Holding(s) in Company

Metals Exploration PLC
26 October 2004


FOR IMMEDIATE RELEASE                                          26 OCTOBER 2004



                     METALS EXPLORATION PLC (the 'Company')

                           SHAREHOLDING NOTIFICATION

On 25 October 2004, City Equities Limited informed the Company that, at the
close of business on 22 October 2004, having sold (acting as Principal)
2,890,000 Ordinary Shares to certain of its private customers, it held 1,110,000
Ordinary Shares of 1 p each (representing approximately 4.34 per cent of the
Company's issued share capital).

The Company was also informed that, at the close of business on 25 October 2004,
having sold (acting as Principal) a further 800,000 Ordinary Shares to certain
of its private customers, City Equities Limited held 310,000 Ordinary Shares
(representing approximately 1.21 per cent of the Company's issued share
capital). As a result, City Equities Limited no longer has a notifiable interest
in the issued Ordinary Share capital of the Company.





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