Drill Results/Permit Lodged

Metals Exploration PLC
07 March 2006

                             METALS EXPLORATION PLC

•         ENCOURAGING DRILL HOLE ASSAY RESULTS - RUNRUNO PROJECT

•         EXPLORATION PERMIT APPLICATION LODGED OVER A PROPERTY IN THE BAGUIO
          COPPER-GOLD PORPHYRY DISTRICT

7 March 2006

The Board of Metals Exploration PLC ('the Company') is pleased to announce that
results have been received for drill holes MXD7 & MXD8 of the current diamond
drilling programme being undertaken at its Runruno Project. These results are
inline with the Company's expectations with good gold and molybdenum grades
being intersected.

The Company has also just lodged an Application for an Exploration Permit with
the Mines & Geosciences Bureau in the Baguio district of Northern Luzon,
Philippines. The property is situated just to the north of the previously mined
Santo Nino porphyry copper-gold mine. The Company is excited by the lodgement of
the application as it sits within one of the better known copper-gold porphyry
mining districts of the world.

RUNRUNO - DRILL RESULTS

The Company continues to receive exciting results from the drilling programme at
Runruno.

The key results from holes MXD7 and MXD8 are summarised below:

  Drill-hole        Intercept (metres)          Au         Mo    'in-ground value of metal'
      ID            From      to   Width        g/t        %    Au US$/t  Mo US$/t Total US$/t
                                                                                   
     MXD7             116     121    5          2.64     0.0828     48.13    45.64     93.76
                      123     125    2          1.86     0.1110     33.91    61.18     95.09
                      131     135    4          2.09     0.1643     38.10    90.55    128.65
                      148     156    8          2.36     0.0445     43.02    24.51     67.53

  MXD7 - total combined intercept    19         2.32     0.0868     42.37    47.83     90.20

     MXD8              83      88    5          2.93     0.0285     53.41    15.70     69.11
                      112     119    7          6.62     0.0438    120.68    24.12    144.80
                      138     148    10         2.29     0.0975     41.75    53.75     95.49

  MXD8 - total combined intercept    22         3.81     0.0647     69.51    35.67    105.18



Notes:

1. Reporting of the above composited intercepts was determined by applying an 
   upper and lower boundary defined by a low grade cut-off of 0.7g/t Au. Some 
   composited intercepts include single metre, internal intercept grades of less
   than 0.7g/t Au. Isolated single metre intercepts are not reported unless
   considered to be significant.

2. No high grade cut-off has been applied to the individual gold or molybdenum 
   assays.

3. 'In-ground value of metal' represents an arithmetic calculation of the
   value in US$/t of the contained metal per tonne using the current metal 
   prices (as at 06 March 2006) of US$567/oz gold(1) (US$18.2/g Au) and 
   US$25.0/lb molybdenum(2) (US$55,120/t Mo). Given the limited nature of   
   exploration activities to date, no assurance or implication is being given, 
   or should be assumed to be being given, by the inclusion of these values in 
   this announcement that the Runruno Project has been, or will in the future 
   be, deemed to be economic.



MXD7 is now the southernmost drillhole of this programme, 100 metres south of
MXD1, and MXD8 is the northernmost drillhole and located 100 metres downhill
from drillhole MXD4. In comparison, the total combined results of MXD8 (22m @
3.81g/t Au, 0.065% Mo) are higher in width and grades than MXD4 (9m @ 1.98g/t
Au, 0.025% Mo), which is very encouraging.

So far the drilling has now covered a surface area of approximately 800 metres
by 150 metres. The company is currently expecting results for the remaining
samples from the bottom of drillhole MXD5 as well as for all of drillholes MXD9
and MXD10, which will expand the surface coverage area up to 250 metres in
width. Samples from drillholes MXD11 and MXD12 are currently being submitted to
the laboratory and drillholes MXD13 to MXD17 are currently in progress.

