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Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX VENTURE: PHI)(OTCQX: PHIXF)(FRANKFURT: PM7) is pleased to provide an update on activities and developments on its Malitao and Taurus Projects.

Malitao Update

Further to the update provided in its news release on September 23, 2010 in which the Company advised that a formal objection to its Malitao Exploration Permit Application ("EPA") had been filed during the permitting process, the Company advises that EPA process is still ongoing and, on March 2, 2011, the Panel of Arbitrators of the regional Mines and Geosciences Bureau (the "Panel") convened a hearing in which Philippine Metals and the other party presented their respective arguments to the Panel. A date for delivery of the Panel's decision has not been communicated to the parties. In parallel, the Company has filed a Motion for Resolution formally requesting the Panel to rule on the objection. Philippine Metals continues to believe that the objection filed on the Malitao EPA is completely without merit and remains confident that the EPA will be granted in favor of Philippine Metals. The Company will continue to work thru the EPA process as quickly as possible and is poised to ramp its activities on the project once this is complete.

Taurus Update

On December 21, 2010, the Company announced that it had commenced a 1,440 line km airborne EM/Mag survey on its Taurus Project. The airborne survey was completed in early January 2011 and the Company has now received the final digitized output from the survey. The initial results of the survey highlighted some areas that may warrant further evaluation however did not reveal the results anticipated by the Company. The Company has now reviewed all the ground and airborne geophysical data as well as the ground sampling and mapping and has decided not to continue with the planned drilling program. The Company is in discussions with other groups regarding joint venture opportunities as the project does have potential for smaller tonnage high grade material that can be feed source to existing mills in the area.

About Philippine Metals Inc.

Philippine Metals Inc. is focused on the exploration, discovery and development of highly prospective copper and copper-gold deposits in the Philippines. Based on the region's geological environment, the company's management team recognizes the country's potential for hosting large, world-class deposits of copper and copper-gold.

The Company's initial projects, Taurus, Malitao and Dilong, are examples of management's ability to source quality, highly prospective targets. The management team combines strong financial capabilities with world-class experience in mineral exploration, discovery and mine development.

ON BEHALF OF THE BOARD OF

PHILIPPINE METALS INC.

Feisal Somji, Chief Executive Officer

This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "plan", "anticipated", "expected", "intend", believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. Forward-looking statements included in this news release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Philippine Metals Inc. Marshall Farris President & Director 604.684.4743 ext. 222 403.398.0693 (FAX) marshall@philippinemetals.com www.philippinemetals.com Ascenta Capital Partners Inc. Jamie Mathers Investor Relations 604.684.4743 ext. 236 or 866.684.4209 Jamie@ascentacapital.com