Interim Results

Metals Exploration plc
                   ("Metals Ex" or "the Company")
   Unaudited interim results for the six months to 31st March 2007

The Directors  of Metals  Exploration plc  (AIM: MTL),  the UK  based
precious and  base metals  exploration company  with a  focus on  the
Pacific Rim region,  are pleased  to announce  its unaudited  interim
results for the 6 months ended 31 March 2007.

Operational Highlights:


  * October 2006 - £5m raised through an institutional placing of 20m
    new ordinary shares of 1 pence each at 25 pence per ordinary
    share.
  * December 2006 - The Runruno asset revised to an Inferred Mineral
    Resource (as defined by the JORC¹ Code) 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.
  * January 2007 - Preliminary metallurgical test results
    demonstrated gold recoveries of 92% on a fresh composite sample
    from Runruno using a combination of gravity concentration
    followed by flotation.
  * January 2007 - The Company withdrew from the Masapelid Joint
    Venture in order to focus on its projects in northern Luzon.
  * March 2007 - Drill hole MXD055, drilled to test for vertical
    structures in the northern part of the Runruno deposit, produced
    a total combined intercept of 21.45 metres at 3.74 grams per
    tonne gold.
  * March 2007 - Applications lodged for Exploration Permits over the
    Sulong, Dupax, and Capaz projects in northern Luzon.  All three
    properties comprise gold and copper-zinc mineralization
    identified by previous explorers and offer the potential for the
    delineation of economically viable deposits of gold and/or base
    metals.
  * May 2007 - Jonathan Pearson, an experienced international banker,
    was appointed as a non-executive director.

Commenting on the results, Jonathan Beardsworth, CEO of Metals
Exploration plc said:
"This has been a  period of steady achievement  for the Company.   We
anticipate being in a position to update shareholders on the progress
of drilling at Runruno  in the next few  weeks, and are confident  of
achieving our  objective of  providing a  revised resource  statement
towards the end of the third quarter of 2007.
We were also  pleased to note  the statement by  DENR (Department  of
Environment and Natural Resources) Secretary Angelo Reyes at the  7th
Asia Pacific Mining Conference and Exhibition in Manila earlier  this
month  in  which  he  outlined  plans  to  simplify  and   streamline
procedures for mining applications, including "the delegation of  the
approval of new exploration permits to the Regional Directors of  the
MGB (Mines and GeoSciences Bureau)".  This statement suggests that we
will soon be able to add further  value to the Company by working  up
our five  EP  Applications at  Sulong,  Dupax, Capaz,  Worldwide  and
Puray".

J Beardsworth
Chief Executive Officer

¹JORC - Joint Ore Resources Committee


QUALIFIED PERSON
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.


For more information:


Jonathan Beardsworth CEO                          + 44 (0) 20 7927
                                                  6690
Jonathan Anderson    Investor Relations           + 44 (0) 20 7927
                                                  6690
Adrian Hadden        Collins Stewart Europe       +44  (0) 20 7523
                     Limited                      8350
Candice Sgroi        Pelham pr                    +44  (0) 20 7743
                                                  6376



Consolidated Profit and Loss Account
for the 6 months ended 31 March 2007 - Unaudited


                  Note    6 months      6 months           Year ended
                          ended 31      ended 31    30 September 2006
                        March 2007    March 2006   (audited-restated)
                       (unaudited)   (unaudited)
                                 £             £                    £

Turnover                         -             -                    -

Administrative           (659,591)     (226,319)          (2,588,059)
expenses


OPERATING LOSS           (659,591)     (226,319)          (2,588,059)

Interest                    71,943        18,705               30,875
Receivable

Interest Payable           (1,028)         (784)                (478)


LOSS ON ORDINARY         (588,676)     (208,398)          (2,557,662)
ACTIVITIES BEFORE
TAXATION

Tax on loss on                   -             -                    -
ordinary
activities


LOSS FOR THE             (588,676)     (208,398)          (2,557,662)
FINANCIAL PERIOD
AFTER TAXATION

Minority Interest          110,752             -              (3,564)

LOSS FOR THE YEAR        (477,924)     (208,398)          (2,561,226)

Loss per ordinary  2       (0.65p)       (0.42p)              (5.02p)
share - basic and
fully diluted





