LCL RESOURCES LIMITED — Capital/Financing Update 2007

Dec 10, 2007

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METMINCO LIMITED ASX ANNOUNCEMENT - 11 DECEMBER 2007

WEST LAKE EYRE – GEOPHYSICAL INTERPRETATION IDENTIFIES POTENTIAL FOR TWO IOCGU DEPOSITS AND SEPARATE NEAR SURFACE URANIUM OCCURENCES

HIGHLIGHTS

Metminco has recently engaged Flagstaff Geo-Consultants (Hugh Rutter) to undertake a thorough review of the available geophysical data over the West Lake Eyre Exploration Licence, which includes airborne magnetic, airborne radiometric and gravity data.

Hugh Rutter has extensive experience in the region and was closely involved in assessing geophysical data that led to the discovery of Olympic Dam.

Promising features have been identified from the review:

• There are two strong gravity signatures with coincident subdued magnetic responses that are indicative of potential Iron Oxide Copper Gold Uranium (IOCGU) deposits.

• A series of near surface uranium anomalies, possibly structurally controlled, have been delineated and are targets for further exploration.

Background

Metminco’s 100% owned Exploration Licence 3929, on the western side of Lake Eyre in South Australia (Figure 1), lies near the eastern margin of the Gawler Craton, and is prospective for Iron Oxide Copper Gold + Uranium (IOCGU) deposits and shallower sandstone hosted uranium deposits. These shallow deposits are believed to derive from either deeper sources below or granitic rocks to the west.

As with most of the Gawler Craton the prospective rock units are obscured by layers of younger sedimentary rocks. None of the geological situations interpreted from the geophysical data can be explained by the available geological mapping.

Figure 2 summarizes the current interpretations of the anomalies derived from the modelled data. Those interpretations are:

• The magnetics indicate rock types, probably volcanics, relatively close to the surface with both dyke and sill-like structures (M1 & M2).

• The radiometrics indicate highly anomalous uranium values at specific locations and possibly close to faulting (U).

The gravity data has identified at least two positive amplitude anomalies, one of which is within the southern part of the EL and the other in the northwestern corner, also present further to the west of the EL. Both could be caused by rocks similar to those encountered at Olympic Dam.

METMINCO LIMITED (ASX CODE: MNC )

ACN 119 759 349

Level 2, 224 Queen Street, Melbourne, VIC, 3000 Telephone: 61 3 9670 8896 Fax: 61 3 9670 8897 Email: mail@metminco.com.au

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136º30’ 137º00’
3890
MINOTAUR
OPERATIONS
3077
RIO TINTO EXPL
BHP BILLITON MINERALS
3249
3944
3764
MINOTAUR
INTEGRA
MINING OPERATIONS 28º30’
3446
Lake Eyre North
RIO TINTO EXPL
MINOTAUR
OPERATIONS
25km
3929
3958 METMINCO
3828
RED METAL
3758
RED
METAL
Bell Bay
29º00’
3650
3779
METEX
THUNDELARRA
RESOURCES
EXPLORATION
3957
METEX
RESOURCES
3917
BARRICK GOLD OF AUST
Donald Creek
METEX
RESOURCES
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Figure 1: Location map of EL3929 showing surrounding licences

METMINCO LIMITED (ASX CODE: MNC )

ACN 119 759 349

Level 2, 224 Queen Street, Melbourne, VIC, 3000 Telephone: 61 3 9670 8896 Fax: 61 3 9670 8897 Email: mail@metminco.com.au

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Figure 2: Geological Interpretation Map

METMINCO LIMITED (ASX CODE: MNC )

ACN 119 759 349

Level 2, 224 Queen Street, Melbourne, VIC, 3000 Telephone: 61 3 9670 8896 Fax: 61 3 9670 8897 Email: mail@metminco.com.au

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Future Exploration

Following the positive results highlighted by this analysis, Metminco intends to undertake additional exploration including further geophysical data collection, which again will be analysed by Hugh Rutter of Flagstaff Geo-Consultants:

• The sites of the anomalous uranium response will be investigated on the ground to investigate host rocks of the uranium and the possible source. This secondary uranium occurrence may have originated from depth via the nearby fault interpreted to lie just to the east. This work is planned for January 2008.

• In relation to the two IOCGU anomalies, additional gravity stations will expand upon the existing gravity survey to extend into the northeastern part of the EL. A grid spacing of 1500m x 1500m is proposed, similar to that recently completed for the South Australian Department of Primary Industries & Resources. In addition, two detailed traverse lines of data (with stations at 100m intervals) will be taken across the two identified anomalies. This will enable a more accurate model of the potential causative rock type to be constructed by the end of the first quarter of 2008.

For further information

please contact Keith Weston, Managing Director on 0428 312 767

The information in this report that relates to Exploration Results based on information compiled by Hugh Rutter, who is a Member of the Australian Institute Geoscientists. Hugh is a consultant for Flagstaff Geo-consultants and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Hugh Rutter consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

METMINCO LIMITED (ASX CODE: MNC )

ACN 119 759 349

Level 2, 224 Queen Street, Melbourne, VIC, 3000 Telephone: 61 3 9670 8896 Fax: 61 3 9670 8897

Email: mail@metminco.com.au