RUNRUNO - SAMPLING & ANALYSIS

Sample Preparation

The drill core is taken from the drill site to a secure compound at the
Company's field camp and is logged by the geologist. The drill core is then
split into two equal halves along its long axis, with one half being sampled at
predetermined intervals, bagged and sent for analysis. The remaining half-core
is retained in core boxes and stored on site for future reference.

The bagged half-core samples are being submitted to an independent 'ISO17025
accredited' laboratory for sample preparation and analyses for gold and
molybdenum. All of the half-core samples are crushed by the laboratory and a
900-1000 gram split is taken, pulverized and presented for analysis.

The remaining crushed sample is retained in bags and stored at the laboratory
for a period of three months before being returned to the Company for storage.
These remaining crushed samples will be used in the future for additional
analyses for gold, molybdenum, silver, sulphur and other elements as deemed
necessary, for example, for resource estimation work.

Analytical Techniques

Gold:          Gold analysis is by classical 'Screen Fire Assay' technique that 
               involves sieving a 900-1000 gram sample to 200 mesh (75microns).
               The entire oversize and duplicate undersize fractions are fire 
               assayed and the weighted average gold grade calculated. This is 
               one of the most appropriate methods for determining gold content 
               if there is a 'coarse gold' component to the mineralisation.

Molybdenum:    The sample is dissolved in Aqua Regia (3:1 HCl:HNO3) and
               Molybdenum analysis is carried out by Inductively Coupled Plasma 
               - Optical Emission Spectrometry (ICP-OES) method.

EXPLANATION OF TERMS

Au             chemical symbol for gold
Mo             chemical symbol for molybdenum
HCl            chemical symbol for Hydrochloric Acid
HNO3           chemical symbol for Nitric Acid
g              gram
t              tonne
g/t            grams per tonne, which is equivalent to parts per million (g/t
               Au = grams of gold per tonne)
%              percent (0.034% Mo = 340 parts per million of molybdenum)
lb             avoirdupois pound (= 453.59237 grams)
oz             troy ounce (= 31.103477 grams)
micron         A unit of length equal to one thousandth of a millimetre or one
               millionth of a metre.
200 mesh       the number of openings (200) in one linear inch of screen mesh 
               (200 mesh approximately equals 75 microns)



SOURCES OF INFORMATION

(1)  www.kitco.com

(2)  www.adanacmoly.com and www.metalprices.com



EXPLORATION PERMIT APPLICATION - BAGUIO DISTRICT

The Baguio regional office of the Mines & Geosciences Bureau ('MGB') has
recently accepted an Application for an Exploration Permit ('EPA') from the
Company. The application is for a property located in the district of Northern
Luzon, Philippines, and adjoins the Santo Nino property, previously a copper-
gold producer.

The EPA covers an area of approximately 5,845 hectares and is located about 10
kilometres to the northeast of Baguio City. The property is underlain by quartz
diorite and andesite rock types and was previously the object of extensive
exploration for copper+gold+molybdenum porphyry mineralisation during the 1970s.

Between 1974 and 1980, Worldwide Mineral and Industrial Corporation
('Worldwide'), a Philippine corporation, completed 44 drill holes for an
aggregate total of 12,989 metres. Worldwide also carried out a combined IP and
Resistivity geophysical survey in 1978.

The Company is in the process of obtaining and collating all available
historical data.



QUALIFIED PERSON

Gary Powell (a Director of the Company) has been involved in the mining and
exploration industry for more than 20 years. He has a Bachelor of Applied
Science degree in geology and is a member of the Australasian Institute of
Mining and Metallurgy and the Australasian Institute of Geoscientists. He has
compiled, read and approved the technical disclosure in this regulatory
announcement.

ENQUIRIES:

Steven Smith - Chairman:                   + 44 (0) 7797 721 858

Jonathan Anderson - Investor Relations:    + 44 (0) 7950 410 680  or 
                                           + 63 (0) 917 560 6654

Philip Haydn-Slater - WH Ireland Limited:  + 44 (0) 2072 201 666


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