Issue of Equity

Metals Exploration PLC
27 March 2007

                             Metals Exploration PLC

                              Exercise of Warrants

Metals Exploration PLC ('the Company') announces that it has issued and allotted
25,960 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 2 April 2007.

The Company's issued share capital consists of 77,685,627 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


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