Issue of Equity

Metals Exploration PLC
16 January 2006

                             METALS EXPLORATION PLC



                                ISSUE OF EQUITY



16 January 2006



Metals Exploration PLC ('the Company') today announces that it has issued and
allotted 125,000 new Ordinary Shares of 1p each, at a price of 20 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 20 January 2006.



The total number of Ordinary Shares in issue following this exercise of warrants
is 48,755,328.


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