Metminco Regulatory News (MNC)

Introduction

With the completion of the Company's Phase 4a drilling program at the Los Calatos Project, Metminco Limited ("Metminco" or the "Company") commissioned SRK Consulting, Chile S.A. ("SRK") to model, and calculate, an interim mineral resource estimate for its 100% owned copper - molybdenum project in southern Peru.

The new resource model incorporates the drilling results from 113 drill holes totalling 90,403 metres, of which 31,550 metres were used in estimating the mineral resource associated with the Los Calatos mineralised envelope.

Review of resource estimate

The mineral resource statement for the Los Calatos copper-molybdenum deposit has been reported at a 0.2% Cu cut-off grade, and categorised into Indicated and Inferred Mineral Resources in accordance with the JORC standards for Reporting Mineral Resources and Mineral Reserves (see Table 1 below).

Table 1: Mineral Resource Statement for the Los Calatos Copper-Molybdenum Project, Arequipa, Peru, SRK Consulting (Chile) S.A., April 19, 2012.

Note:

i) Mineral Resource reported at a 0.2% Cu cut-off

Further, and based on Table 1 above, the contained metal by resource category is summarised in Table 2 below.

Table 2: Summary of metal content by resource category (based on the 0.2% Cu cut-off from Table 3, Appendix 1).

Note:

i) Rounding-off of figures may result in minor computational discrepancies, where this happens, it is not deemed significant

Appendix 1 provides more detailed information on the grade-tonnage profile for the Mineral Resource, sensitivities to various cut-off grades, a graphic of the Block Model and a summary of the parameters used to derive the estimate. Also contained in Appendix 1 is a comparison between key aspects of the July 2010 and April 2012 Mineral Resource statements.

Drilling results post resource update

Table 2, included under Appendix 1, summarises the drilling results for the Los Calatos Phase 4a program. All of these drill holes have been included in the latest resource estimate, apart from drill hole CD-61, which returned the following significant results:

Proposed work program

The Phase 4b drilling program, which includes an additional 70,000 metres of infill drilling, has commenced. The program, which is focused primarily on upgrading the current resource categories, is to be completed by the calendar year-end. Eight drilling rigs are presently operating in the field.

A further Mineral Resource estimate, reported in accordance with the JORC Code (2004), will be undertaken at the end of the year, on completion of the Phase 4b drilling program. This resource update will be followed by the commissioning of a pre-feasibility study in early 2013.

An internal mining study has been initiated aimed at identifying the main requirements of the pre-feasibility study. This will address aspects such as the planned seawater pipeline to the coast (and associated loading facility), access to the regional power grid, quantification of the metallurgical testwork required to evaluate the use of sea water for flotation purposes (and refine recoveries), and the assessment of different mining options.

Company Background

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

The Los Calatos project, located in southern Peru, has a Mineral Resource of 2,316 million tonnes, comprising an Indicated Resource of 885 million tonnes at 0.42% Cu and 270 ppm Mo, and an Inferred Resource of 1,431 million tonnes at 0.40% Cu and 180 ppm Mo (at a 0.2% copper cut-off).

The Chilean assets include the Mollacas copper leach project with a Mineral Resource of 17 million tonnes consisting of an Indicated Resource of 7.2 million tonnes at 0.56% copper, and an Inferred Resource of 9.8 million tonnes at 0.52% copper (at a 0.2% copper cut-off); and the Vallecillo gold zinc project with a Mineral Resource of 10.1 million tonnes consisting of an Indicated Resource of 7.9 million tonnes at 1.14g/t Au; 11.4g/t Ag; 1.32% Zn; 0.29% Pb and an Inferred Resource of 2.2 million tonnes at 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).

The Company also has a number of early stage exploration projects where initial exploration activities have identified anomalous copper, molybdenum and gold values.

William Howe

Managing Director

APPENDIX 1

Summary of Results

Table 3: Sensitivity of the Los Calatos Mineral Resource to the copper cut-off grade.

Figure 1: Total (Indicated & Inferred) Resource Grade - Tonnage Curve for Cu %.

(Please follow the PDF link at the top of the page)

Figure 2: Los Calatos Block Model - Copper Grades (25m x 15m x 20m blocks).

(Please follow the PDF link at the top of the page)

Figure 3: Los Calatos Block Model Plan - Grade (%) * thickness (m) contours with Phase 4a drill holes.

(Please follow the PDF link at the top of the page)

Figure 4: Northeast - southwest section though drill hole CD-61 showing high grade intercept

(Please follow the PDF link at the top of the page)

Figure 5: Mineralised Envelope - Los Calatos Porphyry System.

(Please follow the PDF link at the top of the page)

Figure 6: Comparison - July 2010 and April 2012 Mineral Resource estimates.

(Please follow the PDF link at the top of the page)

Table 4: Los Calatos - Phase 4a Drilling Results.

Table 5: Los Calatos - Phase 4a Drilling Results (cont'd)

Note: Results for CD-62 still awaited.

Table 6: Modelling parameters - Interim Resource estimate.

a) Drill holes

b) Section Spacing and Composites

c) Descriptive statistics - mineral assays

(Please follow the PDF link at the top of the page)

d) Geostatistical analysis - Variography

(Please follow the PDF link at the top of the page)

e) Block Model Parameters

f) Estimation Methodology - Ordinary Kriging

g) Resource Category Parameters

Metminco Limited

ABN 43 119 759 349

Corporate Details

ASX Code: MNC.AX

AIM Code: MNC.L

Issued capital

1.749.5m Ord. shares

69.2m Options

Directors

Chairman

Antonio Ortuzar

Managing Director

William Howe

Non-Executive Directors

 Francisco Vergara

Bill Etheridge

Phillip Wing

Tim Read

Company Secretary & CFO

Philip Killen

Contact Details

Level 6

122 Walker Street

North Sydney

NSW

2060

Australia

Tel: +61 (0) 2 9460 1856

Fax: +61 (0) 2 9460 1857

Email

steve.tainton@metminco.com.au

Website

www.metminco.com.au

Brokers

Canaccord BGF (Australia)

Warwick Grigor / Marcus Freeman

+61 3 8688 9100

Canaccord Genuity (UK)

Robert Finlay / Andrew Chubb

+44 (0) 20 7523 8000

Liberum (UK)

Michael Rawlinson / Clayton Bush

+44 (0) 20 3100 2227