Issue of Equity

Metals Exploration PLC
03 November 2006

                             Metals Exploration PLC



                              Exercise of Warrants



Metals Exploration PLC ('the Company') announces that it has issued and allotted
123,125 new Ordinary Shares of 1p each at a price of 20 pence per share, and a
further 100,000 new Ordinary Shares of 1p each at a price of 12p 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 9th November 2006.



The total number of Ordinary Shares in issue following this exercise of warrants
is 76,085,292.



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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