Notification of Interest

27 July 2007

                       METALS EXPLORATION PLC


+-------------------------------------------------------------------------------------------+
|TR-1: Notifications of Major Interests in Shares                                           |
|-------------------------------------------------------------------------------------------|
|                                                |                                          |
|------------------------------------------------+------------------------------------------|
|1. Identity of the issuer or the underlying     |                                          |
|issuer of existing shares to which voting rights|          METALS EXLORATION PLC           |
|are attached:                                   |                                          |
|-------------------------------------------------------------------------------------------|
|2. Reason for notification (please tick the appropriate box or boxes)                      |
|-------------------------------------------------------------------------------------------|
|An acquisition or disposal of voting rights                                     |          |
|--------------------------------------------------------------------------------+----------|
|An acquisition or disposal of financial instruments which may result in the     |          |
|acquisition of shares already issued to which voting rights are attached        |          |
|--------------------------------------------------------------------------------+----------|
|An event changing the breakdown of voting rights                                |          |
|--------------------------------------------------------------------------------+----------|
|Other (please specify): Change in issued share capital                          |    X     |
|-------------------------------------------------------------------------------------------|
|3. Full name of person(s) subject to            |New City Investment Managers Limited      |
|notification obligation:                        |                                          |
|------------------------------------------------+------------------------------------------|
|4. Full name of shareholder(s) (if different    |City Natural Resources High Yield Trust   |
|from 3):                                        |Plc                                       |
|------------------------------------------------+------------------------------------------|
|5. Date of transaction (and date on which the   |24/07/07                                  |
|threshold is crossed or reached if different):  |                                          |
|------------------------------------------------+------------------------------------------|
|6. Date on which issuer notified:               |25/07/07                                  |
|------------------------------------------------+------------------------------------------|
|7. Threshold(s) that is/are crossed or reached: |3%                                        |
|-------------------------------------------------------------------------------------------|
|8. Notified Details                                                                        |
|-------------------------------------------------------------------------------------------|
|A: Voting rights attached to shares                                                        |
|-------------------------------------------------------------------------------------------|
|Class/type of |Situation previous to  |Resulting situation after the triggering transaction|
|shares        |the triggering         |                                                    |
|If possible   |transaction            |                                                    |
|use ISIN code |                       |                                                    |
|--------------+-----------------------+----------------------------------------------------|
|              |Number of  |Number of  |Number of  |Number of voting    |% of voting rights |
|              |Shares     |voting     |shares     |shares              |                   |
|              |           |rights     |           |                    |                   |
|--------------+-----------+-----------+-----------+--------------------+-------------------|
|              |           |           |Direct     |Direct  |Indirect   |Direct  |Indirect  |
|--------------+-----------+-----------+-----------+--------+-----------+--------+----------|
|              |           |           |           |        |           |        |          |
|GB00B0394F60  |2,450,000  |2,450,000  |2,450,000  |-       |2,450,000  |-       |2.75      |
|              |           |           |           |        |           |        |          |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|B: Financial Instruments                                                                   |
|-------------------------------------------------------------------------------------------|
|Resulting situation after the triggering transaction                                       |
|-------------------------------------------------------------------------------------------|
|Type of financial    |Expiration date |Exercise /    |Number of voting      |% of voting   |
|instrument           |                |Conversion    |rights that may be    |rights        |
|                     |                |Period/Date   |acquired (if the      |              |
|                     |                |              |instrument exercised /|              |
|                     |                |              |converted)            |              |
|---------------------+----------------+--------------+----------------------+--------------|
|                     |                |              |                      |              |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|Total (A+B)                                                                                |
|-------------------------------------------------------------------------------------------|
|Number of voting rights                      |% of voting rights                           |
|---------------------------------------------+---------------------------------------------|
|2,450,000                                    |2.75%                                        |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|9. Chain of controlled undertakings through which the voting rights and /or the financial  |
|instruments are effectively held, if applicable:                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|                                                                                           |
|                                                                                           |
|                                                                                           |
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|Proxy Voting:                                                                              |
|-------------------------------------------------------------------------------------------|
|10. Name of proxy holder:                               |New City Investment Managers      |
|                                                        |Limited                           |
|--------------------------------------------------------+----------------------------------|
|11. Number of voting rights proxy holder will cease to  |N/A                               |
|hold:                                                   |                                  |
|--------------------------------------------------------+----------------------------------|
|12. Date on which proxy holder will cease to hold voting|N/A                               |
|rights:                                                 |                                  |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|13. Additional information:               |                                                |
|------------------------------------------+------------------------------------------------|
|14. Contact name:                         |Jonathan Anderson                               |
|------------------------------------------+------------------------------------------------|
|15. Contact telephone name:               |[phone]                             |
+-------------------------------------------------------------------------------------------+

---END OF MESSAGE---