Interim Results

Metals Exploration PLC
30 June 2005




                             Metals Exploration plc

          Unaudited interim results for the 6 months to 31 March 2005.

LONDON - 30 June 2005 - The Directors of Metals Exploration plc (AIM: MTL), the
UK based gold exploration company with a focus on The Philippines, are pleased
to announce its first unaudited interim results for the 6 months ended 31 March
2005.

Highlights - up to 31 March 2005

• 22 October 2004 - Admission of the Company's Ordinary Shares
  to trading on AIM.
• 23 December 2004 - Acquisition of a 70% interest in the
  Masapelid Project, Philippines.
• 2 February 2005 - Acquisition of a 70% interest in the Runruno
  Project, Philippines.
• Initial reconnaissance mapping and sampling produces encouraging results
  at Masapelid.
• 18 February 2005 - Acquisition of 100% in the Jaclupan Project's Exploration 
  Permit Application, Philippines.

Highlights - post 31 March 2005

• At Runruno, revaluation of historical data and recent mapping and
  sampling of the surface and high grade miners' tunnels have produced
  results, which indicate that mineralization is over 2.5 km at the surface,
  100m wide, and 400m deep. This indicates to the Company the presence of a
  considerable deposit
• At both Masapelid and Runruno drill sampling is planned.
• 28 June 2005 - Acquisition of 100% in the Puray Project's Exploration Permit 
  Application, Philippines.

Commenting on the results, Steven Smith, Chairman of Metals Exploration plc
said:

'It has been an exciting time for Metals Exploration since coming to AIM in
October 2004. We have secured a significant interest in four exploration
projects and in two of them, Masapelid and Runruno, our initial mapping and
sampling have produced very encouraging results. We look forward to the second
phase drilling tests on these projects with considerable optimism; and await our
initial results on Jaclupan and Puray.'


For more information

Metals Exploration plc - Steven Smith: Chairman       Tel: [phone]

Beaumont Cornish Limited - Roland Cornish/Rod         Tel: [phone]
Venables                                              



Metals Exploration plc

CHAIRMAN'S STATEMENT

Following the Company's admission to AIM in October 2004 Metals Explorations plc
('Metals Ex') has focused its efforts on the acquisition of a significant
interest in four mineral exploration projects. Masapelid, Runruno, Jaclupan, and
Puray are all located in the Philippines and have substantial exploration
opportunities.

MASAPELID PROJECT

The Board announced the acquisition of a 70% interest in the Masapelid project
on 23 December 2004. The project was identified by Mr Gary Powell (Metals
Exploration plc - Director) as having potential for the definition of gold and
copper resources. Mr Powell carried out field investigations and due diligence
at the project in November 2004 to verify the existence of previous mining and
exploration activities. Metals Ex signed an agreement with the claim owner of
the Masapelid Project (San Manuel Mining Corporation) on 23 December 2004. The
agreement allows Metals Ex to earn a 70% economic interest in the Project by
paying San Miguel Mining Corp US$ 105,000 and issuing 1,250,000 ordinary shares
in Metals Ex over a three year period. Metals Ex is able to withdraw from the
Agreement at any time, without any encumbrances or liabilities, in return for
relinquishing its economic interest.

The Masapelid Project is located in the northeast corner of Mindanao in the
Province of Surigao, approximately 750 km south of Manila. The project covers
the entire Masapelid Island.

The Island is composed of tertiary andesite and basalt flows and sub-volcanics
with lesser amounts of pyroclastic. These volcanic rocks are uncomfortably
overlain by limestone of younger tertiary age. Pervasive silica-clay-pyrite
alteration is most pronounced in the andesitic units and is characteristic of
Masapelid. Quartz-gold-polymetallic veins have been mined historically on the
Island since Spanish colonial times, with records of production starting in the
1930's. This production was restricted to two northeasterly trending veins. A
total of approximately 21,000 tons of ore with a grade of 16 to 24g/t Au was
reportedly mined to a depth of approximately 90 meters. An assessment of the
developed parts of these veins in 1941 by H. Lindblom showed that there was
approximately 133,000 tons of ore blocked out ready for mining at that time. The
outbreak of World War II stopped all mining activities.

