Issue of Equity

Metals Exploration PLC
23 March 2007

                             Metals Exploration PLC



                              Exercise of Warrants



Metals Exploration PLC ('the Company') announces that it has issued and allotted
1,065,000 new Ordinary Shares of 1p each, 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 29th March 2007.



Following this exercise the Company's issued share capital consists of
77,659,667 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

Keith Irons, Bankside Consultants                      Tel: [phone]
Marc Cohen, Bankside Consultants                       Tel: [phone]
Investor relations

Adrian Hadden                                          Tel: [phone]
Collins Stewart Limited



ENDS


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