29.10.2009 - FTAA Approved for Runruno Project

29 October 2009

Metals Exploration Plc is pleased to report that its Financial or Technical Assistance Agreement (“FTAA”) for the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines has been signed by order of President Macapagal-Arroyo, President of the Republic of the Philippines.  

Highlights:

·        FTAA signed by Executive Secretary Eduardo Ermita on the authority of the President

·        Provides a stable investment regime for project development and subsequent operation

·        Ensures security of title for 25 years, renewable for a further 25 years

·        Metals Ex retains rights to 100% of the project

·        Tax holiday for up to 5 years following commencement of production until Metals Ex has recovered its pre-operating expenses and investment

·        Arbitration, if needed, conducted in at the International Arbitration Centre (SIAC)

 

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