Issue of Equity

Metals Exploration PLC
12 February 2007

                             Metals Exploration PLC



                              Exercise of Warrants



Metals Exploration PLC ('the Company') announces that it has issued and allotted
50,000 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 the 16th February 2007.



The Company's issued share capital consists of 76,594,667 ordinary shares of 1p
each, with one voting right per share. There are no shares held in treasury.





Further information


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

Jonathan Anderson                                  Tel: [phone]
Investor relations

Adrian Hadden                                      Tel: [phone]
Collins Stewart Limited



ENDS


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