Runruno Resource Update

Metals Exploration PLC

                       Runruno Resource Update


Metals Exploration PLC  ("Metals Ex" or  "the Company"), the  natural
resources exploration  and development  company  with assets  in  the
Pacific Rim region,  is pleased to  report an updated  JORC-compliant
resource  statement  in  respect  of  the  100%  controlled   Runruno
gold-molybdenum deposit in the Philippines.

Highlights:

*            Total diluted JORC-compliant Measured, Indicated and
  Inferred Mineral Resource is now estimated at 2.0 Moz of gold and
  34.4 Mlb of molybdenum.

*            270,000 oz Au and 7.8 Mlb Mo are now classified as
  Measured Resources under the JORC Code.

*            756,000 oz Au and 17.2 Mlb Mo (over 37% of the contained
  gold, and almost 50% of the contained molybdenum) are now
  classified as Measured and Indicated Resources under the JORC Code.

*            Resource area is open to the north-east of the deposit,
  providing scope for further step-out drilling.

*            Several additional vertical gold bearing structures have
  been identified within the body of the resource. Once adequately
  tested these structures may add to the resource base.

*            In-house Drilling Division established to take control
  of the drilling required to feed in to the bankable feasibility
  study.

Jonathan Beardsworth, Chief Executive of Metals Ex, said:

"This upgrade into Measured status  reinforces our confidence in  the
robustness of  the  deposit  and  demonstrates  its  continuity.   In
addition the update  demonstrates that the  mineralisation occurs  at
practical mineable widths and grades  which will support large  scale
open pit mining.

"It is  pleasing  to report  the  unexpected news  that  the  deposit
remains open to the north-east, and, as a matter of priority, we will
be mobilising  drill rigs  to establish  whether we  can add  further
resources to  our account.   Using  the Company's  recently  acquired
drilling capability should  prove more cost  effective and  efficient
than using external contractors for this drilling.

"This resource update  will now  feed into the  pit optimisation  and
mine planning which is the final element of the Scoping Study.   Once
completed, we expect  to be able  to communicate the  results of  the
Scoping Study over the next few weeks."


Metals Ex  has  upgraded  approximately one  third  of  the  previous
Indicated Resource  to Measured  status.  As  well as  upgrading  the
reserve, results  from  the  drilling  programme  also  indicate  the
potential to further grow the resource.  Drilling will continue  with
the focus on continuing to  upgrade Inferred and Indicated  Resources
with the aim of advancing the project to Proven and Probable Reserves
and bankable status.

The Company is in the process of completing its Scoping Study on  the
Runruno gold-molybdenum deposit. As input into the Scoping Study, the
geological resource was  re-estimated to  take into  account all  the
drilling completed up until the end of August 2008 and to include low
grade materials  which are  likely to  be mined  as dilution  in  any
mining operation.

The total geological resource inclusive of the low grade dilution now
reports on a JORC-compliant  basis, at a lower  cut off grade of  0.3
g/t Au, as 31.2  Mt @ 2.0 g/t  Au and 0.05% Mo  - containing 2.0  Moz
gold and 34.4 Mlb molybdenum.   The resource estimate is detailed  in
Measured, Indicated and Inferred categories in Table 1 below.



       Table 1.       Runruno Resource Estimate - October 2008


   +-------------------------------------------------------------+
   | Resource  | Tonnes  |    Gold  (Au)    |  Molybdenum  (Mo)  |
   | Category  | (x 106) |------------------+--------------------|
   |           |         | g/t  |  Ounces   |   %   |   Pounds   |
   |-----------+---------+------+-----------+-------+------------|
   | Measured  |    3.55 | 2.37 |   270,000 | 0.100 |  7,800,000 |
   |-----------+---------+------+-----------+-------+------------|
   | Indicated |    7.98 | 1.90 |   487,000 | 0.053 |  9,360,000 |
   |-----------+---------+------+-----------+-------+------------|
   | Inferred  |   19.64 | 1.98 | 1,248,000 | 0.040 | 17,258,000 |
   |-----------+---------+------+-----------+-------+------------|
   | Total     |   31.17 | 2.00 | 2,005,000 | 0.050 | 34,418,000 |
   +-------------------------------------------------------------+



Drilling

The resource has  been estimated  using the results  of all  drilling
conducted since Metals Ex acquired the project in 2005, together with
four diamond  drillholes completed  between 2000  and 2001  prior  to
acquisition.  The resource  has been  estimated on the  basis of  220
drillholes (32,153  metres)  consisting  of  119  diamond  drillholes
(18,756 metres) and 101 RC drillholes (13,397 metres).

