Holdings in Company

Metals Exploration PLC
24 March 2006

                     Metals Exploration Plc ('the Company')


                 Notification of change in significant holding



24 March 2006



Under sections 198 to 202 of the Companies Act 1985 and rule 17 of the AIM Rules
the following information falls to be disclosed.



Following the acquisition by Allianz Cornhill Insurance plc ('Cornhill') of
200,000 ordinary shares in the capital of the Company (registered in the name of
Bank of New York (Nominees) Limited) on 21 March 2006 and as notified to the
Company on 23 March 2006, Allianz AG (the ultimate holding company of Cornhill)
and its subsidiaries together with Cornhill are interested in 3,131,919 ordinary
shares of the Company. This interest represents 6.14% of the issued share
capital of the Company.



The Company was also notified on 23 March 2006 of the following shareholdings:


       Ordinary Shares of 1                 Management Company                Nominee/Registered Name
          pence each held

             2,820,077                Fidelity Management & Research             Mellon Bank N.A.
                                                  Company

              627,720                 Fidelity International Limited        Brown Bros Harrimn Ltd Lux



This represents a total of 6.76% of the issued share capital of the Company.




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