Exercise of Warrants

Metals Exploration PLC
27 February 2006

                             METALS EXPLORATION PLC

                              EXERCISE OF WARRANTS


27 February 2006


Metals Exploration PLC ('the Company') today announces that it has issued and
allotted 49,030 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 3 March 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 50,646,385.


                      This information is provided by RNS
            The company news service from the London Stock Exchange