During the 1980's artisanal gold miners worked on the Island; however, the
discovery of the rich Diwalwal gold mining area on Mindanao Island caused all
mining on Masapelid to cease.

Western Mining Corporation carried out a regional soil sampling program and some
diamond drilling in the early 1990's. This generated a comprehensive database
covering the whole Island.

11 rock chip samples were collected during a reconnaissance survey in February
2005 of the historical Layong Vein mining area. The samples were submitted to an
independent, certified laboratory (Intertech Testing Laboratories) in Surigao
City, for multi-element analyses.

Table 1. Gold and Silver results - Rock-chip sampling - Masapelid Project, Philippines

Sample         Gold   Silver   Description of Rock Sample
Number         (g/t)  (g/t)

MSP001         0.12      0.1   altered diorite with minor quartz veinlets
MSP002         0.92   <0.1     altered andesite, slightly brecciated
MSP003         0.18     15.4   quartz vein
MSP004         0.04      0.1   altered andesitic volcanic
MSP005         1.37      3.7   altered andesitic volcanic with minor quartz
                               veinlets
MSP006         0.45       40   quartz vein
MSP007         0.35       32   altered andesitic volcanic with minor quartz
                               veinlets
MSP008         1.97      9.1   quartz vein
* MSP009        121      175   quartz vein
* MSP010         24      154   altered andesitic volcanic rock with quartz
                               veinlets
MSP011         2.20      6.6   altered andesitic volcanic rock with quartz
                               veinlets

* Of particular interest are the 'bonanza' style gold grades attained from
samples MSP009 and MSP010, which also contain high silver grades. This style of
mineralisation is typical of a low-sulphidation quartz-gold-silver epithermal
system.

Our current activities at Masapelid include detailed mapping, surface trenching
and sampling of the Layong and 'Number 6' Veins, and a compilation of old and
new data. Our short term goals are to define the best area for exploration
drilling for the extensions of the known high grade veins, and the assessment of
the potential for larger tonnage deposits on the Island.

RUNRUNO PROJECT

On 2 February 2005 the Board announced that Metals Ex had signed an option
agreement over the Runruno Project. The agreement allows Metals Ex to earn up to
a 70% economic interest in the project by paying the FCF Mining Corporation US$
210,000 and 1,600,000 ordinary shares in Metals Ex over a three year period.

The Runruno Project was reviewed by Mr Gary Powel during a visit in November
2004 as having advanced potential for the definition of gold and copper
resources. The Runruno Project has had previous exploration conducted over it
but has never been advanced due partly to the property being subject to numerous
legal disputes, which have now all been resolved.

Runruno is located approximately 200 km north of Manila in Nueva Viscaya
Province. Geologically, the area is underlain by prominent alkaline syenite and
monzonite intrusives and alkaline volcanic flows and tuffs. Gold mineralization
has been know to exist in Runruno since the early 1960's and the property has a
long history of exploration.

From 1969 - 1972 a local company (Fil-Am) completed a total of 69 diamond drill
holes for a total of 7,300 meters. Using the results from this program they
calculated a 13.4 million tonne resource at an average grade of 1.41 g/t gold,
and 0.8 g/t gold cutoff, for a total contained 607,500 ounces gold.

In 1974, Consolidated Goldfields of Australia optioned the property from Fil-Am
for one year and drilled 9 widely spaced diamond drill holes. Following this
work approximately 9,000 meters of drilling had been completed on Runruno. In
1978 Fil-Am commissioned a feasibility study from Kurimoto Ironworks and Nissho
Iwai and Co Ltd of Japan to be based on the available diamond hole data. The
study found that the property was economically viable with an estimated resource
of approximately 450,000 ounces of gold mineable by block-caving method.

