Exercise of Warrants

Metals Exploration PLC
09 May 2006


                     Metals Exploration Plc ('the Company')

                              Exercise of Warrants


9 May 2006


Metals Exploration PLC today announces that it has issued and allotted 23,968
new Ordinary Shares of 1p each, at a price of 20 pence per share, pursuant to an
exercise of warrants.

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares
of 1p each in the Company and trading of these shares on AIM is expected to
commence on 15 May 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 52,030,353.


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