Consolidated Statement of Total Recognised Gains and Losses

                                         6 months          Year ended
                              ended 31 March 2007   30 September 2006
                                      (unaudited)           (audited)
                                                £                   £
Loss for the period                     (477,924)         (1,121,650)
Prior year adjustment                 (1,432,448)                   -
Currency translation                      (1,189)                   -
difference

Total recognised losses for                               (1,121,650)
the period                            (1,911,561)


Consolidated Balance Sheet
31 March 2007 - Unaudited


                             At 31         At 31      At 30 September
                        March 2007    March 2006                 2006
                       (unaudited)   (unaudited)   (audited-restated)
                  Note           £             £                    £

FIXED ASSETS
Intangible fixed   5     2,631,995     1,675,932            2,011,023
assets
Tangible fixed             128,148       202,443               95,524
assets


                         2,760,143     1,878,375            2,106,547

CURRENT ASSETS
Debtors                    193,873        19,596              107,776
Cash at bank and         4,077,432       962,171              371,501
in hand


                         4,271,305       981,767              479,277

CURRENT
LIABILITIES
Creditors:               (396,539)     (216,196)            (234,554)
amounts falling
due within one
year

NET CURRENT              3,874,766       765,571              244,723
ASSETS


TOTAL ASSETS LESS        6,634,909     2,643,946            2,351,270
CURRENT
LIABILITIES

TOTAL NET ASSETS         6,634,909     2,643,946            2,351,270


CAPITAL AND
RESERVES
Called up share    7       776,856       510,064              556,953
capital
Share premium            7,346,423     2,291,000            2,696,623
Shares to be             1,417,497       101,000            1,524,448
issued
Profit and loss        (3,320,877)     (385,312)          (2,731,012)
account


EQUITY                   6,219,899     2,516,752            2,047,012
SHAREHOLDERS
FUNDS
Minority                   415,010       127,194              304,258
interests


                         6,634,909     2,643,946            2,351,270


Consolidated Cash Flow Statement for the
6 months ended 31 March 2007 - Unaudited


                            6 months      6 months        Year ended 30
                            ended 31      ended 31       September 2006
                          March 2007    March 2006   (audited-restated)
                         (unaudited)   (unaudited)
                    Note           £             £                    £

Net cash outflow     3     (457,570)     (211,536)          (2,298,411)
from operating
activities

Returns on                    70,915        17,921               30,397
investment

Capital expenditure        (670,166)     (609,011)            (863,242)
- Exploration and
development costs
and purchase of
tangible fixed
assets

Cash outflow before      (1,056,821)     (802,626)          (3,131,256)
financing

Financing:
Issue of shares            4,762,752       586,110            2,324,070


Increase/(Decrease)        3,705,931     (216,516)            (807,186)
in cash






Notes to the Half Yearly Report
for the Period ended to 31 March 2007 - Unaudited

1.         ACCOUNTING POLICIES

Accounting convention
The financial  statements  have  been  prepared  in  accordance  with
applicable accounting  standards  generally accepted  in  the  United
Kingdom and with the  policies which the company  will adopt for  its
annual accounts and  which are  detailed below. The  figures and  the
financial information for the year ended 30 September 2006 is derived
from the statutory accounts for  that period and have been  delivered
to  the  Registrar  and  included  the  auditors'  report  which  was
unqualified and  did not  contain a  statement either  under  section
237(2) or 237(3) of the Companies Act 1985.  The accounting  policies
are consistent with those applied in the preparation of the statutory
accounts for year ended 30 September 2006.

Basis of Accounting
The accounts have been prepared under the historical cost convention.

Prior year adjustment
The year ended 30 September 2006 figures have been restated to comply
with the provisions of FRS20. The directors have calculated the fair
value of all share options and warrants which has resulted in the
loss increasing by £1,432,448.

Basis of Consolidation
The group accounts consolidate those of the company and its
subsidiary undertakings using the acquisition method of accounting.

Exploration and development costs
Costs relating  to the  acquisition, exploration  and development  of
mineral properties are  capitalised until  such time  as an  economic
reserve is defined  and mining  commences or the  mining property  is
abandoned.  Once  mining  commences  the  asset  is  amortised  on  a
depletion percentage basis.  Provision is made for impairments to the
extent that the  asset's carrying value  exceeds its net  recoverable
amount.

