Barrick agrees to surrender "buy back right"

Metminco Limited (LSE: MNC)

("the Company")

Metminco Shareholders

28 April 2011

Metminco and Barrick agree on ¨buy back right¨ deal

The Board of Metminco Limited (Metminco) is pleased to announce that the Company has reached agreement with Barrick Gold Corporation (Barrick) regarding Barrick's ¨buy back right¨ in connection with Metminco´s Los Calatos copper-molybdenum project in southern Peru.

Under the agreement Barrick has surrendered it´s ¨buy back right¨ in return for Metminco issuing to Barrick a total of 75 million fully paid ordinary shares in Metminco. Barrick will hold approximately 5.1% of the issued capital of Metminco post this transaction and the purchase of MN Ingenieros Limitada´s 50% interest in SCM Ovalle in Chile and simultaneous capital raising.

For further information contact:

South America:

William Howe - Managing Director Ph: +56 (2) 411 2600

Australia:

William Etheridge - Executive Director Ph: + 61(0) 419 400 919

Phillip Wing - Executive Director Ph: + 61(0) 412 254 704

Philip Killen - Company Secretary & CFO Ph: + 61(0) 408 609 916

United Kingdom:

Tim Read - Director Ph: +44 (0) 777072 1809

Nomad and Broker - Investec Bank plc

Stephen Cooper Ph: +44 (0)20 7597 5000

Patrick Robb

Tim Thompson (Buchanan Communications) Ph: +44 (0) 20 7466 5000

James Strong

Katharine Sutton

About Metminco:

Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The Los Calatos project located in southern Peru has JORC compliant resources of 926 million tonnes, consisting of Indicated Resources of 111 million tonnes at 0.39% Cu and 380ppm Mo and Inferred Resources of 815 million tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).

The Chilean assets include a 100% interest in the Mollacas copper leach project with JORC compliant resources of 17 million tonnes consisting of Indicated Resources of 7.2 million tonnes at 0.56% copper and Inferred Resources of 9.8 million tonnes @ 0.52% copper (at a 0.2% copper cut-off grade); and a 50% interest in the Vallecillo gold zinc project with JORC compliant resources of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/tAu; 11.4g/tAg; 1.32% Zn; 0.29% Pb and Inferred Resources of 2.2 million tonnes @ 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).

* Cut off grade of 0.2% Cu. Copper equivalence (CuEq), in-situ, assumes a ratio of Mo/Cu prices of 5.