Issue of Warrants

METALS EXPLORATION PLC Issue of Warrants Metals Exploration Plc (the "Company") (AIM: MTL), the UK based precious and base metals exploration company focused on the Pacific Rim Region, announces that on 23 January 2009 the Company issued warrants to subscribe for 250,000 ordinary shares of 1p each to Jonathan Pearson, a Non-Executive Director of the Company. The warrants are exercisable immediately at a price of 20p per share and expire on 30 June 2013. Enquiries: Metals Exploration plc + 44 (0) 20 7963 9540 Jonathan Beardsworth + 44 (0) 7747 101 552 Nominated Adviser / Broker +44 (0) 20 7601 6100 Hanson Westhouse Limited Tim Feather / Matthew Johnson ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.