Golden Arrow Mining took out an option over the property in 1980 and carried out
further drilling until they relinquished the option in 1998 due to financial and
internal management problems. Base Metal Mineral Resources signed an exclusive
agreement with Fil-Am in 1995 allowing them to explore, develop and operate the
property. In 1996 ACA Howe International Ltd was engaged to calculate a resource
estimate for the property. In their report ACA Howe estimated an inferred
resource containing 607,000 ounces of gold, and that the resource might be
understated by up to 30% due to poor core recovery.

In 2000 Greenwater Mining Corporation together with others carried out further
work on the resource. Unpublished reports suggested that with further work a 2
million ounce gold resource was achievable. Mr Powell was given access to core
samples drilled by Greenwater during his due diligence visit in November 2004
and his conclusion was that the quality of work carried out was of a very high
standard and therefore their results can be regarded as not requiring any
substantial verification process.

Metals Ex has, since acquiring its option over Runruno in February 2005, carried
out a careful review of all previous works and reports, a basic structural
analysis of the deposit, field mapping and sampling and extensive sampling of
the small scale miner's tunnels.

Results of sampling and mapping of the local miners' tunnels located at the
Balcony 1, Balcony 2, Main Runruno, Tayab and Malilibeg areas have confirmed the
existence of the high grade (>1.4g/t Au) potential of gold mineralisation (and
molybdenum) in the hanging-wall and foot-wall zones of the main Runruno
mineralisation.

The Company has just finished sampling the high grade miner's tunnels.
Generally, 5 meter channel samples were taken continuously along the side walls
and backs of the local miners' tunnels. Results of the channel samples represent
the grades of the high-grade material that the local miners have been leaving
behind.
The channel samples (315 samples) taken from fifty tunnels have returned average
grades of 4.3 g/t gold; 1,125 g/t molybdenum, and 4.8 g/t silver.

===========                   =======        ========  ======   ======   ======
Tunnel                   No. of Tunnels      No. of       Au       Mo       Ag
Locations                sampled             Samples     g/t      g/t      g/t
===========                   ========       ======== =======  =======  =======
Balcony 1                          7             50      5.7      754      3.7
-----------                   --------       -------- -------- -------- --------
Balcony 2                          1             14      5.5      978      5.2
-----------                   --------       -------- -------- -------- --------
Main Runruno                       5             42      3.1      420      2.3
-----------                   --------       -------- -------- -------- --------
Tayab                             19            100      4.5     1060      4.5
-----------                   --------       -------- -------- -------- --------
Malilibeg                         18            109      3.9     1642      6.6
-----------                   --------       -------- -------- -------- --------
Totals                            50   315 samples
-----------                   -------- --------       -------- -------- --------
Weighted Average
Grades                                                   4.3    1,125      4.8
------------------------                              -------- -------- --------

The local miners' tunnels are located predominantly in the hanging-wall or
foot-wall zones of the main Runruno mineralisation, which has been mapped at
surface over a strike distance of 2.5 kilometres. The local miners' tunnels
occur over a distance of approximately 2 kilometres.

We have identified a target drill area of 600m x 400m which lies within the
central known area of mineralization that was previously drilled by Fil-Am upon
which their resource calculation was based. However the recovery of the ore from
their drilling was very low (30% or less) and so we will be attempting to show
that the average grade of 1.4g/t reported could be on the low side

Metals Ex maintains an active camp at Runruno with staff that includes
geologists, samplers and field workers. Current activities in the field include:
(i) GPS surveying and mapping of underground workings which include over 40
tunnels which have been sampled by channel sampling and surveyed underground;
(ii) brushing and surveying of grid lines, spaced at 100 meters and covering an
area of 1.0km x 1.5km and covering the initial drill targeted area; (iii)
surveying and clearing of drill sites.

Geologic staff in the Manila office are compiling and analyzing the sampling
from the adits and are preparing assay plan and section maps in order to
precisely define the spatial orientation of the known mineralization. This
information will be used to plan the drill site locations to most effectively
sample and crosscut the known mineralized structures. Drill contracts are
currently being tendered.

