Warrants Exercise

Metals Exploration PLC
14 November 2005

                             METALS EXPLORATION PLC



                                ISSUE OF EQUITY



14 November 2005



Metals Exploration PLC ('the Company'), today announces that it has issued and
allotted 200,000 new Ordinary Shares of 1p each, at a price of 3.25 pence per
share and 500,000 new Ordinary Shares of 1p each, at a price of 8 pence per
share, both 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 18 November 2005.



The total number of Ordinary Shares in issue following this exercise of warrants
is 47,868,332.


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