Company Information for Metals Exploration PLC

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Company Statement

Metals Exploration's primary objective is to increase shareholder value through the discovery and development of high value mineral resources within Southeast Asia, with particular emphasis on the Philippines.

Since acquiring our flagship Runruno project in 2005 a JORC compliant resource of 1.5 million ounces (Moz) of gold, and 25.4 million pounds (Mlb) of molybdenum has been defined, with 850,000oz gold Measured and Indicated.

The Company completed a Scoping Study in October 2008, forecasting production of approximately 180,000oz gold and 1.7Mlb molybdenum per year, with a capex of US$208M to include the moly recovery circuit. The study was based on an open pit operation using the BIOX® and carbon in leach processes to recover gold and molybdenum. Average annual cash operating costs of $285/oz (net of moly credits) are within the lowest quartile of the current industry cost curve. These results were in line with the results of the Concept Study published in April 2008.

An ongoing strategy of reviewing opportunities as they arise will allow Metals Exploration to add to it’s existing projects and resource base where appropriate.

For full details of the Scoping Study, resources and operations please see the Metals Exploration website: www.metalsexploration.com

Current Operations

Runruno - The Company is exploring Runruno, a gold / molybdenum deposit with a 1.5Moz Au and 25.4Mlb Mo JORC compliant Inferred, Indicated & Measured resource in the northern Philippines.

• Recently completed a Scoping Study on the deposit which reported in October 2008, providing the basis for a Bankable Feasibility Study. For full details please visit the Company News area of www.metalsexploration.com
• Site sits within a large alkaline volcanic complex of which less than 20% has been explored, providing potential to extend minelife and improve economics through the addition of resources.
• The mineralised structure is approximately 100m in thickness and is variably mineralised with higher gold-molybdenum values at the upper and lower margins of the zone.
• Deposit can be traced continually with a combination of outcrop, tunnel and drill control for a strike length of at least 2.2km and a down dip extension of over 600m. 

Exploration licences were recently granted for:

Sulong - previously mined for manganese in the 1970's, which may comprise a gold-bearing vein-fault system with potential for porphyry copper mineralisation.

Dupax - previously open-pit mined for zinc-copper-gold massive sulphide deposits. Grades of 45.7% Zn, 3.89% Cu and ~4g/t Au have been obtained.

Other Projects in the Company’s portfolio are covered by Exploration Permit applications

Puray - 2000tn of ore at better than 10% Cu mined previously. Estimated 8Mt of copper ore grading at least 0.7%, with a possible additional 28Mt at similar grade.

Worldwide - was the subject of copper-gold-molybdenum exploration in the 1970's. The Company is currently obtaining and collating historical data.

Capaz - hand panners have recovered nuggets and dust since 1987, and the area has the potential for a shallow gold resource.

Waigeo Island

Geographical Spread

The Philippines and Indonesia (inset)

Board of Directors and Key Management

Managing Director	Jonathan Beardsworth
Executive Chairman	Ian Holzberger
Non Executive Director	Tim Dean

Company Address University House 11-13 Lower Grosvenor Place London, United Kingdom SW1W 0EX Telephone: 0044(0) 207 963 9540 Facsimile: 0044(0) 207 963 9549 Email: info[at]metalsexploration.com Website: http://www.metalsexploration.com

Additional Address/Key Contact Philippines Office (Manila) Tel: 0063(0)2 892 7107 Fax: 0063(0)2 816 2351

Capital For current share price see Metals Exploration website. Undiluted: 269,716,344 Fully diluted: 295,669,648

Annual General Meeting April

Year End 31st December

Nominated Brokers Westhouse Securities Limited, One Angel Court, London, EC2R 7HJ +44 (0) 207 601 6100

Nominated Advisors Westhouse Securities Limited, One Angel Court, London, EC2R 7HJ +44 (0) 207 601 6100

Broker/Analyst Reports

26/01/10 - Westhouse Securities
07/09/09 - HansonWest House
11/03/09 - HansonWest House
12/01/09 - HansonWest House
13/10/08 - t1ps.com
04/03/08 - Collins Stewart

Major Shareholders

Solomon Capital Limited	44.1
Williams de Broe	8.66
Baker Steel Capital Mngr	6.73
Allianz Cornhill Insurance	4.45
Not in Public Hands	45.34

Related News

01/12/09 - Metals Exploration Is Bruised, But Not Broken By The Recent Downgrade At Runruno
25/08/09 - Metals Exploration Now Has A Clear Route To Production On Its Runruno Gold-Moly Project In The Philippines
04/06/09 - Metals Exploration’s Bankable Study At Runruno Is Coming On Apace, Supported As It Is By A Very Wealthy Backer
15/01/09 - With £12 Million In New Money, Metals Exploration Can Now Put Its Foot To The Floor In The Philippines
16/04/08 - Metals Exploration Can Go At Runruno Without The Moly, But Would Rather Keep It In

Most Recent Statement

15/03/10 - Award of Environmental Compliance Certificate
26/01/10 - Updated Runruno Economics Guidance
22/12/09 - Runruno Step-out Drilling Update
19/11/09 - Runruno Resource Update
29/10/09 - FTAA Approval
07/09/09 - Runruno Project Update