Philippine Metals Inc. (PHIXF: OTC Link) | Malitao Ruling Update

Malitao Ruling Update

Sep 09, 2011

OTC Disclosure News Service

Calgary, ALB, Canada –


Malitao Ruling Update 

September 9, 2011-Calgary, AB – On July 27, 2011, PhilippineMetals Inc. (“Philippine Metals” or the Company”) (TSXV: PHI,OTCQX: PHIXF; Frankfurt: PM7) announced that the Panel of Arbitrators of theregional Mines and Geosciences Bureau (the “Panel”) had ruled on the formalobjection to the Company’s Malitao Exploration Permit Application (“EPA”) infavour of the Company and that Pacific Metals Canada Philippines Inc.(“PMCPI”), a wholly-owned subsidiary of Philippine Metals, is the rightfultitle holder of the Malitao EPA under Philippine law and that the adverse claimwas without merit.

As provided for under the rules and regulations ofPhilippine law governing the process relating to a tenement title dispute,either party has the right to appeal the decision of the Panel to the MinesAdjudication Board (the “MAB”). The Company has received from the Panel a copy of documents submitted bythe objecting party directly to the MAB in the Mines and Geosciences Bureau’sCentral Office in Greater Manila appealing the decision of the Panel.  Philippine Metals is currently awaitingthe MAB’s instructions with regard to the due process of the appeal. Philippine Metals remains confident that the Panel ruled correctly indenying the formal objection to its Malitao EPA and remains confident that theMAB will uphold the Panel’s decision. The Company will provide a further update as developments require.

About Philippine Metals Inc.

Philippine Metals Inc. is focused on the exploration,discovery and development of highly prospective copper and copper-gold depositsin the Philippines. Based on the region’s geological environment, the Company’smanagement 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 prospectivetargets. The management team combines strong financial capabilities withworld-class experience in mineral exploration, discovery and mine development.

 

ON BEHALF OF THE BOARD OF

PHILIPPINE METALS INC.

Feisal Somji

Chief Executive Officer

 

 

 

 

For further information, contact:

 

Philippine Metals Inc.

Marshall Farris, President Director

Phone: 604.684.4743 ext. 222

Fax: 403.398.0693

Email: marshall@philippinemetals.com

Website: www.philippinemetals.com

 

Investor Relations

Jamie Mathers, Ascenta Capital Partners Inc.

Phone: 604.684.4743 ext. 236

Phone: 866.684.4209

Email: Jamie@ascentacapital.com

 

Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release.

 

This news release contains forward-looking informationincluding but not limited to comments regarding the timing and content ofupcoming work programs, geological interpretations and potential mineralrecovery. Forward-looking information includes disclosure regarding possiblefuture events, conditions or results of operations that is based on assumptionsabout future economic conditions and courses of action, and therefore, involvesinherent risks and uncertainties. When used in this news release. The words”estimated”, “plan”, “anticipated”,”expected”, “intend”, believe”, and similarexpressions are intended to identify forward-looking statements. Thesestatements involve known and unknown risks, uncertainties and other factorsthat may cause the actual results, performance or achievements of the Companyto be materially different from any future results, performance or achievementexpressed or implied by such forward-looking statements. For anyforward-looking information given, management has assumed that the analyticalresults it has received are reliable, and has applied geological interpretationmethodologies which are consistent with industry standards. Although managementhas a reasonable basis for the conclusions drawn, there can be no assurancethat forward-looking statements will prove to be accurate and actual resultsmay differ materially from those currently anticipated in such statements.Forward-looking statements included in this news release are made as of thedate of this press release and the Company disclaims any intention or obligationto update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as expressly required byapplicable securities legislation

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/PHIXF/news?id=35523

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