Holding(s) in Company

Metals Exploration PLC
24 January 2006


                     Metals Exploration Plc ('the Company')


                 Notification of change in significant holding


24 January 2006


Under sections 198 to 202 of the Companies Act 1985 and rule 17 of the AIM Rules
the following information falls to be disclosed.


Following the acquisition by Allianz Cornhill Insurance plc ('Cornhill') of
100,000 ordinary shares in the capital of the Company (registered in the name of
Bank of New York (Nominees) Limited) on 16  January 2006 and as notified to the
Company on 23 January  2006, Allianz AG (the ultimate holding company of
Cornhill) and its subsidiaries together with Cornhill are interested in
2,481,919 ordinary shares of the Company. This interest represents 5.09% of the
issued share capital of the Company.

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