Metals Exploration’s Runruno gold-molybdenum project endorsed by Philippines President Arroyo; shares soar
November 3rd, 2009
Filed under: Mine - Runruno, Mineral - Gold, Mineral - Molybdenum
Metals Exploration PLC (AIM: MTL) said the Financial and 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, thus upgrading the project from its previous exploration permit status.
Shares rose 8.3 percent in early London trade on the news, outshining an otherwise depressed market.
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