LCL RESOURCES LIMITED — Capital/Financing Update 2008

Jul 1, 2008

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METMINCO LIMITED ASX ANNOUNCEMENT - 2 JULY 2008

ASHBURTON JV PROJECT UPDATE..

HIGHLIGHTS

• +50% iron & +40% manganese returned from rock chips at Pingandy.

• Iron & manganese rich gossan line identified over 4.6km strike at Pingandy.

• Induced Polarisation survey concluded at Mount Vernon, initial RC drilling program being planned targeting survey results.

• 33.5% copper identified from previous exploration data at Mount Vernon.

• Our Joint Venture partner, Peak Resources believes that recent exploration has increased the prospectivity of the project to host large tonnage metalliferous deposits.

Pingandy Rock Chip Results

Thirty eight rock chip samples were collected during recent fieldwork on the Pingandy Exploration Licence. The samples are predominantly from an identified gossan line that runs NW – SE within the central part of the tenement, E08/1240. An anomaly was identified in this vicinity from stream sediment and rock chip samples collected in late 2007, including a rock chip sample that returned 44.5% Titanium dioxide (TiO2) and 0.42% Zirconium dioxide (ZrO2) & 1670 ppm Vanadium.

Indications are that the high titanium bearing rock chip appears to be associated with an area of alteration, where gossanous material out crops over a strike length of approximately 4.6 kilometres, running parallel to the Pingandy Scarp.

The recent rock chip sampling has returned a significant number of elevated Iron (+50% Fe) and Manganese (+40% Mn) assays. Follow - up work will be undertaken on these results over the coming months.

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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Mount Vernon Induced Polarisation Survey

An Induced Polarisation (IP) survey was completed at Mount Vernon in May. A total of five lines were completed for 15.9 line kilometres.

Chargeability anomalies were returned from within the area of interest, though no anomalies indicative of sulphide mineralisation were identified. This is attributed to the thickness of unmineralised cover rock, and near surface oxidation and leaching within the area.

Overall the survey indicates that:

• Oxidation within the shear zone (identified by the previous gravity survey) is deeper than anticipated. Weathering of any sulphides present has resulted in lower magnitude chargeability anomalies.

• Anomalies observed within the shear could indicate remnant concentrations of sulphide mineralisation and will help target drilling proposed in the next phase of exploration.

Reverse Circulation drilling is now being planned on the main structures identified previously by gravity survey. The primary target area within the program coincides with Electro - Magnetic and geochemical anomalies. The drilling program will be undertaken as soon as site clearances are completed and a suitable drill rig secured.

High Grade Copper Rock Chip Sample – Newcrest Mining

During historic data searches over the Ashburton Project it was discovered that previous rock chip sampling by Newcrest Mining prior to 1996 returned an assay of 33.5% copper. This assay, from within Peak’s Ashburton tenure, was from a cobble containing malachite (copper carbonate) overlying a black argillite unit (Sample #109397 – approximate coordinates 584423E, 7361991N). The JV will locate the exact location for further sampling.

EXPLORATION SUMMARY

Exploration to date on the Joint Venture includes:

• A Gravity Survey indicating the presence of a large structural feature in close proximity to an unconformable lithological contact and the intersection of regional lineaments.

• Identification of Electro-Magnetic anomalies, following the reinterpretation of data acquired from CRA Exploration (now Rio Tinto).

• Anomalous rock chip sample from over a strike length of 10 kilometres with numerous anomalous assay results, including Iron (+59% Fe), Lead (+1% Pb), Silver (46.5 ppm Ag) as well as elevated barium, zinc and cobalt.

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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• Soil sampling has returned strong responses for Pb, Ag, As & Cu over the target area, with anomalous Pb (+200ppm) & As (+100ppm) identified over a strike length of +3.5km and a width of 3km.

• Geophysical and geochemical anomalies that coincide.

These exploration results indicate the prospectively of the project to host large tonnage metaliferous deposits.

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, 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. Mr Weston is a shareholder in Metminco Ltd.

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