LCL RESOURCES LIMITED — Capital/Financing Update 2008

Oct 28, 2008

ASX RELEASE – 29 OCTOBER 2008 EAST KIMBERLEY DRILLING UPDATE

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HIGHLIGHTS

• Grants Creek drilling intersects broad gold mineralised zones including 5m @ 6.33g/t gold, 10m @ 4.12g/t gold and 20m @ 2.38g/t gold.

• 14 of the 21 holes returned gold mineralised intercepts of greater than 1g/t gold in 5m composite samples.

As outlined below, Metminco’s first programs of Reverse Circulation (RC) drilling were recently completed on the Grants Creek and Angelo projects, located in the East Kimberley Region of Western Australia.

GRANTS CREEK

At Grants Creek a total of 21 shallow holes were completed for 855 metres.

Best results include:

25 metres @ 1.75g/t gold, 16 metres @ 3.23g/t gold, 5 metres @ 6.33g/t gold, 10 metres @ 4.12g/t gold, 5 metres @ 5.73g/t gold, 20 metres @ 2.38g/t gold.

15 holes were completed over the Perseverance prospect with 6 additional exploration holes over coincident geophysical and geochemical targets. 14 of the holes returned gold mineralised intercepts of greater than 1g/t gold in the composite samples.

Significant drilling results (5 metre composites greater than 1g/t gold)

Hole ID	Easting	Northing	Azimuth (mag)	Dip (°)	From (m)	To (m)	Interval and g/t gold
Perseverance Prospect
GRC-001	385001	8028095	328	-75	5	30	25 m @ 1.75
GRC-002	385004	8028079	328	-60	30	35	5 m @ 2.97
GRC-003	384982	8028076	328	-60	30	42	12 m @ 1.54
GRC-004	384988	8028066	328	-60	50	66 EOH	16 m @ 3.23
GRC-006	384952	8028076	328	-60	15	25	10 m @ 1.50
GRC-007	384956	8028067	328	-60	30	35	5 m @ 6.33
GRC-008	384963	8028055	328	-60	55	64 EOH	9 m @ 2.81
GRC-009	384924	8028071	331	-60	10	20	10m @ 4.12
GRC-010	384929	8028059	328	-60	25	30	5m @ 5.73
GRC-012	384900	8028064	328	-60	10	15	5m @ 1.08
GRC-014	384965	8028103	148	-60	10	30	20m @ 2.38
Exploration holes
GRC-017	385568	8028196	340	-80	5	10	5m @ 1.51
GRC-020	387612	8028378	336	-60	20	25	5m @ 1.88

Note: Coordinates in GDA Zone 52. Gold values determined by On Site Laboratories via Fire Assay

METMINCO LIMITED (ASX CODES: MNC & MNCO )

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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Only part of the Perseverance prospect has been drilled and it is still open along strike to both the east and west and at depth. Single metre splits are currently being collected and forwarded to the assay laboratory for analysis. Interpretation of these results will aid in the determination of controls and geometry of the gold mineralisation and aid in future drill targeting.

The Perseverance prospect is the first location to be drilled at Grants Creek and these initial promising results and previous geochemical data support Metminco’s belief in the potential of the project. A number of other prospects have been identified for drilling and if results of a similar tenor are achieved, it is likely that substantial gold mineralisation can be delineated.

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Grants Creek drilling cross section GRC09 to GRC011

METMINCO LIMITED (ASX CODES: MNC & MNCO )

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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ANGELO DRILLING

Metminco undertook a reverse circulation drilling program of 25 holes at the Leonardo prospect in July 2008, which highlighted a number of zones of sulphidic quartz. This drilling indicated greater structural complexity to controls on mineralisation than indicated by previous surface exploration. However, elevated assays including 3m @ 1.97g/t gold and 2m @ 4.31g/t gold, as well as a bordering stockwork zone of 17m @ 0.24g/t gold, build upon earlier RAB drilling and prove the presence of a mineralised system.

Initial interpretation suggests that nuggetty gold is present in south easterly dipping quartz veins with peripheral lower grade stockwork system. Further RAB drilling on this project is planned for next season, following additional geochemical sampling and prospect scale mapping.

		Leonardo Prospect - Selected drill intercepts	Leonardo Prospect - Selected drill intercepts	Leonardo Prospect - Selected drill intercepts	Leonardo Prospect - Selected drill intercepts
Hole ID	Easting	Northing	Azimuth (mag)	Dip (°)	From (m)	To (m)	Interval and g/t gold
ARC-001	333365	7951825	317	-60	1	3	2m @ 1.80
ARC-002	333380	7951810	315	-60	30	32	2m @ 1.18
ARC-002	333380	7951810	315	-60	70	73	3m @ 1.52
ARC-007	333406	7951858	312	-60	80	83	3m @ 1.97
ARC-008	333427	7951894	312	-60	5	6	1m @ 1.12
ARC-012	333598	7952121	314	-60	65	66	1m @ 1.82
ARC-017	333538	7952090	314	-60	23	40	17m @ 0.24
ARC-020	333436	7952014	312	-60	2	3	1m @ 1.58
ARC-025	333409	7951913	314	-60	48	49	1m @ 2.08
ARC-025	333409	7951913	314	-60	77	79	2m @ 4.31
Note – Coordinates in GDA Zone 52. Gold values determined by On Site Laboratories via Fire Assay

PROJECT BACKGROUND

The Grants Creek and Angelo projects are part of a Joint Venture Farm-in with Pacrim Energy Ltd, whereby Metminco can earn up to 70% interest. The projects lie in the eastern zone of the Halls Creek Orogen, a major north easterly trending belt of deformed Proterozoic age rocks that host a number of significant mineral discoveries.

Previous exploration at Grants Creek has delineated a prospective horizon that contains a number of prospects, where gold is found in blue grey quartz reefs in association with sulphides. Previous rock chip sampling yielded very high gold assays including 271.7g/t, 104.7g/t (Moody’s Prospect) & 51.7g/t (Perseverance Prospect).

The Angelo Project lies within the Olympio Formation of the Halls Creek Group and is characterised by a substantial gold in soil geochemical anomaly 6 kilometres long and up to 1km wide. Additional soil sampling has extended this anomalous soil zone for a further 1.5km along strike up to the Mary River. Further soil sampling north of the Mary River is planned during 2009. A second zone of elevated gold is also present in the southern part of the licence (Figaro Prospect). Mapping and geochemical sampling commenced this season at Figaro, revealing numerous large outcropping quartz reefs which will form the focus of future exploration.

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Keith Weston Managing Director 29 October 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 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 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” 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 CODES: MNC & MNCO )

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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