The latest round  of drilling  in support  of the  Scoping Study  was
designed  to  improve  the  understanding   of  the  nature  of   the
mineralisation and demonstrate resource continuity  as a basis for  a
mining  operation,  with  the  drilling  being  concentrated  in  the
southern  portion  of  the  resource  area.   This  was  successfully
achieved with sufficient data being generated to:

*        support geostatistical modelling of the gold and molybdenum
  distribution;

*        upgrade approximately one third of  the previously defined
  Indicated Resource to Measured status, and

*        identify structures within the resource area which may host
  additional mineralisation.

Resource estimation

The resource  estimate was  determined by  the process  of  modelling
mineralised envelopes which are defined by a natural cut off grade of
0.2 g/t  Au.   This  effectively  results in  the  calculation  of  a
'diluted' resource by including areas of internal low grade  material
and an  external  rind of  low  grade material  into  the  geological
resource.  As a consequence the defined mineralised horizons and  the
diluted resource better  represent the actual  resource likely to  be
recovered during a  mining operation, after  mining dilution and  ore
losses are accounted for.

Some of the  infill drilling  was completed  at 25m  x 25m  drillhole
spacing to demonstrate  the continuity of  the mineralisation and  to
improve the  geostatistical modelling  process.  An  outcome of  this
work has been the ability to  upgrade approximately one third of  the
previous Indicated  Resource to  Measured  status.  The  Company  has
taken a  conservative  approach to  the  definition of  the  Measured
Resource, as it considered the  continuity of the mineralisation  and
grade distribution of only  one of the  main mineralised zones.   The
Company is  also  continuing  with its  programme  of  geostatistical
modelling to determine the optimum drill spacing for the various JORC
classifications of mineral resources going forward.

Recent drilling identifies extensions of the Runruno deposit to the
north

It was previously interpreted that sub-vertical structures had closed
off the mineralisation  to the  north.  However,  results of  limited
recent drilling in  the north  of the  deposit, re-interpretation  of
previous  drilling,  and   mapping  of  surface   exposures  of   the
mineralisation have identified extensions to the sub-horizontal zones
of  mineralisation  in   that  area.    The  mineralisation   remains
open-ended to the north and the  Company believes that there is  good
potential to identify additional resources and to add to the  current
resource base in the north.

Mapping identifies additional mineralised structures

Since November 2007, the Company  has initiated mapping and  sampling
programmes of the exposures of mineralising structures throughout the
resource area and this has assisted greatly in defining the nature of
the various  mineralised zones.   Significantly,  there have  been  a
number   of   sub-vertical   north-westerly   orientated   structures
identified in exposures of  the mineralisation which are  mineralised
and now  have been  identified especially  in the  recent  drilling.
These mineralised structures have  not yet been sufficiently  defined
to be included  in the  resource estimation work.   However they  are
likely to be recovered  in a mining scenario  as a result of  mapping
and grade control.

Drilling Division

The Company has completed an additional 72 drillholes for a total  of
9,540 metres since November 2007, but the unsatisfactory  performance
of  the  Company's  drilling  contractor  meant  that  the   drilling
programme was delayed in its completion by more than two months, with
some of the drillholes having to be re-drilled.

To address potential  performance issues  with drilling  contractors,
the Company has  recently acquired  a multi-purpose  RC drilling  rig
capable of carrying out  RC and diamond  drilling, and three  diamond
drill rigs.   These  are  currently  being  commissioned  and  it  is
anticipated  that  diamond  drilling  will  re-commence,  using   the
Company's own equipment, by the end of October 2008.

The Company has already acquired suitably trained drilling  personnel
and support infrastructure, and the  Division will be overseen by  an
experienced drilling supervisor who has already joined the Company.

