Shares allotted in lieu of cash

Metminco Limited ("Metminco" or the "Company")

Shares allotted in lieu of cash

The Company announces that on 7 December 2010, it allotted 1,350,000 ordinary shares in the Company (the "Payment Shares") to JBN Holdings Pty Ltd and Air Dry Systems Pty Limited in lieu of cash, for fees payable by the Company in respect of consulting services. The Payment Shares represent approximately 0.1% of the Company's total issued share capital.

The shares were issued by the Company to satisfy the payment of consulting services provided to the Company.

In accordance with Disclosure and Transparency Rule 5.6.1, following this purchase the total number of voting rights in Metminco is 1,200,817,055.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Metminco under the FSA's Disclosure and Transparency Rules.

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