Issue of Equity

Metals Exploration PLC
17 February 2005





FOR IMMEDIATE RELEASE                        17 FEBRUARY 2005

                             METALS EXPLORATION Plc

                  ISSUE OF NEW ORDINARY SHARES IN THE COMPANY

The Board of Metals Exploration announces that pursuant to the Memorandum 
of Agreement between the Company (1), San Manuel Mining Corp. ('SMMC') (2) 
and Manuel Arteficio (3), announced on 23 December 2004, the Company has 
issued 250,000 new Ordinary Shares of 1p each in payment of the first 
tranche of consideration.

The Board also announces that 500,000 new Ordinary Shares of 1p each in the
Company have been issued pursuant to the exercise of a warrant granted to 
Credo Capital plc on 15 October 2004.

Application will be made to the London Stock Exchange for the 750,000 new
Ordinary Shares in the Company to be admitted to trading on AIM. It is 
expected that Admission will become effective and that trading in the new 
Ordinary Shares on AIM will commence on 22 February 2005.



Contact:

Steven Smith, Chairman                              07797 721 858

Jonathan Anderson, Investor Relations               07950 410 680

                                                    0063 (0) 9175606654




                      This information is provided by RNS
            The company news service from the London Stock Exchange