Notes to accompany resource statement:

1.       The tenement holder is FCF Minerals Corp ("FCF").
2.       Metals Ex  currently holds  85% of  FCF, with  an option  to
purchase the remaining 15% at its sole discretion and at any time  it
chooses.  Therefore the current net attributable resource is 85%.
3.       Resource estimate based on  all drillholes completed by  end
of August 2008 (220 drillholes for a total of 32,153 metres).
4.       All  analyses  undertaken by  Intertek,  an  internationally
accredited independent laboratory.
5.       Gold analysis by classical 1kg screen fire assay analysis.
6.       Molybdenum analysis by mixed acid digest and ICP-OES.
7.       Cut off grade of 0.3g/t gold applied to the resource model.
8.       No top  cut applied  to gold  grades.  Statistical  analyses
calculated that negligible nugget effect is observed in the data  set
due to  high  quality  screen  fire  assay  technique  use  for  gold
determination.  Statistical review  confirms log-normal  distribution
of gold assays.
9.       No top cut applied to molybdenum grades.
10.   Average bulk density of 2.5 applied to the model.
11.   Grade interpolated into a geologically constrained block  model
using inverse distance weighting algorithm.
12.   Resources  have been  classified in  compliance with  the  JORC
Code.



Enquiries:

Metals Exploration plc                               + 44 (0) 20 7963
9540
Jonathan Beardsworth       CEO                + 44 (0) 7747 101 552

Nomad / Broker
Hanson Westhouse Limited
Tim Feather / Matthew Johnson                 [phone]

Public Relations
Bishopsgate Communications Limited
Nick Rome                                               + 44 (0) 20
7562 3350



TECHNICAL NOTES

Drillhole Database

The drilling, surveying, geological and analyses database is produced
by qualified personnel and is  compiled, validated and maintained  in
digital and hardcopy formats.

Supervision of drilling operations and  logging of all drill  samples
is carried out by the Company's geologists.

Bulk density  testwork  is carried  out  on site  and  is  relatively
comprehensive, although  samples  of  the  more  friable  and  broken
portions of the  mineralised zones  are often unable  to be  measured
with any degree of confidence,  therefore caution is used when  using
the data.   Bulk density  measurements are  carried out  on  selected
representative samples of  whole drill core  wherever possible.   The
samples are  dried  and bulk  density  measured using  the  classical
wax-coating and water immersion method.  The average bulk density for
the mineralisation has been  estimated at 2.5  using more than  3,000
measurements on drill core.

Drillhole deviation is measured down-hole by the drilling  contractor
using a conventional single-shot camera and readings taken at regular
depth intervals, usually every 50 metres.

Comprehensive surveying of drillhole positions, topography, and other
cadastral features is  carried out by  the Company's surveyors  using
'total station' instruments.

Sampling and Analysis

Drill samples are  despatched to  'certified' independent  analytical
laboratories  for   analyses.   Blanks,   Duplicates  and   Certified
Reference Material  samples are  included with  each batch  of  drill
samples as part of the Company's QA/QC programme.

Sample Preparation

Diamond drill core -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, collected  in  calico bags  and  sent for  analysis.   The
remaining half-core is retained in core boxes and stored on site  for
future reference.   Core  sizes are  PQ3  (ø 83mm)  from  surface  to
approximately 50 metres depth,  then HQ3 (ø 61mm)  to the end of  the
hole.

RC drill samples  - 1 metre  samples are collected  in a plastic  bag
from the bottom discharge chute of a cyclone.  Sub-sample splits  are
collected in  calico bags  using a  'jones-type' riffle  splitter  to
obtain a  3-4kg  subsample for  submission  to the  laboratories  for
analyses.  RC is carried out using a face-sampling hammer with a  bit
diameter of 5¿" (ø 135mm).

The calico bagged  samples are submitted  to an independent  ISO17025
accredited laboratory for  sample preparation and  analyses for  gold
and molybdenum.  All samples are dried and crushed by the laboratory,
and a 900-1,000 gram split taken, pulverized (>90% passing 75 micron)
and presented for gold and molybdenum analyses.

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 analysis is carried out  by Inductively Coupled Plasma -  Optical
Emission Spectrometry (ICP-OES) method.


