Philippine Metals Provides Update on Malitao and Taurus Projects

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.
Philippine Metals (TSXV:PHI)
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