Metals Exploration shares suspended ahead of Runruno resource estimate
17 November 2009
AIM listed mining group Metals Exploration today responded to a recent fall in its share price by requesting a trading suspension.
The shares were down nearly 14% to 18.75p on the day before trading was halted. The group’s share price has risen steadily from a low in January of 6.75p.
Metals company did not make it entirely clear why the trading halt had been requested but did say that it would be making an announcement in the near future concerning a resource estimate for its flagship Runruno project in the Philippines.
Runruno is located in the mineral rich province of Nueva Viscaya and has been the subject of extensive test work by Metals since it took ownership in 2005.
Exploration to date has defined a JORC-compliant inferred and indicated mineral resource of 2.0 million ounces of gold and 34.4Mlb of molybdenum, contained within 31.17 million tonnes at average grades of 2.00 grams per ton of gold and 0.05% molybdenum.
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