Issue of Equity

Metals Exploration PLC
17 March 2005





FOR IMMEDIATE RELEASE                                            17 MARCH 2005

                             METALS EXPLORATION Plc

                  ISSUE OF NEW ORDINARY SHARES IN THE COMPANY

The Board of Metals Exploration Plc announces that 300,000 new Ordinary Shares 
of 1p each in the Company have been issued pursuant to the exercise of a 
warrant granted to Credo Capital plc on 15 October 2004.

Application has been made to the London Stock Exchange for the 300,000 new
Ordinary Shares in the Company to be admitted to trading on AIM. It is expected 
that Admission will become effective and that trading in the new Ordinary 
Shares on AIM will commence on 18 March  2005.



Contact:
Steven Smith, Chairman 07797 721 858
Jonathan Anderson, Investor Relations 07950 410 680




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