Notification of Interest

23 November 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      |          Metals Exploration plc           |
|rights are attached:                           |                                           |
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|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): Increase in shares in issue                              |         |
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|3. Full name of person(s) subject to           |                                           |
|notification obligation:                       |         Cantor Fitzgerald Europe          |
|                                               |                                           |
|-----------------------------------------------+-------------------------------------------|
|4. Full name of shareholder(s) (if different   |                                           |
|from 3):                                       |                    N/A                    |
|                                               |                                           |
|-----------------------------------------------+-------------------------------------------|
|5. Date of transaction (and date on which the  |                                           |
|threshold is crossed or reached if different): |                 15/11/07                  |
|-----------------------------------------------+-------------------------------------------|
|6. Date on which issuer notified:              |                                           |
|                                               |                 16/11/07                  |
|                                               |                                           |
|-----------------------------------------------+-------------------------------------------|
|7. Threshold(s) that is/are crossed or reached:|               Less than 3%                |
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|8. Notified Details                                                                        |
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|A: Voting rights attached to shares                                                        |
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|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    |rights               |                   |
|               |           |rights    |          |                     |                   |
|---------------+-----------+----------+----------+---------------------+-------------------|
|               |           |          |Direct    |Direct     |Indirect |Direct   |Indirect |
|---------------+-----------+----------+----------+-----------+---------+---------+---------|
|               |           |          |          |           |         |         |         |
|Ordinary       |2,782,000  |2,782,000 |2,482,000 |2,482,000  |         |2.71%    |         |
|               |           |          |          |           |         |         |         |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
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|B: Financial Instruments                                                                   |
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|Resulting situation after the triggering transaction                                       |
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|Type of financial     |Expiration date|Exercise /    |Number of voting rights|% of voting  |
|instrument            |               |Conversion    |that may be acquired if|rights       |
|                      |               |Period/Date   |the instrument         |             |
|                      |               |              |exercised / converted. |             |
|----------------------+---------------+--------------+-----------------------+-------------|
|                      |               |              |                       |             |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|Total (A+B)                                                                                |
|-------------------------------------------------------------------------------------------|
|Number of voting rights                      |% of voting rights                           |
|---------------------------------------------+---------------------------------------------|
|2,482,000                                    |2.71%                                        |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
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|9. Chain of controlled undertakings through which the voting rights and /or the financial  |
|instruments are effectively held, if applicable:                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
|                                                                                           |
|                                                                                           |
|                                                                                           |
|                                                                                           |
|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |
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|Proxy Voting:                                                                              |
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|10. Name of proxy holder:                                |N/A                              |
|---------------------------------------------------------+---------------------------------|
|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]                             |
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