Metminco Regulatory News (MNC)

Metminco Limited (Metminco or the Company) (ASX: MNC; AIM: MNC) announces that RMB Australia Holdings Limited (RMB) has notified the Company that RMB is now the owner of all the issued capital of Minera Seafield SAS (Minera Seafield).

In accordance with the binding Heads of Agreement between Metminco and RMB, the Company has issued RMB with 50 million fully paid ordinary shares (Shares) at a deemed price of A$0.5 cents per Share. The acquisition of the Quinchia Gold Portfolio is on target for completion prior to 31 May 2016.

Minera Seafield owns 100% of the Quinchia Gold Portfolio in Colombia where a NI 43-101 mineral resource of 2.8 million ounces of gold has been estimated. The Quinchia Gold Portfolio covers 6,043Ha of granted concessions and an additional 3,792Ha of pending applications, and contains a number of deposits and exploration targets including the near term development opportunity at the Miraflores deposit, an Inferred Mineral Resource at Dosquebradas and a significant gold porphyry target at Tesorito.

Exercise of Options 

Holders of May 2016 Options exercised a total of 2,098,678 options over Shares raising approximately A$10,500 before expenses. To date 45,233,905 or 8% of the May 2016 Options have been exercised, raising approximately A$226,170 for Metminco before expenses.

Mr William Howe, Managing Director, commented: "The Company is pleased to advise that the acquisition of the Quinchia Gold Portfolio is on target for completion by 31 May 2016.

On completion of the acquisition of Minera Seafield, the Company will have a near term gold production opportunity at the Miraflores project combined with the drill ready gold/copper porphyry system identified at Tesorito, and access to a number of prospective concessions in the Quinchia district with potential to substantially increase the existing NI 43-101 mineral resource of 2.8 million ounces of gold."

Shares Issued in lieu fees

A total of 6,022,887 Shares equivalent to A$30,000 were issued to LinQ Corporate Pty Ltd in settlement of corporate consulting fees.

Admission of Shares

The Company will apply for admission of the Shares issued to RMB and to LinQ Corporate Pty Ltd under ASX Listing Rule 7.1 and 7.1A, and Shares issued through the exercise of May 2016 Options (in total 58,121,565).

It is expected that trading of the Shares will commence on the ASX on or around 30 March 2016, Sydney time, and on AIM at 8.00 a.m. on or around 4 April 2016, London time.

William Howe

Managing Director

Company Background

Metminco is a dual ASX and AIM listed company with a portfolio of copper, molybdenum and gold projects in Peru and Chile.

Projects and Mineral Resources

The Los Calatos Project, located in southern Peru, has a total estimated mineral resource of 352 million tonnes at 0.76% Cu and 318 ppm Mo at a cut-off grade of 0.5% Cu, comprising a Measured and Indicated Mineral Resource of 136 million tonnes at 0.73% Cu and 434 ppm Mo, and an Inferred Mineral Resource of 216 million tonnes at 0.78% Cu and 244 ppm Mo estimated in accordance with the JORC Code (2012 Edition).

The Chilean assets include the Mollacas Copper Project with a Mineral Resource of 15.5 million tonnes consisting of a Measured Resource of 11.2 million tonnes at 0.55% Cu and 0.12g/t Au and an Indicated Resource of 4.3 million tonnes at 0.41% Cu and 0.14g/t Au(at a 0.2% copper cut-off); and the Vallecillo Project with a Mineral Resource of 8.9 million tonnes consisting of a Measured Resource of 5.5 million tonnes at 0.84g/t Au, 9.99g/t Ag, 1.12% Zn and 0.32% Pb, an Indicated Resource of 2.6 million tonnes at 0.80g/t Au, 10.2-3g/t Ag, 0.94% Zn and 0.35% Pb and an Inferred Resource of 0.8 million tonnes at 0.50g/t Au, 8.62g/t Ag, 0.48% Zn and 0.17% Pb (at a cut-off grade of 0.2g/t Au). Mineral Resource Estimates for both Mollacas and Vallecillo have been estimated in accordance with the JORC Code (2004 Edition).

The Company also has an early stage exploration project in Chile where initial exploration activities have identified anomalous copper, molybdenum and gold values associated with a porphyry system.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Colin Sinclair, BSc, MSc, who is a Member of the Australasian Institute of Mining and Metallurgy and is currently employed by the Company in Chile.

Colin Sinclair has sufficient experience (over 30 years) which is relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition) of the 'Australasian Code for Reporting of Exploration Results'. Mr Sinclair, as Competent Person for this announcement, has consented to the inclusion of the information in the form and context in which it appears herein.

Forward Looking Statement

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ''anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.

The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.