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Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX VENTURE: PHI)(OTCQX: PHIXF)(FRANKFURT: PM7) announces that since the date of the local elections in Tubo, Abra last October, the Company has accelerated its constructive efforts to work with the new local government and community leaders to gain their support for its Exploration Permit Application ("EPA") at Dilong. Negotiations with the rightful indigenous peoples to acquire Free and Prior Informed Consent (FPIC) have been initiated and are progressing positively and consultation with the Local Government Unit's Sanggunian has been ongoing, both key aspects of the EPA process. However, as a result of the Philippine government Mines and Geosciences Bureau's (the "MGB") "use it or lose it policy", which it has now taken steps to enforce, the Company has recently received formal notification from the MGB that its Dilong EPA has been cancelled. The Company believes that its permit has not been cancelled legally and it is currently in discussions with the MGB to resolve this matter and has filed with the MGB central office the appropriate objection notice, supported by documentation already filed with the MGB regional office demonstrating that the Company has been actively progressing its permit application and complying with all of the requirements set by the government, as described above. In addition, the Company notes that in its case, the MGB appears not to have observed its "three-letter-policy" of notification in exacting compliance in respect of its Dilong EPA.

The Company will continue to engage with the MBG to rectify this situation and expects that its Dilong EPA will be reinstated in due course. The Company is supportive of the MGB's efforts to drive reform in the Philippines mining industry and will continue to engage with and support the government in its efforts to implement its reform program. The Company will provide a further update as developments require.

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