Investments
Investments are stated at cost less provision for any impairment.

Deferred tax
Deferred tax is provided for on a full provision basis on all  timing
differences which have arisen but  not reversed at the balance  sheet
date.  A deferred tax asset is not recognized to the extent that  the
transfer of economic benefit in future is uncertain.  Any assets  and
liabilities recognized have been discounted.

Foreign currencies
Monetary assets and liabilities in foreign currencies are  translated
into sterling at the  rates of exchange ruling  at the balance  sheet
date.    Transactions  in  foreign  currencies  are  translated  into
sterling at the rate of exchange ruling at the date of transaction.
Exchange differences  are  taken  into account  in  arriving  at  the
operating result.

Going concern
The Company is in the early stages of development and has limited
cash resources, its success will depend largely upon the outcome of
future mining exploration and development programmes in the Far East
and in particular the Philippines. The directors believe they have
considered all relevant information and have concluded that it is
appropriate to prepare these financial statements on the going
concern basis.  The financial statements do not include any
adjustments that may be required if the funds are not available or if
the trading plans were not materially achieved.
2.         LOSS PER ORDINARY SHARE

The basic loss  per share has  been calculated on  the basis of  loss
after taxation of £477,924 (31  March 2006: £208,398) divided by  the
weighted average number of shares in the year of 73,453,674 (31 March
2006: 48,734,058).

The diluted loss per share calculation is identical to that used  for
basic earnings  per  share as  the  exercise of  warrants  and  share
options would have the effect of reducing the loss per ordinary share
and therefore is not dilutive under the terms of the FRS22  "Earnings
per share".


3.         RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS


                                                     £

Operating loss                               (659,591)
Depreciation                                    16,569
(Increase) in debtors                         (86,097)
Increase in creditors                          161,985
Minority Interest                              110,752
Foreign exchange                               (1,188)

Net cash outflow from operating activities   (457,570)



4.         MOVEMENT IN CASH BALANCES


                                                    £

Net cash balances as at 30 September 2006     371,501
Movement in 6 months ended 31 March 2007    3,705,931


Net cash balances as at 31 March 2007       4,077,432



5.         EXPLORATION AND DEVELOPMENT COSTS - INTANGIBLE ASSETS


                               £
Cost
At 30 September 2006   2,011,023
Additions                620,972


At 31 March 2007       2,631,995




On 1 February 2005 Metals Exploration plc signed an agreement on the
Runruno Project with Filminera Resources Corporation, Christian
Mining Inc and FCF Mining Corporation.  The agreement allows Metals
Exploration plc to acquire an immediate 40% interest in FCF Mining
Corp, which in turn owns the Exploration Permit (EP-11-000013)
covering the Runruno project, subject to the payment schedule below.
The agreement further provides for Metals Exploration plc to earn a
further 30% interest in FCF Mining Corp, taking the Company's total
interest in FCF Mining Corp under the agreement to 70%, by completion
of a bankable feasibility study.

The following payment schedule has been agreed:



                                    Cash Shares in Metals Exploration
                                     US$                          plc

Feb 05 On completion             100,000                      400,000
Feb 06 1 year after completion    30,000                      400,000
Feb 07 2 years after completion   40,000                      400,000
Feb 08 3 years after completion   40,000                      400,000



In February 2007, the company issued 400,000 new 1p ordinary shares
to satisfy a share issue obligation of the company pursuant to the
above agreement with Christian Mining Inc and Filminera Resources
Corporation.

On 23 November 2005, the company signed an option agreement with
Christian Mining Inc to acquire an additional 15% shareholding in FCF
Mining Corp, which if exercised would give the company an 85%
interest.  The Company shall pay an annual option fee of US$65,000
until the option is either exercised or withdrawn, although the
company has sole discretion to terminate the option.  The exercise
price of the option is US$400,000 for each additional 1%
shareholding, subject to a maximum fee of US$6 million.  The exercise
period of the option is indefinite.

Exploration and development costs included in the balance sheet
represent the completion payments on the above project together with
the costs incurred on due diligence, concluding the contracts and
subsequent exploration.

