Metminco Shareholders

For Immediate Release 14 June 2011

Metminco Limited (LSE: MNC)

("the Company")

Metminco Shareholders

The following announcement has been released on the ASX as required under the ASX Listing Rules, which has previously been announced on 27 May 11 in regards to the director's dealings undertaken by William Etheridge.

Minas Frangoulis

Adviser, Listings - Melbourne

ASX Compliance Pty Ltd

Level 45, South Tower, Rialto

525 Collins Street

Melbourne VIC 3000

By email: [email protected]

Dear Minas,

Metminco Limited (the "Company") - MNC

Re: Appendix 3Y - Change of Director's Interest Notice

We refer to your letter dated 7 June 2011.

We apologise for the delay in providing the recent Appendix 3Y for Mr. William Etheridge (the Director), released on 27 May 2011, and with specific reference to your queries, advise as follows:

1. Why was the Appendix lodged late?

The Director received permission to deal in MNC securities from the Company Secretary in accordance with the Company's securities trading policy. On approval the Director was informed that he would be required to notify the Company on completion of the sale and complete a change of director's interest for lodgment on the ASX. Unfortunately the Director was late in completing and delivering Appendix 3Y to the Company and in a form satisfactory to the Company.

We advise that the Company lodged Appendix 3Y on the same day it was received from the Director and that promptly following ASX's request, re-lodged a revised version inclusive of Part 3.

2. What arrangements does the Company have in place with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A?

The following processes are in place to ensure that the Company is able to meet its disclosure obligations under Listing Rule 3.19A:

(a) each member of the Board is informed of ASX disclosure requirements upon their appointment. The Company has entered into letters of appointment with each of its directors, which requires, among other things, that directors notify the Company of interests and any changes thereto so that ASX Appendices can be lodged. Notification of any changes in a director's direct or indirect interest in Company securities is also required under the Company's market disclosure policy;

(b) as and when required, the Company Secretary will inform directors of their obligations under Listing Rule 3.19A in Board meetings or otherwise and will follow up with interested directors to ensure compliance; and

(c) any director wishing to trade in the Company's securities must first obtain the consent to do so from an authorised person in accordance with the Company's security trading policy. Where approved, the director must continue to comply with any other requirements set out in that policy in connection with the deal.

3. If the current arrangements are inadequate or are not being enforced, what additional steps does the Company intend to take to ensure compliance with Listing Rule 3.19B?

The Company considers the current arrangements to be adequate and notes that the late lodgement of Appendix 3Y was as a result of the Director's error. Directors have since been re-briefed on their disclosure obligations and the need to ensure the Company is able to meet its obligations in respect of ASX Listing Rule 3.19A and 3.19B.

Philip Killen

Company Secretary

Metminco Limited

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

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.