Notification of Interest

31 July 2007

                       METALS EXPLORATION PLC


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|TR-1: Notifications of Major Interests in Shares                                             |
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|                                                 |                                           |
|-------------------------------------------------+-------------------------------------------|
|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)                        |
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|An acquisition or disposal of voting rights                                        |    X    |
|-----------------------------------------------------------------------------------+---------|
|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                             |         |
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|3. Full name of person(s) subject to notification|                Allianz SE                 |
|obligation:                                      |                                           |
|-------------------------------------------------+-------------------------------------------|
|4. Full name of shareholder(s) (if different from|      Allianz Cornhill Insurance Plc       |
|3):                                              |                                           |
|-------------------------------------------------+-------------------------------------------|
|5. Date of transaction (and date on which the    |               24 July 2007                |
|threshold is crossed or reached if different):   |                                           |
|-------------------------------------------------+-------------------------------------------|
|6. Date on which issuer notified:                |               30 July 2007                |
|-------------------------------------------------+-------------------------------------------|
|7. Threshold(s) that is/are crossed or reached:  |                    9%                     |
|---------------------------------------------------------------------------------------------|
|8. Notified Details                                                                          |
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|A: Voting rights attached to shares                                                          |
|---------------------------------------------------------------------------------------------|
|Class/type of   |Situation previous to  |Resulting situation after the triggering transaction|
|shares          |the triggering         |                                                    |
|If possible use |transaction            |                                                    |
|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    |8,191,919   |8,191,919 |8,816,919 |8,816,919  |         |9.91%    |         |
|                |            |          |          |           |         |         |         |
|---------------------------------------------------------------------------------------------|
|                                                                                             |
|---------------------------------------------------------------------------------------------|
|B: Financial Instruments                                                                     |
|---------------------------------------------------------------------------------------------|
|Resulting situation after the triggering transaction                                         |
|---------------------------------------------------------------------------------------------|
|Type of financial      |Expiration date |Exercise /    |Number of voting rights|% of voting  |
|instrument             |                |Conversion    |that may be acquired   |rights       |
|                       |                |Period/Date   |(if the instrument     |             |
|                       |                |              |exercised / converted) |             |
|-----------------------+----------------+--------------+-----------------------+-------------|
|                       |                |              |                       |             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |
|---------------------------------------------------------------------------------------------|
|Total (A+B)                                                                                  |
|---------------------------------------------------------------------------------------------|
|Number of voting rights                        |% of voting rights                           |
|-----------------------------------------------+---------------------------------------------|
|8,816,919                                      |9.91%                                        |
|---------------------------------------------------------------------------------------------|
|                                                                                             |
|---------------------------------------------------------------------------------------------|
|9. Chain of controlled undertakings through which the voting rights and /or the financial    |
|instruments are effectively held, if applicable:                                             |
|---------------------------------------------------------------------------------------------|
|Allianz SE is the ultimate holding company  of Allianz Cornhill Insurance plc ("Cornhill").  |
|The shares in  Cornhill are  held by  Allianz UK  Limited, which  is a  direct subsidiary  of|
|Allianz Europe  Limited ("Allianz  Europe") which  is  itself a  66.66% owned  subsidiary  of|
|Allianz  SE.    The  other  33.33%  of  shares  in  Allianz  Europe  are  owned  by   Allianz|
|Lebensvericherungs AG ("Allianz  Leben"), a  direct subsidiary  of Jota  Vermogensverwaltungs|
|GmbH ("Jota"), which is itself a direct subsidiary of Allianz SE.                            |
|                                                                                             |
|                                                                                             |
|                                                                                             |
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|                                                                                             |
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|Proxy Voting:                                                                                |
|---------------------------------------------------------------------------------------------|
|10. Name of proxy holder:                                  |                                 |
|-----------------------------------------------------------+---------------------------------|
|11. Number of voting rights proxy holder will cease to     |                                 |
|hold:                                                      |                                 |
|-----------------------------------------------------------+---------------------------------|
|12. Date on which proxy holder will cease to hold voting   |                                 |
|rights:                                                    |                                 |
|---------------------------------------------------------------------------------------------|
|                                                                                             |
|---------------------------------------------------------------------------------------------|
|13. Additional information:                 |Shares acquired as part of the recent placing   |
|--------------------------------------------+------------------------------------------------|
|14. Contact name:                           |Jonathan Anderson                               |
|--------------------------------------------+------------------------------------------------|
|15. Contact telephone name:                 |[phone]                             |
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