Metals Exploration - Positive Rewsuls 30 June 2005

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Runruno Update

RNS Number:7674V
Metals Exploration PLC
16 December 2005

METALS EXPLORATION PLC

FIRST DRILL HOLE ASSAY RESULTS RECEIVED FOR THE RUNRUNO PROJECT

GOLD AND MOLYBDENUM RESULTS MEET EXPECTATIONS

16 December 2005

The Board of Metals Exploration PLC ("the Company") is pleased to announce that
results have been received for the first drill hole (MXD1) of the current
diamond drilling programme being undertaken at its Runruno Project. MXD1
comprises a total combined intercept of 30 metres averaging 2.37 g/t gold, and
377 g/t molybdenum. Today's gold price is US$505/oz and the molybdenum price is
US$30/lb. There are 454 grams to an imperial pound.

This first batch of results appears to vindicate the Company's belief that by
focusing on achieving good drill core recoveries (i.e. >90%), the gold assay
results should be better than those obtained during the 1969-1972 drilling
carried out by Fil-Am Resources Inc. ("Fil-Am"). As mentioned in previous news
releases, the drill core recoveries experienced during Fil-Am's drilling
campaigns in the 1970s were very poor, particularly within the interpreted zones
of possibly higher grade gold mineralisation. In fact, the drill core recoveries
and results show more similarities to those obtained by Greenwater Mining
Corporation ("Greenwater"), a subsidiary of Placer Dome Exploration of Canada,
from the two holes that they drilled into the mineralised zones in 2001-2002.

During the drilling of the first hole (MXD1), a 1.6 metre section of drill core
was lost from within the hangingwall mineralisation. This means that this
particular interval was unable to return an assay result and subsequently the
intersection width and average grade has possibly been downgraded to some
degree. The drilling company is re-drilling the hangingwall section of the
mineralisation to recover this part of the zone for analysis. As the drilling
crews become more familiar with the drilling conditions, the loss of drill core,
particularly from within the mineralised zones, will be minimised.

The results are highly encouraging as this also vindicates the Company's belief
that the Runruno resource, as previously defined in the 1970s, could be upgraded
to an average grade higher than 1.4 g/t Au as a result of focusing on achieving
good drill core recoveries.

Within MXD1 there is a combined width of 30 metres of interceptions showing
greater than 0.7g/t gold mineralisation and the average grade over the 30 metres
as a whole is 2.37g/t gold.. The upper hangingwall horizon starts at 38 metres
and the bottom footwall horizon ends at 135 metres depth. The total width of the
mineralised zone is 97 metres.

The individual intercepts for Hole MXD1 are:

Drill-hole MXD1

Drill-hole Intercept (metres) Au Mo
ID From to Thickness g/t g/t

MXD1 38 40 2 1.82 68
MXD1 42 50 8 4.00 592
MXD1 107 110 3 2.57 408
MXD1 116 120 4 1.44 23
MXD1 122 135 13 1.68 394
Total Combined Intercept 30 2.37 377
(@ >0.7 g/t Au)



There are currently four drill rigs on site and in operation. The Company
expects to announce further results of its drilling programme by the end of
January 2006.

COMPARISON WITH PREVIOUS DRILL RESULTS

1969-1972 Fil-Am

The nearest Fil-Am drillhole (DRQ-60) to MXD1 (56 metres away) only intersected
the hangingwall mineralisation and did not intersect the footwall
mineralisation. Comparing the hangingwall intersections of DRQ-60 with MXD1,
there is a significant increase in the average grade of the zone from 9.1m @ 1.7
g/t Au to 10m @ 3.56 g/t Au respectively.

Similarly with the Fil-Am drillhole 90 metres away (DRQ-59), there is an
increase in the average gold grade of the hangingwall and footwall
mineralisation with a total combined increase in the average grade from 1.93 g/t
Au to 2.37 g/t Au.

The Company believes that the difference in drill core recovery explains the
difference in the apparent average gold grades obtained.

2000-2001 Greenwater

The two Greenwater drillholes (RUD-001 & RUD-004) nearest to MXD1, although more
than 90 metres from MXD1, showed many similarities to MXD1. In one of
Greenwater's holes, a combined width of interceptions of 44 metres showing an
average grade of 3.09 g/t Au and 630 g/t Mo was encountered. Greenwater's
second hole returned a combined width of interceptions of 36 metres showing an
average grade of 2.18 g/t Au and 837 g/t Mo.

Greenwater's drill core recovery was thought to be in the order of 80-90%,
compared with the Company's recovery of over 90% in this first hole.

SAMPLING & ANALYSIS

Sample Preparation

The drill core is taken from the drill site to a secure compound at the
Company's field camp and is logged by the geologist. The drill core is then
split into two equal halves along its long axis, with one half being sampled at
predetermined intervals, bagged and sent for analysis. The remaining half-core
is retained in core boxes and stored on site for future reference.

The bagged half-core samples are being submitted to an independent 'ISO17025
accredited' laboratory for sample preparation and analyses for gold and
molybdenum. All of the half-core samples are crushed by the laboratory and a
900-1000 gram split is taken, pulverized and presented for analysis.

Analytical Techniques

Gold: Gold analysis is by classical 'Screen Fire Assay' technique that
involves sieving a 900-1000 gram sample to 200 mesh (75um). The
entire oversize and duplicate undersize fractions are fire assayed
and the weighted average gold grade calculated. This is one of the
most appropriate methods for determining gold content if there is a
'coarse gold' component to the mineralisation.

Molybdenum: The sample is dissolved in Aqua Regia (3:1 HCl:HNO3) and
Molybdenum analysis is carried out by Inductively Coupled Plasma -
Optical Emission Spectrometry (ICP-OES) method. This is one of the
most appropriate methods of determining the molybdenite content of
rock.



FORWARD LOOKING STATEMENT

The Company's objective is to determine a gold (+molybdenum) resource over a 600
metre strike, 100 metre width to a down-dip depth of 400 metres. Given these
parameters, the Directors are setting a resource target for this part of the
deposit of 45 to 55 million tonnes. The main Runruno mineralisation has been
mapped at surface over a strike distance of 2.5 kilometres.

This is a forward looking statement and should not be regarded as anything else
and should not be regarded as a true indication of the resource until it has
been properly and fully explored.

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.

ENQUIRIES:

Steven Smith - Chairman: + 44 (0) 7797 721 858

Jonathan Anderson - Investor Relations: + 44 (0) 7950 410 680 or
+ 63 (0) 917 560 6654

Philip Haydn-Slater - WH Ireland Limited: + 44 (0) 2072 201 666




This information is provided by RNS
The company news service from the London Stock Exchange
END

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