Metals Exploration shares suspended

17th Nov 2009 16:11

Shares in Metals Exploration have been temporarily suspended at the company's request pending an announcement on a resource estimate for its Runruno project.The Philippines focused miner had watched its value fall nearly 14% before trading was stopped at 4pm."The company will be making an announcement in the near future concerning a resource estimate for the company's Runruno project in the Philippines," read a short statement.Mining Associates, commissioned to prepare an Independent Technical Report on Runruno, concluded in September that the global gold estimates made in October 2008 are "reasonable". Total diluted JORC-compliant Measured, Indicated and Inferred Mineral Resource had been estimated at 2 million ounces of gold and 34.4 million pounds of molybdenum.