JACLUPAN PROJECT

The Jaclupan Project is located within 5 kilometres of the large open-cast and
underground copper-gold mines of Atlas Consolidated Mines & Development
Corporation (pre-mining reserve of 1 billion tonnes grading 0.46% Cu and 0.25 g/
t Au).

The Jaclupan Project is an Exploration Permit covering 3,321 hectares.
Exploration will commence immediately with the aim of defining drill targets in
preparation for drilling once the Exploration Permit has been granted.

Occurrences of gold and copper mineralization have been identified in four
localities in Barangays Bantoon, Manduang, Kuanos and Kanluntao. These prospects
are potentially related to regional structures which are interpreted as being
within the periphery of a porphyry intrusive(s).

The first reported reconnaissance survey of the project area was carried out
during 1997. Thirty four (34) rock chip samples obtained from the surface
returned results ranging up to 83.03 g/t Au, with best results of 19.05 g/t Au,
23.0 g/t Au, 30.37 g/t Au, 44.80 g/t Au, 53.8 g/t Au and 83.03 g/t Au.
Similarly, encouraging results for copper were obtained ranging up to 2.5% Cu,
with best results of 2.3% Cu, 2.4% Cu and 2.5% Cu. The samples were taken from
highly altered, hematite/limonite-rich, chalcopyrite-bearing intrusive andesitic
volcanics with local malachite stains in fractures.

The results of the previous exploration work at Jaclupan are very encouraging
and confirm the presence of copper-gold mineralization containing significant,
near-surface high-grade gold and copper mineralization.

The company is currently awaiting the granting of the Exploration Permit, before
anymore work can be undertaken on the property.

PURAY PROJECT

On 28 June 2005, the Company announced the signing of an option to purchase
agreement for the Puray copper-zinc-silver-gold project located in the
Philippines.

The Puray Project comprises one Exploration Permit Application covering some
6,075 hectares, and is located only 28 kilometres from the city of Manila. The
Puray property has been explored and partially mined since the 1930's. The
mineralisation is polymetallic, containing high-grade and disseminated
copper-zinc-silver-gold. The style of mineralisation is similar to the Kuroko
style of massive sulphide deposits, which have been major producers of copper,
zinc, silver, gold and lead in Canada (e.g. Kidd Creek, Ontario, Canada). The
high grade and commonly high precious metal content of Kuroko deposits continue
to make them attractive exploration targets.

During 1969 to 1972 mining of massive sulphide-copper ore was carried out by
Eastern Rizal Copper Corporation. Approximately 700 tonnes of bornite ore was
mined of which a 200 tonne parcel was shipped directly to Japan for smelting.
The grade of the shipment reportedly averaged 20% Cu, 5.75 g/t Au and 196g/t Ag.
The remaining 500 tonnes of the massive bornite ore stockpile was lost in a
hill-slide during a typhoon in 1972.

In 1981, Eastern Rizal Copper Corporation reported that there remained in the
underground workings several thousand tonnes of massive sulphide ore grading
10-50% Cu. They also reportedly calculated a proven and probable resource of 8
million tonnes at an average grade of >0.7% Cu and an additional 28 million
tonnes of possible resources at an unspecified grade for the remaining
disseminated sulphide mineralisation. The resources calculations were derived
from the results of sampling surface trenches and tunnels, although they are not
verifiable, and do not necessarily comply with the JORC guidelines for the
reporting of mineral resources.

ERCC did not consider other metals such as zinc, gold or silver as being
significant, therefore it appears that assaying for these metals were not always
carried out. The current metal prices for these other metals, however is
considered by the Company to be of some economic importance when reviewing the
potential for this project. Samples obtained from the surface during a recent
field visit by the Company returned assays ranging up to 8.9% Cu, 1.7% Zn and
1.3g/t Au.

The occurrence of 'direct shipping' bornite and chalcopyrite ore indicates the
potential for the delineation of high-grade Kuroko-style mineralisation of
significant size over a potential strike length of up to 6 kilometres.

