Acquisition

Metals Exploration PLC
13 August 2007

13 August 2007


                             METALS EXPLORATION PLC
                    ('Metals Exploration' or the 'Company')


               STRATEGIC ACQUISITION OF REMAINING 15% OF RUNRUNO

              METALS EXPLORATION NOW HAS EFFECTIVE 100% OF PROJECT

The Board of Metals Exploration PLC ('Metals Exploration' or the 'Company')
(AIM: MTL), the UK based precious and base metals exploration company focused in
the Pacific Rim Region, is pleased to announce that it has entered into an
agreement with Filminera Resources Corporation (FRC) to acquire FRC's remaining
interests in FCF Mining Corporation (FCF) to which the Company did not already
have rights under the Memorandum of Agreement (MOA) dated 1st February 2005.

FCF is the company which holds the permit to Metals Exploration's flagship
Runruno Project (the 'Project') in the Philippines.  This acquisition takes
Metals Exploration's effective interest to 100% ownership of the highly
prospective gold and molybdenum resource at Runruno.

The total cash payment made by the Company is A$9.1 million (£3.87 million),
which includes A$2.6 million (£1.11 million) for the shares representing the 15%
interest, and A$6.5 million (£2.76 million) for the total debt owed by FCF to
FRC.

Jonathan Beardsworth, CEO of Metals Exploration Plc commented:

'This is an important strategic acquisition for Metals Exploration since it
delivers 100% control of Runruno and materially simplifies the ownership
structure.  We are now better placed to continue adding value to our Runruno
project, which remains the Company's most promising and prospective asset.
Additionally, as previously announced, we are on track to provide a resource
update on the project by the end of September.'

Project Ownership and Transaction Details

Prior to this Transaction, the ownership position relating to the Company's
interest in FCF which holds the Exploration Permit over the Runruno Project was
as outlined in the Company's Annual Report and Accounts dated 30th September
2006:

•    Metals Exploration, through a Memorandum of Agreement ('MOA') dated
     1 February 2005, acquired a 40% shareholding in FCF Mining Corporation 
     ('FCF'), the holder of the Runruno Exploration Permit.

•    As part of the MOA, Metals Exploration would acquire a further 30%
     shareholding in FCF on completion of a bankable feasibility study on 
     Runruno.

•    On 23 November 2005, Metals Exploration announced that the Company had 
     agreed with Christian Mining Inc ('CMI') the terms of an option (the 
     'Option') that gives Metals Exploration the exclusive option to purchase an 
     additional 15% shareholding in FCF.  The key terms of the Option are an 
     annual option fee of US$65,000 and an exercise price of US$6,000,000.  The 
     Option can be exercised or terminated at the sole discretion of Metals 
     Exploration.

These agreements gave Metals Exploration rights to an 85% interest in FCF.

Following this Transaction the Company's ownership position in FCF is now as
follows:

•    Metals Exploration retains the 40% interest in FCF under the original MOA.

•    Under this Transaction, Metals Exploration has acquired FRC's entire 
     remaining 30% interest in FCF, being the 15% not previously pledged under 
     the MOA, and the 15% that was previously subject to completion of a 
     bankable feasibility study by the Company and to which condition FRC has 
     waived its rights.

•    Metals Exploration continues to benefit from the Option agreed with CMI.

•    Metals Exploration will earn CMI's remaining 15% interest in FCF on
     completion of a bankable feasibility study on the Project as contemplated 
     under the MOA.

Consequently, as a result of this Transaction, the MOA, and the Option, Metals
Exploration has rights to 100% of FCF and the Runruno Project, subject to the
satisfaction of the various conditions set out above.

There are no profits attributable to the assets acquired.

There are no material service contracts relating to the proposed directors.


For more information:

Jonathan Beardsworth     CEO                              + 44 (0) 20 7927 6690
                                                          + 44 (0) 7747 101552

Jonathan Anderson        Investor Relations               + 44 (0) 20 7927 6690
                                                          + 44 (0) 7950 410680

Adrian Hadden            Collins Stewart Europe Limited   +44  (0) 20 7523 8350

Charles Vivian           Pelham PR                        +44  (0) 20 7743 6672

James MacFarlane         Pelham PR                        [phone]



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