Issue of Equity

Metals Exploration PLC
16 April 2007

                             Metals Exploration PLC

                              Exercise of Warrants


Metals Exploration PLC ('the Company') announces that it has issued and allotted
200,000 new Ordinary Shares of 1p each at a price of 12 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 the 20th April 2007.


The Company's issued share capital consists of 77,885,627 ordinary shares of 1p
each, with one voting right per share. There are no shares held in treasury.


The total number of voting rights in the Company is therefore 77,885,627.


The above figure of 77,885,627 may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company, under the
Disclosure and Transparency Rules.






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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