Masapelid Project Update

About this update from Metals Exploration Plc

Metals Exploration PLC 11 April 2005 FOR IMMEDIATE RELEASE 11 APRIL 2005 MASAPELID: MAPPING OF LAYONG VEIN DEFINES DRILL TARGETS. Metals Exploration is pleased to announce that surface mapping of the Layong Vein at the company's Masapelid Project in Surigao del Norte Province, Philippines, has been completed and drill targets have been planned. The first drill rig will be mobilized over the coming weeks. Mapping and sampling will now be focussed on Vein 6, which is orientated sub-parallel to the Layong Vein. Historical records report that Vein 6 had undergound development work undertaken but no significant mining took place because of bad ground conditions. Both these Veins lie in the Layab-Looc corridor which was highlighted by Western Mining's soil geochemistry program in the early 1990s to have the best potential for Gold mineralization. Drilling is scheduled to start within the first week of May and the company looks forward to the announcement of drill results as they come to hand. Project Summary: The Layong Vein at the company's Masapelid Island Project was previously mined during the 1930's and closed due to the outbreak of WW2. The area encompassing the Layong Vein has not been extensively explored by modern techniques and the board sees the project as having a real opportunity to define gold resources. The Masapelid Project encompasses an island of the same name just off northeast coast of Surigao del Norte Province. The project is located in a well mineralised corridor of present-day and historical mining operations, being 6 kilometres northeast of the former gold+copper mining operations of Manila Mining Corporation (Placer) and 15 kilometres northeast of the Anglo American's recent Boyongan discovery where hole TSD-38 returned 366 m @ 1.66% copper & 4.49 g/t gold. The Masapelid Project has had previous exploration conducted over it by several major mining companies since the 1970s and the Company believes that there exists good potential to delineate gold (+/-copper) resources. Previous mining on Masapelid Island dates back to Spanish colonial times. In the 1930s, the northeast trending Layong vein at Layab was developed with reports of 21,000 tonnes of ore extracted at grades of 16 to 24 g/t Au. Other parallel veins were identified but not mined reportedly because of difficult ground conditions. Development down to the 300 level (-100 me...

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