Issue of Equity

Metals Exploration PLC
23 August 2006



                             Metals Exploration PLC

                              Exercise of Warrants


Metals Exploration PLC ('the Company') announces that it has issued and allotted
800,000 new Ordinary Shares of 1p each at a price of 3.25 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 30th August 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 55,719,000.


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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