Metminco Regulatory News (MNC)

Metminco Limited (LSE: MNC)

("the Company")

Metminco Shareholders

Chairman's address to Annual General Meeting Wednesday 24 November 2010

I am pleased to report to shareholders that the 2010 financial year has been a year of major achievements for your Company.

Since July 2009 Metminco has been transformed from a company focussed on Australian exploration projects with limited potential to a company with a controlling interest in a portfolio of high potential assets located in Peru and Chile.

Metminco acquired a 72.7% interest in Hampton Mining Limited, raised funds of approximately A$20 million and was admitted in April 2010 to the AIM market operated by the London Stock Exchange.

The Company will, subject to shareholder approval at this annual general meeting, increase its interest in Hampton to 100% and raise A$30 million to fund advancement of Hampton's portfolio of projects.

Hampton has an exciting portfolio of exploration projects which includes the world class Los Calatos copper and molybdenum porphyry deposit located in southern Peru, and the Mollacas copper leach project and the Vallecillo gold-zinc project, both located in Chile, approximately 500km north of Santiago.

During the year Hampton completed a 10,000 metre drilling program at the Los Calatos Project and increased estimated resources from 1.6 million tonnes of copper equivalent metal in-situ to over 4.7 million tonnes of copper equivalent metal in-situ (or over 10 billion lbs copper equivalent), approximately a 350% increase.

The Company has now identified 8 high level targets at Los Calatos within a copper porphyry cluster which is approximately 68km in extent and is defined by a strong arsenic soil anomaly. In early December 2010, the Company will commence a 50,000 metre drill program designed to drill test these targets and build on the 926 million tonnes copper/molybdenum resource already announced.

In late October 2010 Hampton completed detailed metallurgical testwork for the Mollacas heap leach/SXEW project to provide input to a detailed feasibility study.

At the Vallecillo Project, surface mapping and geochemical sampling during the year has identified seven exploration targets, including La Colorada where drilling by Hampton has already generated significant JORC resources. These targets now require drill testing. Preliminary metallurgical test work completed during the year for La Colorada indicates a gold recovery on site of more than 90% into Dore bullion, via gravity and leaching of concentrates, and recovery of more than 90% zinc into a zinc concentrate averaging more than 50% zinc.

There have also been changes to the Board to reflect the Company's listing on AIM in London and its new South American focus. I thank both Shane Turner and Keith Weston for their contributions and welcome both Tim Read and Francisco Vergara to the Board. I would also like to thank shareholders for their continued support and Metminco's hard working executives and staff. It is important to recognise that the Company would not have progressed as it has without the efforts of my fellow Board members and the Company's employees.  

In closing I confirm that Metminco's strategic vision is now firmly directed towards unlocking the mineral riches of Hampton's high potential South American assets with a view to growing shareholder wealth.

 Presentation at the Annual General Meeting Wednesday 24 November 2010

Metminco announces that it the Presentation at the Annual General Meeting Wednesday 24 November 2010 can be obtained from www.metminco.com.au.

For further information contact:

Metminco Limited Tel: +61 (0) 407 524 235

John Fillmore

Daniel Stewart & Company plc Tel: 020 7776 6550

Oliver Rigby

Buchanan Communications Tel: 020 7466 5000

Tim Thompson / James Strong /

Katharine Sutton