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30.06.2010
Suhi Exploration Permits Granted; Exploration Activity to Accelerate
Suhi Exploration Permits Granted; Exploration Activity to Accelerate
June 28, 2010 - Calgary, AB - Philippine Metals Inc. (the "Company") (TSXV: 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.
For further information, contact:
Philippine Metals Inc.
Marshall Farris, President
Phone: 604.684.4743 604.684.4743
Fax: 604.628.5595
Email: marshall@ascentacapital.com
Website: www.philippinemetals.com
Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 604.684.4743 ext. 236
Email: jamie@ascentacapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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June 28, 2010 - Calgary, AB - Philippine Metals Inc. (the "Company") (TSXV: 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.
For further information, contact:
Philippine Metals Inc.
Marshall Farris, President
Phone: 604.684.4743 604.684.4743
Fax: 604.628.5595
Email: marshall@ascentacapital.com
Website: www.philippinemetals.com
Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 604.684.4743 ext. 236
Email: jamie@ascentacapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7182571082">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7182571082</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.