Glossary of Terms


+-------------------------------------------------------------------+
| "200 mesh"         | the number of openings (200) in one linear   |
|                    | inch of screen mesh                          |
|                    | (200 mesh approximately equals 75 microns)   |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Au"               | chemical symbol for gold                     |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Cut off grade"    | the lowest grade, or quality, of mineralised |
|                    | material that qualifies as economically      |
|                    | mineable and available in a given deposit.   |
|                    | May be defined on the basis of economic      |
|                    | evaluation, or on physical or chemical       |
|                    | attributes that define an acceptable product |
|                    | specification.                               |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Diamond drilling" | rotary drilling technique using diamond set  |
|                    | or impregnated bits, to cut a solid,         |
|                    | continuous core sample of the rock.  The     |
|                    | core sample is retrieved to the surface, in  |
|                    | a core barrel, by a wireline.                |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "g"                | gram                                         |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "g/t"              | grams per tonne, equivalent to parts per     |
|                    | million (g/t Au = grams of gold per tonne)   |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "HCl"              | chemical symbol for Hydrochloric Acid        |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "HNO3              | chemical symbol for Nitric Acid              |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Indicated"        | Mineral Resource is that part of a Mineral   |
|                    | Resource for which tonnage, densities,       |
|                    | shape, physical characteristics, grade and   |
|                    | mineral content can be estimated with a      |
|                    | reasonable level of confidence.  It is based |
|                    | on exploration, sampling and testing         |
|                    | information gathered through appropriate     |
|                    | techniques from locations such as outcrops,  |
|                    | trenches, pits, workings and drill holes.    |
|                    | The locations are too widely or              |
|                    | inappropriately spaced to confirm geological |
|                    | and/or grade continuity but are spaced       |
|                    | closely enough for continuity to be assumed. |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Inferred"         | Mineral Resource is that part of a Mineral   |
|                    | Resource for which tonnage, grade and        |
|                    | mineral content can be estimated with a low  |
|                    | level of confidence.  It is inferred from    |
|                    | geological evidence and assumed but not      |
|                    | verified geological and/or grade             |
|                    | continuity.  It is based on information      |
|                    | gathered through appropriate techniques from |
|                    | locations such as outcrops, trenches, pits,  |
|                    | workings and drillholes which may be limited |
|                    | or of uncertain quality and reliability.     |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "JORC"             | The Australasian Code for Reporting of       |
|                    | Exploration Results, Mineral Resources and   |
|                    | Ore Reserves, 2004 (the "JORC Code" or "the  |
|                    | Code").  The Code sets out minimum           |
|                    | standards, recommendations and guidelines    |
|                    | for Public Reporting in Australasia of       |
|                    | Exploration Results, Mineral Resources and   |
|                    | Ore Reserves.  The definitions in the JORC   |
|                    | Code are either identical to, or not         |
|                    | materially different from, those similar     |
|                    | codes, guidelines and standards published    |
|                    | and adopted by the relevant professional     |
|                    | bodies in Australia, Canada, South Africa,   |
|                    | USA, UK, Ireland and many countries in       |
|                    | Europe.                                      |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "lb"               | Avoirdupois pound (= 453.59237 grams). Mlb = |
|                    | million avoirdupois pounds                   |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Measured"         | Mineral Resource is that part of a Mineral   |
|                    | Resource for which tonnage, densities,       |
|                    | shape, physical characteristics, grade and   |
|                    | mineral content can be estimated with a high |
|                    | level of confidence.  It is based on         |
|                    | detailed and reliable exploration, sampling  |
|                    | and testing information gathered through     |
|                    | appropriate techniques from locations such   |
|                    | as outcrops, trenches, pits, workings and    |
|                    | drill holes.  The locations are spaced       |
|                    | closely enough to confirm geological and     |
|                    | grade continuity.                            |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "micron (µ)"       | A unit of length (= one thousandth of a      |
|                    | millimetre or one millionth of a metre).     |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Mineral Resource" | Is a concentration or occurrence of material |
|                    | of intrinsic economic interest in or on the  |
|                    | Earth's crust in such form, quality and      |
|                    | quantity that there are reasonable prospects |
|                    | for eventual economic extraction.  The       |
|                    | location, quantity, grade, geological        |
|                    | characteristics and continuity of a Mineral  |
|                    | Resource are known, estimated or interpreted |
|                    | from specific geological evidence and        |
|                    | knowledge. Mineral Resources are             |
|                    | sub-divided, in order of increasing          |
|                    | geological confidence, into Inferred,        |
|                    | Indicated and Measured categories when       |
|                    | reporting under JORC.                        |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Mo"               | chemical symbol for molybdenum               |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "oz"               | Troy ounce (= 31.103477 grams). Moz =        |
|                    | million troy ounces                          |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "RC drilling"      | Reverse Circulation.  A method of rotary     |
|                    | drilling in which the sample is returned to  |
|                    | the surface, using compressed air, inside    |
|                    | the inner-tube of the drill-rod.  A          |
|                    | face-sampling hammer is used to penetrate    |
|                    | the rock and provide crushed and pulverised  |
|                    | sample.                                      |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "t"                | Tonne (= 1 million grams)                    |
|--------------------+----------------------------------------------|
|                    |                                              |
|--------------------+----------------------------------------------|
| "Top cut"          | The value assigned to individual samples     |
|                    | shown to have a grade so high that they are  |
|                    | not truly representative of the overall      |
|                    | grade in the deposit.  In a resource         |
|                    | estimate these high values may also be       |
|                    | referred to as being due to the "Nugget      |
|                    | Effect".  They are downgraded to prevent     |
|                    | over estimation of the total resource as     |
|                    | they exert an undue statistical weight.      |
|--------------------+----------------------------------------------|
|                    |                                              |
+-------------------------------------------------------------------+


