Exercise of Warrants

Metals Exploration PLC
20 January 2006


                             METALS EXPLORATION PLC

                              EXERCISE OF WARRANTS


20 January 2006


Metals Exploration PLC ('the Company') today announces that it has issued and
allotted 148,902 new Ordinary Shares of 1p each, at a price of 20 pence per
share, 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 26 January 2006.

The total number of Ordinary Shares in issue following this exercise of warrants
is 48,904,230.


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