LCL RESOURCES LIMITED — Capital/Financing Update 2007

Oct 3, 2007

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METMINCO LIMITED ASX ANNOUNCEMENT - 4 OCTOBER 2007

HIGH GRADE ROCK CHIP SAMPLES UP TO 271g/t GOLD FROM GRANTS CREEK

HIGHLIGHTS

• Recent rock chip sampling at Grants Creek has returned several high grade gold assays including 271.7g/t, 104.7g/t & 51.65g/t.

• Seven of the seventeen samples analysed by Metminco exceeded 10g/t gold and 12 samples returned gold grades greater than 4g/t.

• The Grant’s Creek Project tenements cover a major portion of the historic Grants Patch Mining Centre, located approximately 60 kilometres north-east of Halls Creek in the East Kimberley region of Western Australia.

• Soil sampling has extended the anomalous gold in soil trend a further 300 metres to the west toward the Halls Creek Fault Zone.

• Metminco personnel are currently on ground undertaking geological mapping and sampling in preparation for drill testing.

Sample No.	Easting	Northing	Average gold assay (g/t)
GC 102	384505	8027701	51.65
GC 103	384508	8027703	4.50
GC 104	384504	8027707	4.94
GC 105	384509	8027704	12.06
GC 106	384505	8027708	14.93
GC 107	384506	8027703	13.47
GC 112	384944	8028073	5.71
GC 113	385891	8028264	271.70
GC 114	385933	8028285	104.73
GC 115	385988	8028239	4.42
GC 116	387695	8029111	5.40
GC 117	387672	8029087	15.03

Zone52GDA Fire Assay 0.01ppm detection limit

Tabulated gold assay results over 4g/t

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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These rock chip samples are part of Metminco’s initial orientation exploration of the area. These very encouraging results give strong indications as to the existence of high grade gold mineralization. They also assist in the geological understanding of the Grant’s Creek Project and highlight areas for future drilling.

Background

Metminco is earning up to a 70%, Interest in the Grants Creek Project via a Joint Venture farm-in with Pacrim Energy Limited. The Project comprises 8 contiguous prospecting licences, P80/1575 to P80/1582, covering 14.26km[2] .

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Local Geology, Grants Creek Prospecting Licences

The Project area lies just to the east of the NNE trending Halls Creek Fault. The identified reefs lie either wholly within the meta-basalts of the Biscay Formation (Star of Kimberley reef), or at close to the contact of the Biscay Formation and the Woodward Dolerite (Perseverance reefs) and occasionally in the turbiditic sediments of the Olympio Formation (Moody’s reefs). Structurally, the Grants Creek Project area lies on splays adjacent to the Halls Creek Fault

The reefs comprise dark blue to dark grey glassy quartz generally containing abundant pyrite, galena and rare chalcopyrite. Boxworks, limonite patches and small gossans are common in the oxidized ore, however, the oxidized zone is shallow and sulphides occur close to the surface. The gold appears to be closely associated with the sulphides.

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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Previous explorers conducted soil and rock chip sampling program in the vicinity of the known workings and tested for strike extensions of the mineralized systems by costeaning. Subsequent drilling focused on two prospect areas, Perseverance and the Star of Kimberley.

Current Exploration

Recent exploration by Metminco comprised prospect mapping, orientation rock chip sampling and an extension of the previous soil sampling between the Halls Creek Fault Zone and the Perseverance prospect.

Promisingly, all rock chip samples contained indications of gold mineralization. The soil sampling confirmed that the previously defined gold in soil geochemical anomaly continues westerly along strike for a further 300 metres to the main Halls Creek Fault Zone.

Samples GC102 to GC107 inclusive are all from the Perseverance prospect in and adjacent to a small shaft. They demonstrate where the mineralization occurs in relation to the main quartz structure and aid in the interpretation of previous RC drilling on this prospect.

Sample GC113 from the Moody’s prospect, apart from having the highest assay, is the most important as the fine visible gold in that sample is within a quartz rich sandstone. Samples GC114 and GC115 are from sulphidic bluish quartz veins from the same prospect. Significantly, the Moody’s prospect has only been tested by two RC drill holes and is a priority target for additional exploration.

Samples GC116 & GC117 are from some outcrops well to the east of the current established prospects and confirm previous observations that gold usually occurs associated with bluish quartz veining.

Future Work Program

Metminco’s follow-up exploration of the Project area has been initiated and will consist of:

• Detailed geological mapping to assist in identifying the structural controls on mineralization.

• Additional geochemical sampling over areas of interest.

• Re-interpretation of aeromagnetic data.

• Consolidation of data collected by previous explorers into a common dataset.

• Aircore drilling on known prospects.

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 Keith Weston, BSc(hons) MAusIMM, who is a Member of the Australasian Institute of Mining and Metallurgy. Keith Weston is a full time employee of Metminco Limited and has sufficient experience which is relevant to the style of mineralization 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”. Keith Weston 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