The Panel of Arbitrators of the Regional Mines and Geosciences Bureau has ruled on the formal objection to the Philippine Metals’ Malitao Exploration Permit Application (EPA) in favour of the company and that Pacific Metals Canada Philippines Inc (PMCPI), a wholly-owned subsidiary of Philippine Metals, is the rightful title holder of the Malitao EPA under Philippine law and that the adverse claim was without merit. 1

As provided for under the rules and regulations of Philippine law governing the process relating to a tenement title dispute, either party has the right to appeal the decision of the Panel to the Mines Adjudication Board (the MAB).

The company has received from the Panel a copy of documents submitted by the objecting party directly to the MAB in the Mines and Geosciences Bureau’s Central Office in Greater Manila appealing the decision of the Panel. Philippine Metals is awaiting the MAB’s instructions with regard to the due process of the appeal.

Philippine Metals remains confident that the Panel ruled correctly in denying the formal objection to its Malitao EPA and remains confident that the MAB will uphold the Panel’s decision.

Philippine Metals 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.

www.philippinemetals.com

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