Prelim Metallurgical Results

Metals Exploration PLC
31 January 2007

                              METALS EXPLORATION PLC

               PRELIMINARY METALLURGICAL RESULTS - RUNRUNO PROJECT

London 31 January 2007: Metals Exploration PLC ('the Company') is pleased to 
announce preliminary results from the metallurgical testwork currently being 
carried out on two composite samples representing mineralization from the 
transition and fresh zone in the Runruno deposit.  The testwork is being 
completed at an independent metallurgical laboratory in Australia under the 
direct supervision of an independent metallurgical consultant.

RUNRUNO PROJECT - METALLURGICAL TESTWORK

Preliminary tests on the fresh composite using a combination of gravity
concentration followed by flotation have yielded gold recoveries of 92%.

Preliminary tests involving gravity concentration followed by cyanide leaching
have yielded gold recoveries of 55 to 60%. This indicates that the gold is
partly refractory, with the unrecovered gold probably being locked within
sulphides.

The high gold recovery obtained by flotation is encouraging since flotation is
the preliminary processing stage used in the treatment of refractory gold ores.

Tests are currently in progress to assess:
(i) whether finer grinding will increase the gold recovery achievable by both 
gravity concentration/cyanide leaching and gravity concentration/flotation;
(ii) the percentage of gold locked within sulphides; and
(iii) the gold recovery that can be achieved by gravity concentration
followed by flotation and then ultra-fine grinding and leaching of the flotation
concentrate.

The calculated gold head grades obtained in the tests completed so far on both
composites exceed the expected composite grades calculated from the exploration
assays due to the presence of coarse gold. This indicates that current announced
estimates of the gold grade of the resource from diamond drilling have not been
over-estimated, although a far larger statistical sample will be needed before
any thought could be given to adjusting the grade of the resource as a whole.

The first round of metallurgical testwork on molybdenum recovery has been less
successful, and testwork using alternative methods is ongoing. Samples have been
sent for mineralogical examination to determine the form in which the molybdenum
occurs and its grain size.

Commenting on these results, Jonathan Beardsworth, CEO, said: 'These preliminary
results indicate that the metallurgical testwork is on track. The gold
recoveries, in particular, are encouraging at this stage, although the
molybdenum is proving more problematic. We will continue to keep investors
informed of developments as they occur'.

Work is now proceeding on several fronts:
• Diamond drilling has restarted on the northern extension of
the deposit with a view to expanding the resource towards our target of 2.5 Mozs
as previously indicated;
• In-fill RC drilling will soon begin on the main deposit with a
view to upgrading part of the resource through Indicated and towards Measured
Resource categories;
• Metallurgical testwork is continuing with a view to
identifying the optimum process flowsheet for both gold and molybdenum
recovery; and
• A scoping study has just commenced, including conceptual pit
optimization studies, in order to develop project economics.

MASAPELID PROJECT

Medusa Mining Limited through Phsamed Mining Corporation, in accordance with
Clause 5.1 of the Masapelid Joint Venture agreement, has given notice to the
Company of its withdrawal from the Masapelid Joint Venture effective 31 January
2007.

After reviewing the results of their exploration programme and given the 
Company's current focus on the Runruno Project and the northern Luzon area, the 
Company in turn, in accordance with Clause 5 of the Memorandum of Agreement, has 
advised San Manuel Mining Corporation that it is withdrawing from the Agreement 
effective 31 January 2007.


QUALIFIED PERSON

Gary Powell (a Director of the Company) has been involved in the mining and 
exploration industry for more than 20 years. He has a Bachelor of Applied 
Science degree in geology and is a member of the Australasian Institute of 
Mining and Metallurgy and the Australasian Institute of Geoscientists. He has 
compiled, read and approved the technical disclosure in this regulatory 
announcement.

END

ENQUIRIES:

Jonathan Beardsworth, CEO Metals Exploration         [phone]
Jonathan Anderson, Investor Relations                [phone]
Adrian Hadden , Collins Stewart Europe Limited       [phone]
Keith Irons, Simon Rothschild, Bankside Consultants  [phone]




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