Resource Update

Metals Exploration PLC
06 December 2006


METALS EXPLORATION PLC

                                 RUNRUNO PROJECT

              RESOURCE UPGRADED TO 2.03Moz GOLD & 34.4Mlb MOLYBDENUM

LONDON: 6 December 2006 - Metals Exploration PLC ('MetalsEx' or 'the Company') 
is pleased to report that the Company has completed a technical review of the 
Runruno gold-molybdenum deposit, and is now able to define a total inferred 
mineral resource of 28.3 million tonnes at an average grade of 2.23 grams per 
tonne gold and 0.06% molybdenum, containing a total of 2.03 million ounces of 
gold and 34.4 million pounds of molybdenum.

Jonathan Beardsworth, Chief Executive of Metals Exploration, said: 'We are 
delighted to have crossed the 2 million ounce threshold and, with the resource 
open in so many directions, have every expectation that it will continue to grow 
in size.  Importantly, the infill drilling done to date provides much greater 
confidence in the resource, and we anticipate being able to begin upgrading it 
into Measured and Indicated categories once drilling restarts in January'.

RUNRUNO PROJECT

Resource Update

The revised Inferred Mineral Resource total was calculated from the results of 
the Company's first fifty three diamond drill holes combined with those of two 
drill holes of Greenwater to arrive at the total contained metal of 2.03 million 
ounces of gold and 34.4 million pounds of molybdenum.

The Resource estimate is classified as an Inferred Mineral Resource as defined 
by the Australasian Code for Reporting of Exploration Results, Mineral Resources 
and Ore Reserves, 2004 (the 'JORC' Code).

A major part of the resource is expected to move into the Indicated category
early next year, based on the continuity so far demonstrated between drillholes.
Drilling will re-commence in early January to complete further infill holes with
the intention of upgrading the majority of the resource into Measured and
Indicated status. Since September 30, two typhoons have temporarily affected
access to some drill sites.

The Company is continuing with other activities such as metallurgical testwork, 
social and environmental studies as part of a feasibility study into the 
economics of the Runruno deposit. Results of the first pass metallurgical 
testwork are expected to be available towards the end of the month.

Drilling Programme

Since November 2005, the Company has drilled 53 diamond drill holes for a total
of 8,240 metres on a 100m x 100-200m grid spacing over a surface area of
approximately 1,400 metres x 700 metres. The mineralisation is predominantly 100
metres in thickness with higher grade zones at the hangingwall and footwall
positions within the envelope.

The mineralisation remains open along strike, up-dip and down-dip and
consequently the Company believes the resource has the potential to increase
further in size.

Ends

Contacts:

Jonathan Beardsworth, CEO Metals Exploration               020 7927 6690

Adrian Hadden , Collins Stewart Europe Limited,            0207 523 8350

Keith Irons, Bankside Consultants                          020 7367 8873

Marc Cohen, Bankside Consultants                           020 7367 8875


Technical note

Sampling & Analysis

Sample Preparation

The drill core is taken from the drill site to a secure compound at the
Company's field camp and is logged by the geologist. The drill core is then
split into two equal halves along its long axis, with one half being sampled at
predetermined intervals, bagged and sent for analysis. The remaining half-core
is retained in core boxes and stored on site for future reference.

The bagged half-core samples are being submitted to an independent 'ISO17025
accredited' laboratory for sample preparation and analyses for gold and
molybdenum. All of the half-core samples are crushed by the laboratory and a
900-1000 gram split is taken, pulverized and presented for analysis.

The remaining crushed sample is retained in bags and stored at the laboratory
for a period of three months before being returned to the Company for storage.
These remaining crushed samples will be used in the future for additional
analyses for gold, molybdenum, silver, sulphur and other elements as deemed
necessary, for example, for Resource estimation work.

Analytical Techniques

Gold: Gold analysis is by classical 'Screen Fire Assay' technique that involves
sieving a 900-1,000 gram sample to 200 mesh (75microns). The entire oversize and
duplicate undersize fractions are fire assayed and the weighted average gold
grade calculated. This is one of the most appropriate methods for determining
gold content if there is a 'coarse gold' component to the mineralisation.

Molybdenum: The sample is dissolved in Aqua Regia (3:1 HCl:HNO3) and Molybdenum
analysis is carried out by Inductively Coupled Plasma - Optical Emission
Spectrometry (ICP-OES) method.

Explanation of Terms

Au - chemical symbol for gold
Mo - chemical symbol for molybdenum
HCl - chemical symbol for Hydrochloric Acid
HNO3 - chemical symbol for Nitric Acid
g - gram
t - tonne
g/t - grams per tonne, which is equivalent to parts per million (g/t Au = grams 
of gold per tonne)
% - percent (0.034% Mo = 340 parts per million of molybdenum)
lb avoirdupois pound (= 453.59237 grams)
oz - troy ounce (= 31.103477 grams)
micron - A unit of length equal to one thousandth of a millimetre or one 
millionth of a metre.
200 mesh - the number of openings (200) in one linear inch of screen mesh (200
mesh approximately equals 75 microns)

QUALIFIED/COMPETENT PERSONS

Gary Powell (a Director of the Company) has been involved in the mining and
exploration industry for more than 23 years. He has a Bachelor of Applied
Science degree in geology and is a member of the Australasian Institute of
Mining and Metallurgy and the Australasian Institute of Geoscientists. He has
compiled, read and approved the technical disclosure in this regulatory
announcement.

The information in the report to which this statement is attached that relates
to Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Mr Brian Lueck, who is a Member of the Association of
Professional Engineers and Geoscientists of British Columbia, Canada. Mr. Brian
Lueck is employed as a technical consultant to the Company and has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC
Code). Mr. Brian Lueck consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.



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