Los Calatos Project

Metminco Limited (LSE: MNC)

("Metminco" or "the Company")

Los Calatos Project declared a ¨Project of National Interest¨ by the Peruvian Government

Los Calatos, the 100% owned copper-molybdenum discovery owned by Metminco, has been declared a "Project of National Interest" by the Peruvian Government.

A "Project of National Interest" is an exceptional designation that allows Metminco's subsidiary company, Minera CN SAC, to acquire surface title to the Los Calatos project tenements, which are located on State-owned barren lands, by direct purchase from the Peruvian government. The general rule is that State-owned property can only be transferred by a public auction.

This designation only applies in circumstances where the project's feasibility and economic benefit for the country can be demonstrated to the Peruvian government. Metminco believes the designation of the project as a ¨Project of National Interest¨ will significantly assist the Company in procuring the relevant surface rights.

The Los Calatos project, in far south Peru, occurs in dry desert topography near the coast at an elevation of approximately 2800-3000 metres.

The Los Calatos project is located 80km southeast of the important regional city of Arequipa, or approximately 300km by road. The local town of Moquegua is 67km by road to the south, and the port of Ilo approximately 100km south of the project.

Metminco is currently undertaking a 50,000m diamond drill program which is designed to infill and extend the current resources at Los Calatos which contains approximately 4.7 million tonnes of copper equivalent metal (at cut off grade of 0.2% Cu and CuEq in-situ assumes a ratio of Mo/Cu prices of 5), or over 10 billion CuEq lbs, and secondly to test a number of new targets identified by surface geochemical sampling.

In Chile, Metminco has commenced a drilling program comprising 16,000 metres of RC drilling and 12,000 metres of diamond drilling at the Mollacas, Vallecillo and Camaron projects. This drill program is expected to be completed by the end of 2011. The drilling at Vallecillo and Camaron will be preceded by IP and ground magnetic geophysical surveys to help refine drill targets.

For further information contact:

South America:

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

Australia:

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 / David Currie (Investec Bank plc) +44 (0)20 7597 4000

Financial Public Relations Consultant - Buchanan

Tim Thompson / James Strong / Katharine Sutton +44 (0) 20 7466 5000

About Metminco:

Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and 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 a JORC compliant Mineral Resource of 926 million tonnes, consisting of an Indicated Resource of 111 million tonnes at 0.39% Cu and 380ppm Mo, and an Inferred Resource of 815 million tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).

The Chilean assets include the Mollacas copper leach project with a JORC compliant Mineral Resource of 17 million tonnes comprising 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 grade), and the Vallecillo gold zinc project with a JORC compliant 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).

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 a full-time employee of the Company as General Manager Exploration.

Colin Sinclair has sufficient experience (over 30 years) which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral.