Prospectus Despatched

FOR IMMEDIATE RELEASE 16 December 2011

Metminco Limited (LSE: MNC)

("Metminco" or "the Company")

RIGHTS ISSUE PROSPECTUS DESPATCH

Metminco today advises that, pursuant to the timetable, the Rights Issue Prospectus ("Prospectus") as set out in the Company's announcement dated 6 December 2011 (relating to the non-renounceable pro rata rights offer to shareholders with an Australian or New Zealand address registered on the Company's share register as at 14 December 2011) was mailed to eligible shareholders on 15 December 2011.

Copies of the Prospectus are available on the Company's website http://www.metminco.com.au.

For further information please contact:

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 a JORC compliant resource of 926 million tonnes, comprising Indicated Resources 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 resource 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 the Vallecillo gold zinc project with a JORC compliant resource of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/t Au; 11.4g/t Ag; 1.32% Zn; 0.29% Pb and an Inferred Resource 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).