Philippine Metals Inc.
TSX VENTURE : PHI

Philippine Metals Inc.

April 14, 2010 16:18 ET

Philippine Metals Announces Further Details Regarding the March 2010 Option Grants

CALGARY, ALBERTA--(Marketwire - April 14, 2010) - Philippine Metals Inc. (the "Corporation") (TSX VENTURE:PHI) wishes to clarify the news release dated April 7, 2010 in which the Corporation announced, among other matters, the receipt of final approval from the TSX Venture Exchange (the "Exchange") in respect of the acquisition (the "Transaction") of all of the issued and outstanding securities of Philippine Metals Corp. and the related grant of stock options to directors and officers of the Corporation. In particular, concurrent with the completion of the Transaction the Corporation granted a total of 4,165,000 incentive stock options to the directors, officers, employees and consultants of the Corporation and its subsidiaries, of which 2,775,000 stock options were granted to directors and officers of the Corporation, 330,000 stock options were granted to persons who serve solely as a director or officer of a subsidiary of the Corporation and 1,060,000 stock options were granted to employees and consultants of the Corporation and its subsidiaries. All of these stock options have an exercise price of $0.45 and expire on March 25, 2015.

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.

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