Issue of Equity

Metals Exploration PLC
07 March 2006

                             METALS EXPLORATION PLC



                                ISSUE OF EQUITY



7 March 2006



Metals Exploration PLC ('the Company') today announces that it has issued and
allotted 40,000 new Ordinary Shares of 1p each to satisfy a payment obligation
of the Company pursuant to a joint venture agreement between the Company and
Medusa Mining Limited and Philsaga Mining Corporation (together the 'Medusa
Group'). The key details of such agreement with the Medusa Group have been
previously announced on 25 January 2006.



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 13 March 2006.



The total number of Ordinary Shares in issue following this issue of equity is
50,686,385.


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