behalf of the Company by Daniel A.
Beauchamp, P. Geol., M.B.A., and Bill Dynes, P. Geol., a copy of which is
available under the Company's SEDAR profile at www.SEDAR.com.


Malitao Update

On September 9, 2011, the Company announced that it had been advised that the
objecting party to the Malitao Exploration Permit Application ("EPA") had taken
steps to appeal the decision of the Panel of Arbitrators to the Mines
Adjudication Board ("MAB") in the Mines and Geosciences Bureau's Central Office
in Greater Manila (the "MGB Central Office"). Both parties to the Malitao
Adverse Claim have filed all relevant documentation and supporting arguments
related to the hearing with the MAB, and the case is now ready for ruling by the
same. No timeline for the MAB's ruling has been communicated to the parties. The
Company continues to believe that the Adverse Claim is without merit and is
confident that the ruling made by the Panel of Arbitrators dated July 19, 2011
in favour of the Company will be upheld by the MAB. The Company will provide a
further update as developments require.


Dilong Update

Further to the news release on April 21, 2011, the Company continues its efforts
to work with the Mines and Geosciences Bureau ("MGB") to overturn the
cancellation of the Dilong EPA last year by the MGB pursuant to its "use it or
lose it" policy. The Company has filed with the MGB Central Office the
appropriate objection notice, supported by documentation already filed with the
MGB regional office demonstrating that the Company had been actively advancing
its permit application and complying with all of the requirements set by the
government. Currently, the case is with the MGB Central Office where it awaits
the action of the Director. The Company continues to believe that it has
demonstrated legal arguments to overturn the cancellation due to both force
majeure considerations and the absence of due process in the cancellation.


In addition to the focus on its existing projects, the Company continues to
actively seek out and evaluate prospective project opportunities in the
Philippines with the potential to create value for its shareholders.


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 the timing for the resolution of disputes.
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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