slowly but surely

METAL STORM LIMITED
ACN 064 270 006

Metal Storm Adds Handgun Manufacturer To ?Personalised Handgun? Team

==Taurus International Manufacturing to build platform for electronic
handgun with dynamic grip recognition==

BRISBANE, AUSTRALIA ? 26 November 2003: Metal Storm Limited (ASX trading
code: MST and NASDAQ Small Cap ticker symbol: MTSX)

Metal Storm Limited (Metal Storm), New Jersey Institute of Technology
(NJIT), and Taurus International Manufacturing (Taurus) announced today they
had signed a collaboration memorandum with the goal of developing and
bringing to market a ?personalised? handgun that electronically recognises
pre-authorised individual users.

?The inclusion of Taurus is a significant step forward in our efforts to
commercialise the O?Dwyer VLe? handgun,? said Charles Vehlow, Metal Storm?s
Chief Executive Officer.  ?We are excited to leverage Taurus? experience and
reputation as a leading manufacturer of handguns.  Their participation is
essential to our project with NJIT and reinforces our commitment to create a
handgun that offers increased control and security.  Taurus? established
world-wide distribution network offers opportunities beyond those of the US
mandated ?Safe Gun? market such as international and domestic law
enforcement and civilian markets.?

The partnering furthers progress made by Metal Storm and NJIT to jointly
build a firearm that meets the mandated personalised handgun legislation New
Jersey established in December 2002. Taurus International Manufacturing and
Forjas Taurus in Brazil will integrate Metal Storm?s O?Dwyer VLe? handgun
Electronic Firing System and NJIT?s developed and patented Dynamic Grip
Recognition (DGR) biometric authorising technology into a total handgun
package.  The goal is to complete a prototype featuring an electronic weapon
that instantly and reliably recognises authorised operators by means of
pre-programmed grip patterns.

 ?We are delighted to include Taurus into our development team,? said Dr
Donald H Sebastian, Vice President for research and development at New
Jersey Institute of Technology (NJIT), Newark.  ?The addition of a
commercial producer to our team is vital to ensuring that our design
reflects the combined influences of efficient manufacturing practice and
consumer preferences.  By working prototype and commercial product design in
parallel we will shorten the development cycle.?

?Having the opportunity to partner Taurus firearms advanced engineering with
the New Jersey Institute of Technology and Metal Storm Limited, presents the
firearms world with a combined wealth of forward seeing science that will
likely revolutionise ballistics, solid state technology and specific user
identification,? said Robert G Morrison, Executive Vice President and Chief
Operating Officer of Taurus International Manufacturing, Inc.  Each partner
has individually developed methodology that combined will provide an
extraordinary shooting system that will forever change the course of
firearms technology both in scope and flexibility.?

Further announcements will be made as detailed terms of the collaboration
are finalised.

Visit www.metalstorm.com

**About Taurus**
www.taurususa.com
Taurus International Manufacturing, Inc. is a Florida Corporation that
imports and distributes firearms manufactured by Forjas Taurus, in Brazil,
as well as manufacturing firearms in their Miami facility. Taurus has led
the industry in both technical innovation and firearms safety and security.
In the area of innovation, Taurus was dominant with the introduction of
forged Total Titanium handguns. Taurus introduced the Taurus Security System
in 1996, the first integral locking device on production handguns.

**About NJIT**
http://www.njit.edu/
A leader in the development of biometric devices and technology, NJIT is a
public technological research university offering bachelor's, master's and
doctoral degrees to 8,800 students. NJIT ranks among the top schools of U.S.
News & World Report's list of national doctoral universities. Expertise and
research initiatives include architecture and building science, applied
mathematics, biomedical engineering, environmental engineering and science,
information technology, manufacturing, materials, microelectronics,
multimedia, telecommunications, transportation and solar physics.

**About Metal Storm**
Metal Storm Limited is a research and development company based in Brisbane,
Australia.  The company is capturing attention from defence and non-military
organisations worldwide with its revolutionary 100% electronic ballistics
technology, which has no known conventional equivalent.  Metal Storm
currently has research and development funding in place to develop its
technology from leading government defence-related agencies in Australia and
the United States.  Additionally, the company is well positioned to support
the U.S. government's more urgent homeland defence needs.

**Safe Harbour**
Certain statements made herein that use the words ?estimate?, ?project?,
?intend?, ?expect?, ?believe? and similar expressions are intended to
identify forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.  These forward-looking statements
involve known and unknown risks and uncertainties which could cause the
actual results, performance or achievements of the company to be materially
different from those which may be expressed or implied by such statements,
including, among others, risks or uncertainties associated with the
development of the company?s technology, the ability of the company to meet
its financial requirements, the ability of the company to protect its
proprietary technology, potential limitations on the company?s technology,
the market for the company?s products, government regulation in Australia
and the U.S., changes in tax and other laws, changes in competition and the
loss of key personnel.  For additional!
  information regarding these and other risks and uncertainties associated
with the company?s business, reference is made to the company?s reports
filed from time to time with the Securities and Exchange Commission,
including the company?s Form 20-F.

Further information:

Company Enquiries:
United States:  Chuck Vehlow - Chief Executive Officer Ph: 703 248 8218
Australia: Ian Gillespie - General Manager Australia Ph: #61 (0) 7 3221 9733

Investor Enquiries:
United States: Chenoa Taitt - Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia: Frank Sufferini - Orient Capital Pty Ltd Ph: #61 (0) 2 9964 0200

Media Enquiries:
United States: Lippert/Heilshorn & Assoc.  Ph: 212 838 3777
Australia: Stephanie Paul - Phillips Group   Ph: #61 (0) 7 3230 5000


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