6.         WARRANTS IN ISSUE


            Exercisable   Exercisable   Exercisable   Exercisable   Exercisable
             at £0.0325      at £0.08      at £0.12      at £0.20      at £0.40

At 30         8,000,000       500,000     1,300,000     5,722,297     2,000,000
September
2006

Issued in             -             -             -             -             -
the
period
Exercised   (1,000,000)             -     (100,000)     (490,379)             -
in period

At 31         7,000,000       500,000     1,200,000     5,231,918     2,000,000
March
2007



Warrants held by the directors as at 31 March 2007 were as follows:


                      Exercise Price  Exercise period       Number of
                                      from issue               shares

  G Powell            12p             Up to 7 years         1,000,000
                      40p             Up to 7 years           500,000

  Reef Securities Ltd 3.25p           Up to 7 years         1,000,000
  *
                      20p             Up to 7 years         1,000,000
                      40p             Up to 7 years           500,000

    *    Reef Securities Limited is a company controlled by SM Smith.


No directors exercised warrants in the period.

On 30 April 2007, the Company granted Jonathan Beardsworth 1,000,000
warrants at 26.25 pence exercisable one year from the grant date,
1,000,000 warrants at 39.375 pence exercisable two years from the
grant date and 500,000 warrants at 52.5 pence exercisable three years
from the grant date.

7.         SHARES IN ISSUE

The company has the following ordinary shares of 1p each in issue:



Date of issue            Number   Nominal Value
                                              £

At 30 September 2006 55,695,248         556,953

18 October 2006         166,919           1,669
24 October 2006      20,000,000         200,000
6 November 2006         282,500           2,825
12 February 2006         50,000             500
5 February 2007         400,000           4,000
26 March 2007         1,090,960          10,909


At 31 March 2007     77,685,627         776,856




The directors held the following 1p ordinary shares at 31 March 2007:


GR Powell                 - 1,000,000 Ordinary Shares of 1p each
Reef Securities Limited * - 1,500,000 Ordinary Shares of 1p each


*    Reef Securities Limited is a company controlled by SM Smith.

On 2 April 2007, Jonathan Beardsworth held 250,000 ordinary shares of
1p each.

At 31 March 2007, there were 1,200,000  (2006: 1,200,000)  unapproved
share options under the Unapproved Share Option Scheme.

At 31 March 2007 the company  was committed to issue directors  share
options which were subsequently granted on 30 April 2007 to  Jonathan
Beardsworth of  2,000,000  share options  at  26.25 pence  per  share
exercisable three years from date of grant.

8.         POST BALANCE SHEET EVENTS

Warrants, Options and Shares

On 2 April 2007, the Company received notice the Jonathan Beardsworth
had purchased a total  of 250,000 ordinary shares  of 1p each in  the
capital of the Company.

On 12 April  2007, 200,000 warrants  were exercised at  12 pence  per
share.

On 30 April 2007, the Company granted Jonathan Beardsworth 1,000,000
warrants at 26.25 pence exercisable one year from the grant date,
1,000,000 warrants at 39.275 pence exercisable two years from the
grant date and 500,000 warrants at 52.5 pence exercisable three years
from the grant date.

On 30 April 2007, the company granted Jonathan Beardsworth  2,000,000
share options at 26.25 pence  per share exercisable three years  from
date of grant.

On 21 May 2007, 31,250 warrants were exercised at 20 pence per share.

On 11 June 2007, 9,500 shares  were issued and allotted following  an
exercise of 9,500 warrants at 20 pence per share.

On 20 June 2007, 220,960 shares were issued and allotted following an
exercise of 220,960 warrants at 20 pence per share.

On 25 June 2007, 100,000 shares were issued and allotted following an
exercise of 100,00 warrants at 20 pence per share.

New Directorships

On 1 May 2007, the board  was pleased to announce the appointment  of
Jonathan Pearson as non executive director.


9.         THE INTERIM REPORT

The Interim Report was approved by the Directors' on 27 June 2007.

Copies of the Interim  Report may be obtained  on written request  to
the Company Secretary, Metals Exploration plc, 7 Savoy Court, Strand,
London WC2R 0ER.

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