Philippine Metals Inc.
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 April 14, 2010
Philippine Metals Announces Further Details Regarding the March 2010 Option Grants

 April 14, 2010 - Calgary, AB - Philippine Metals Inc. (the "Corporation") (TSXV: 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.

For further information, contact:

For further information, contact:

Philippine Metals Inc.
Feisal Somji, CEO
Phone: 403.236.4520
Fax: 403.398.0693

Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236

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.

You can view the Next News Releases item: Thu Apr 22, 2010, Philippine Metals Inc. Begins Trading on the Frankfurt Exchange

You can view the Previous News Releases item: Tue Apr 6, 2010, Philippine Metals Inc. (Formerly New Meridian Mining Corp.) Completes Acquisition of Philippine Metals Corp. and Initiates Trading

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