LCL RESOURCES LIMITED — Capital/Financing Update 2011

Jul 10, 2011

==> picture [219 x 37] intentionally omitted <==

Level 6 122 Walker St North Sydney NSW 2060 Australia T +61 (0)2 9460 1856 F +61 (0)2 9460 1857

11 July 2011

ASX ANNOUNCEMENT

Metminco´s Los Calatos Project declared a ¨Project of National Interest¨ by the Peruvian Government

Los Calatos, the 100% owned copper-molybdenum discovery owned by Metminco Limited (Metminco), has been declared a “Project of National Interest” by the Peruvian Government.

A “Project of National Interest” is an exceptional designation that allows Metminco’s subsidiary company, Minera CN SAC, to acquire surface title to the Los Calatos project tenements, which are located on State-owned barren lands, by direct purchase from the Peruvian government. The general rule is that State-owned property can only be transferred by a public auction.

This designation only applies in circumstances where the project’s feasibility and economic benefit for the country can be demonstrated to the Peruvian government. Metminco believes the designation of the project as a ¨Project of National Interest¨ will significantly assist the Company in procuring the relevant surface rights.

The Los Calatos project, in far south Peru (Figure 1), occurs in dry desert topography near the coast at an elevation of approximately 2800-3000 metres.

The Los Calatos project is located 80km southeast of the important regional city of Arequipa, or approximately 300km by road (Figure 2). The local town of Moquegua is 67km by road to the south, and the port of Ilo approximately 100km south of the project.

Metminco is currently undertaking a 50,000m diamond drill program which is designed to infill and extend the current resources at Los Calatos which contains approximately 4.7 million tonnes of copper equivalent metal (at Cu cut-off grade 0.2% and Cu/Mo price ratio of 5:1), or over 10 billion CuEq lbs, and secondly to test a number of new targets identified by surface geochemical sampling.

In Chile, Metminco has commenced a drilling program comprising 16,000 metres of RC drilling and 12,000 metres of diamond drilling at the Mollacas, Vallecillo and Camaron projects. This drill program is expected to be completed by the end of 2011. The drilling at Vallecillo and Camaron will be preceded by IP and ground magnetic geophysical surveys to help refine drill targets.

Figure 1 : Los Calatos project : diamond drill rig and exploration camp (view to the south west)

==> picture [398 x 250] intentionally omitted <==

Figure 2: Los Calatos Project: Location of Los Calatos licences in southern Peru.

==> picture [459 x 384] intentionally omitted <==

==> picture [74 x 45] intentionally omitted <==

William Howe Managing Director

About Metminco:

Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The Los Calatos project, located in southern Peru, has a JORC compliant Mineral Resource of 926 million tonnes, consisting of an Indicated Resource of 111 million tonnes at 0.39% Cu and 380ppm Mo, and an Inferred Resource of 815 million tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).

The Chilean assets include the Mollacas copper leach project with a JORC compliant Mineral Resource of 17 million tonnes comprising an Indicated Resource of 7.2 million tonnes at 0.56% copper and an Inferred Resource of 9.8 million tonnes at 0.52% copper (at a 0.2% copper cut-off grade), and the Vallecillo gold zinc project with a JORC compliant Mineral Resource of 10.1 million tonnes consisting of an Indicated Resource of 7.9 million tonnes at 1.14g/t Au; 11.4g/t Ag; 1.32% Zn; 0.29% Pb and an Inferred Resource of 2.2 million tonnes at 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).

For further information please contact :

South America :

William Howe: Managing Director

Ph: +56 (2) 411 2600

Australia:

Phillip Wing: Non- Executive Director Philip Killen: Company Secretary & CFO Ian Howarth (Collins St Media)

Ph: + 61(0) 412 254 704 Ph: + 61(0) 408 609 916 Ph: + 61(0) 407 822 319

United Kingdom:

Tim Read: Non-Executive Director Stephen Cooper / David Currie (Investec Bank plc) Tim Thompson / James Strong / Katharine Sutton (Buchanan Communications)

Ph: +44 (0) 7770721809 Ph: +44 (0)20 7597 4000 Ph: +44 (0) 20 7466 5000