Upon granting of the Exploration Permit Application, it is the intention of
Metals Exploration to exercise the option to purchase agreement and apply modern
exploration techniques to define the project's size and grade potential. The
Company considers the acquisition of the Puray polymetallic project an exciting
opportunity to enhance its projects portfolio and ultimately deliver increased
value to the shareholders.

OUTLOOK

It is clear from the above descriptions of Masapelid, Runruno, Jaclupan and
Puray, that each of the projects have considerable merit.

Metals Ex will keep its shareholders fully informed as these projects advance.

SM Smith
Chairman




Metals Exploration plc

Profit and Loss Account
for the 6 months ended 31 March 2005 - Unaudited

                                                  Note          £

Turnover                                                        -

Administrative expenses                                   (66,023)

Other operating income                                          -
                                                        ----------
OPERATING LOSS                                            (66,023)

Interest Receivable                                         6,580

Interest Payable                                                -
                                                        ----------
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                           (59,443)

Tax on loss on ordinary activities                              -
                                                        ----------
LOSS FOR THE FINANCIAL PERIOD
AFTER TAXATION                                            (59,443)
                                                            ======

Loss per ordinary share - basic                   2          0.25p
                                                            ======

Loss per ordinary share - fully diluted           2          0.20p
                                                            ======



Metals Exploration plc

Balance Sheet
31 March  2005 - Unaudited

                                                  Note           £           £

INTANGIBLE FIXED ASSETS
Exploration and development costs                 5                    287,115

CURRENT ASSETS
Debtors                                                     45,299
Cash at bank and in hand                                   328,567
                                                        ----------
                                                           373,866

CURRENT LIABILITIES
Creditors: amounts falling due within one year              64,736
                                                        ----------
NET CURRENT ASSETS                                                     309,130
                                                                    ----------
TOTAL ASSETS LESS CURRENT LIABILITIES                                  596,245

Creditors: amounts falling due after more 
than one year                                                               -
                                                                   ----------
TOTAL NET ASSETS                                                      596,245
                                                                       ======

CAPITAL AND RESERVES
Called up share capital                           6                   266,433
Share premium                                                         292,255
Shares to be issued                                                    97,000
Profit and loss account                                               (59,443)
                                                                   ----------
SHAREHOLDERS FUNDS                                                    596,245
                                                                       ======


Metals Exploration plc

Cash Flow Statement for the
6 months ended 31 March 2005 - Unaudited

                                                            Note              £

Net cash outflow from operating activities                  3           (46,586)

Returns on investment                                                     6,580

Capital expenditure - Exploration and development costs                (287,115)
                                                                      ----------
Cash outflow before financing                                          (327,121)

Financing:

Issue of shares                                                         483,688

Shares to be issued                                                      97,000
                                                                      ----------
Increase in cash                                                        253,567
                                                                          ======



Metals Exploration plc

Notes to the Financial Statements
for the Period ended to 31 March 2005 - Unaudited

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared in accordance with applicable
accounting standards generally accepted in the United Kingdom. These interim
financial statements are unaudited and do not constitute statutory accounts as
defined by Section 240 of the Companies Act 1985.

Exploration and development costs
Costs relating to the acquisition, exploration and development of mineral
properties are capitalised until such time as an economic reserve is defined and
mining commences or the mining property is abandoned.

Once mining commences the asset is amortised on a depletion percentage basis.
Provision is made for impairments to the extent that the asset's carrying value
exceeds its net recoverable amount.

Computer software
Computer software is amortised over its estimated useful life at 40% on cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life.

Plant and machinery               - 10% to 50% on cost
Fixtures and fittings             - 20% to 50% on cost

Deferred tax
Deferred tax is provided for on a full provision basis on all timing differences
which have arisen but not reversed at the balance sheet date. A deferred tax
asset is not recognized to the extent that the transfer of economic benefit in
future is uncertain. Any assets and liabilities recognized have not been
discounted.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into
sterling at the rates of exchange ruling at the balance sheet date. Transactions
in foreign currencies are translated into sterling at the rate of exchange
ruling at the date of transaction. Exchange differences are taken into account
in arriving at the operating result.

