Exercise of Warrants

Metals Exploration PLC
19 July 2006

                             Metals Exploration PLC

                              Exercise of Warrants


Metals Exploration PLC ('the Company') announces that it has issued and allotted
31,250 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 25 July 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 52,985,209.


Further information

Steven Smith                                           Tel: [phone]
Chairman, Metals Exploration PLC

Jonathan Anderson                                      Tel: [phone]
Investor relations

Adrian Hadden                                          Tel: [phone]
Collins Stewart Limited


ENDS


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