Director/PDMR Shareholding

Metals Exploration PLC
28 July 2006

                             Metals Exploration PLC



                       Exercise of Warrants by a Director



Metals Exploration PLC (the 'Company') announces that on 27 July 2006 it had
received a notice of exercise from Kevin Mahoney to exercise warrants granted to
him on 30 September 2004 (the 'Warrants') in relation to a total of 500,000
ordinary shares of 1 p each in the share capital of the Company at 3.25p per
share ('500,000 Ordinary Shares').

The Company announces that, pursuant to the exercise of the Warrants, on 27 July
2006 it issued and allotted the 500,000 Ordinary Shares.

The 500,000 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 3 August 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 53,485,209.


Further information

Steven Smith                                 Tel: [phone]
Chairman, Metals Exploration PLC

Jonathan Anderson                            Tel: [phone]
Investor Relations

Adrian Hadden/Chris Rollason                 Tel: [phone]
Collins Stewart Limited



ENDS


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