19.11.2009 - Runruno Resource Update

19 November 2009

Metals Exploration today announces a resource update for its Runruno gold-molybdenum project on the island of Luzon in the northern Philippines.

Overview:

    * Independent resource estimate using advanced geostatistical methods conducted by Mining Associates Pty Ltd as part of the Runruno Feasibility Study
    * Total JORC-compliant Measured, Indicated and Inferred Mineral Resource is now estimated to contain 1.5Moz of gold and 25.4Mlb of molybdenum (previously 2.0Moz gold and 34.4Mlb molybdenum):
          o Measured ounces more than doubled to contained 560,000oz of gold (previously 270,000oz)
          o Indicated ounces reduced to contained 290,000oz of gold (previously 487,000oz)
          o Inferred ounces reduced to contained 650,000oz of gold (previously 1,248,000oz)
    * The combined Measured and Indicated resource containing 850,000oz of gold now comprises 57% of the total resource (previously 38%)
    * Strong conversion rate into the Measured and Indicated resource categories from the previous resource
    * Feasibility Study to be reworked to reflect revised resource
    * Step-out drilling continues in order to identify further resources
    * Gary Powell, Executive Director, has resigned from the Board and left the Company

To read the full announcement please visit the Company News area.