Going concern
The Company is in the early stages of development and has limited cash
resources, its success will depend largely upon the outcome of future mining
exploration and development programmes of Far East and in particular the
Philippines.

The directors believe they have considered all relevant information and have
concluded that it is appropriate to prepare these financial statements on the
going concern basis. The financial statements do not include any adjustments
that may be required if the funds are not available or if the trading plans were
not materially achieved.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account
as incurred.


Metals Exploration plc

Notes to the Financial Statements for
The Period ended 31 March 2005 - Unaudited

2. LOSS PER SHARE

The basic loss per share is based on 23,544,166 ordinary shares, being the
weighted average number of ordinary shares in issue during the period, and on
the loss after taxation for the period of £59,443. The fully diluted loss per
share takes into account all outstanding warrants and shares to be issued and is
based on 29,994,166 ordinary shares.

Basic earnings/(loss) per share is calculated by dividing the profit or loss
after taxation for the period available to the ordinary shareholders by the sum
of the weighted average number of ordinary shares in issue during the period.
Diluted earnings/(loss) per share is calculated by dividing the profit or loss
after taxation for the period by the weighted average number of ordinary shares
in issue, adjusted for the effect of all dilutive potential ordinary shares that
were outstanding during the period.

3. RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS

                                                                             £

Operating loss                                                         (66,023) 
(Increase) in debtors                                                  (45,299)
Increase in creditors                                                   64,736
                                                                      --------
Net cash outflow from operating activities                             (46,586)
                                                                         =====

4. MOVEMENT IN CASH BALANCES

                                                                             £

Net cash balances as at 1 October 2004                                  75,000

Movement in 6 months ended 31 March 2005                               253,567
                                                                     ---------
Net cash balances as at 31 March 2005                                  328,567
                                                                         =====

5. EXPLORATION AND DEVELOPMENT COSTS

On 23 December 2004 Metals Exploration plc concluded an agreement with the claim
owner of the Masapelid Project (Philippines), San Manuel Mining Corp. The
agreement allows Metals Exploration plc to earn a 70% economic interest in the
project on completion of the following payment schedule:

                                                  Cash      Shares in Metals     
                                                  US$       Exploration plc

On completion                                   25,000      250,000
1 year after completion                         25,000      250,000
2 years after completion                        25,000      250,000
3 years after completion                        30,000      500,000

Metals Exploration plc

Notes to the financial Statements
For the 6 months ended 31 March 2005 - Unaudited

6. EXPLORATION AND DEVELOPMENT COSTS - Continued

Metals Exploration plc is able to withdraw at any time in return for
relinquishing its earned interest.

On 2 February 2005 Metals Exploration plc signed an option agreement on the
Runruno Project. The agreement allows Metals Exploration plc to earn a 70%
interest in the project which is owned by FCF Mining Corp. The following payment
schedule has been agreed:

                                                  Cash      Shares in Metals
                                                  US$       Exploration plc

On completion                                  100,000      400,000
1 year after completion                         30,000      400,000
2 years after completion                        40,000      400,000
3 years after completion                        40,000      400,000

Exploration and development costs included in the balance sheet represent the
completion payments on both the above projects together with the costs incurred
on due diligence, concluding the contracts and subsequent exploration.

6. ORDINARY SHARES OF 1P IN ISSUE

Date of issue                       Number    Nominal Value
                                                          £ 
8/4/04                                   2                -
30/9/04                          7,499,998           75,000
22/10/04                        18,093,332          180,933
17/2/05                            750,000            7,500
17/3/05                            300,000            3,000
                             -------------       ----------
TOTAL                           26,743,330          266,433
                                  ========           ======

7. THE INTERIM REPORT

The Interim Report was approved by the Directors' on 30 June 2005.

Copies of the Interim Report may be obtained on written request to the Company
Secretary, Metals Exploration plc, 7 Savoy Court, Strand, London WC2R 0ER.




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