Warrants Exercise

Metals Exploration PLC
23 December 2005

                             METALS EXPLORATION PLC



                                ISSUE OF EQUITY



23 December 2005



Metals Exploration PLC ('the Company') today announces that it has issued and
allotted 25,000 new Ordinary Shares of 1p each, at a price of 20 pence per
share, pursuant to the 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 3 January 2006.



The total number of Ordinary Shares in issue following this exercise of warrants
is 48,630,328.


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