Runruno Update

Metals Exploration PLC
23 November 2005


                             Metals Exploration plc

       Runruno Project - Option to Purchase Agreement and Drilling Update


23 November 2005


Option to Purchase Agreement

The directors of Metals Exploration plc ('MetalsEx' or the 'Company') are
pleased to announce today that the Company has agreed with Christian Mining Inc
('CMI') the terms of an option that gives MetalsEx the exclusive option to
purchase up to an additional 15% shareholding in FCF Mining Corporation ('FCF')
(the 'Option'). FCF is the holder of the Runruno Exploration Permit.

MetalsEx, through a Memorandum of Agreement dated 1st February 2005, currently
holds a 70% shareholding in FCF. Therefore the Option allows the Company to
increase its holding in FCF to up to 85%. This will effectively give the Company
the opportunity to acquire up to 85% of its Runruno gold and molybdenum project.

A summary of the key terms of the Option are:
     
1    MetalsEx shall pay to CMI an annual Option fee of US$65,000 until the
     Option is either exercised or withdrawn by MetalsEx. MetalsEx has sole
     discretion to terminate the Option;

2    MetalsEx can exercise the Option, at any time, by acquiring CMI's remaining 
     shareholding of FCF anywhere from 1% to 15%. The exercise price is the
     amount of US$400,000 for every 1% of CMI's shareholding of FCF, up to a 
     maximum of US$6 million for all of CMI's remaining 15% shareholding of FCF; 
     and

3    In the event that MetalsEx decides to exercise the Option but only for a 
     part of and not the entirety of CMI's 15% shareholding in FCF, MetalsEx
     has the right to continue to have the Option to acquire the balance, by
     maintaining the terms and conditions of the Option. The exercise period of 
     the Option is unlimited.


Drilling Update

The directors are pleased to announce that the Company's first drill hole of the
current diamond drilling has just been completed at Runruno and that samples
have been submitted for analysis after the completion of the geological logging
and core splitting.

The first assay results are anticipated to be received by the Company in
approximately two weeks' time.

Steven Smith - Chairman                        [phone]
Jonathan Anderson - Investor Relations         [phone] or + 63 (0) 916 226 7575
Philip Haydn-Slater - W.H. Ireland Limited     [phone]




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