Qualified/Competent Persons

Gary Powell (a  Director of  the Company)  has been  involved in  the
mining and exploration  industry for more  than 20 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 Niel Silvio, who  has
a Bachelor  of Science  degree in  geology  and is  a member  of  the
Australasian Institute of Mining and Metallurgy.  Mr Niel Silvio  was
employed as  a  technical  consultant  to  the  Company  and  he  has
sufficient  experience   which   is   relevant  to   the   style   of
mineralisation and type  of deposit  under consideration  and to  the
activities which he  undertook 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'.  Mr Niel
Silvio consents to this  report in the form  and context in which  it
appears.


Forward Looking Statements

Statements relating to  the estimated or  expected future  production
and operating results and costs and financial condition of Metals Ex,
planned work at the  Company's projects and  the expected results  of
such work are forward-looking statements.  Forward-looking statements
are statements that are not  historical facts and are generally,  but
not always,  identified  by words  such  as the  following:  expects,
plans, anticipates, believes, intends, estimates, projects,  assumes,
potential and similar  expressions.  Forward-looking statements  also
include reference  to events  or conditions  that will,  would,  may,
could or should  occur.  Information  concerning exploration  results
and mineral reserve and resource estimates  may also be deemed to  be
forward-looking statements, as  it constitutes a  prediction of  what
might be  found to  be present  when  and if  a project  is  actually
developed.

These forward-looking statements are necessarily based upon a  number
of estimates and assumptions that, while considered reasonable at the
time they are made, are inherently subject to a variety of risks  and
uncertainties which could  cause actual events  or results to  differ
materially from those  reflected in  the forward-looking  statements,
including,  without  limitation:  uncertainties  related  to  raising
sufficient financing to fund the planned work in a timely manner  and
on  acceptable  terms;  changes   in  planned  work  resulting   from
logistical, technical or other factors; the possibility that  results
of work  will not  fulfil  projections/expectations and  realize  the
perceived potential of the Company's projects; uncertainties involved
in the interpretation  of drilling  results and other  tests and  the
estimation  of  gold  reserves  and  resources;  risk  of  accidents,
equipment breakdowns  and  labour  disputes  or  other  unanticipated
difficulties  or  interruptions;  the  possibility  of  environmental
issues at the Company's projects; the possibility of cost overruns or
unanticipated expenses in work programs;  the need to obtain  permits
and  comply  with  environmental  laws  and  regulations  and   other
government requirements; fluctuations in the price of gold and  other
risks and uncertainties.

---END OF MESSAGE---




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