PR: Metals Exploration Permit Extended For Runruno Gold Project, Philippines
Metals Exploration PLC (AIM: MTL) said the exploration permit (EP) covering the Runruno gold-molybdenum project in the Philippines has been renewed by the government for a year.
The EP granted to its unit FCF Minerals Corporation was renewed on July 31 2009 by the Director of the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR). This extension will automatically terminate upon the approval of the conversion of the EP to a Financial or Technical Assistance Agreement (FTAA).
The FTAA is a partnership between Metals Exploration and the Philippine government, designed to allow the company 100 percent ownership of the project, while developing the mineral resource in an environmentally and socially responsible manner.
An FTAA is valid for a 25 year term, and its legality is well established under the Philippine Mining Act of 1995. In order to qualify to construct a mining and processing operation under an FTAA, a development investment of at least US$50 million is required.
In March 2009, DENR Secretary Lito Atienza endorsed Metals Exploration’s application to upgrade Runruno to an FTAA to President Arroyo.
