LCL RESOURCES LIMITED — Capital/Financing Update 2008

Apr 8, 2008

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METMINCO LTD ASX RELEASE – 9 APRIL 2008

METMINCO COMPLETES ASHBURTON PROJECT DUE DILIGENCE

On 14 March 2008 Metminco Ltd advised that a Heads of Agreement had been executed between Metminco and Peak Resources Ltd, to advance exploration on the Ashburton Base Metal Project, which has the potential to host large base metal deposits.

The Directors of Metminco are pleased to further announce that following a thorough data review and field visit, together with due diligence, that the company will proceed with the Joint Venture Agreement.

Outstanding early geochemical results include 1.31% lead, 0.35% zinc, 46.5 ppm silver and 1.9% cobalt in rock chips. This anomalous geochemistry is coincident with geophysical anomalies.

Background

The Ashburton Project is located approximately 70 km south of the township of Paraburdoo and 300km NNW of Meekatharra, Western Australia. The Project consists of two granted exploration licences E08/1239 (Mt Vernon) and E08/1240 (Pingandy) covering a combined area of 412 sq. km.

A 1,400 station gravity survey commissioned by Peak in November 2007 on the Mt Vernon Project (E08/1239) outlined a large structural feature. Concurrent surface geochemical sampling revealed anomalous lead and zinc in samples collected from outcropping quartz rich iron-oxide rocks grading up to 1.31% Lead and 0.35% Zinc respectively (Table 1).

SampleID	Easting	Northing	Silver	Cobalt	Lead	Zinc
MV001	583895	7357152	46.5 ppm	582 ppm	0.27 %	0.11 %
MV003	583843	7357228	<0.05ppm	175 ppm	1.31 %	0.05 %
MV064	580586	7348837	1.6 ppm	1.895 %	0.02 %	0.35 %

Table 1 Selected geochemical rock chip results Mount Vernon project (full results in release to ASX dated 16 January 2008 by Peak Resources)

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Additional rock chip sampling conducted during a recent field visit by Metminco personnel reproduced the tenor of Peak’s earlier results on the Mount Vernon licence, confirming its prospectivity.

On the Pingandy licence, rock chip sampling by Peak has returned anomalous titanium, up to 44.5%, from rock interpreted to be derived from an ancient mineral sand deposit. This style of mineralisation is previously unknown in this area (Figure 1).

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Figure 1 Pingandy Prospect - gossanous iron rich outcrop containing high titanium

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Future Exploration

Planning for an Induced Polarisation (IP) geophysical survey is well advanced and this survey should commence in the latter half of April 2008. IP surveys are used to detect buried metallic mineralisation (including massive sulphides). The results of this survey will provide greater focus for subsequent drilling on the Mount Vernon licence.

Future work at Pingandy will be directed towards mapping the extent of the anomalous titanium rich rock unit and additional geochemical sampling.

Metminco’s due diligence has confirmed the validity of the targets and the prospect of a significant discovery and we look forward to working with Peak on the Ashburton Project Joint Venture.

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.

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