LCL RESOURCES LIMITED — Capital/Financing Update 2011

Apr 27, 2011

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

ASX ANNOUNCEMENT

Metminco completes purchase of 100% of Chilean assets

28 April 2011

The Board of Metminco Limited (Metminco or the Company) is pleased to announce that the Company has completed the purchase of 50% of SCM Ovalle from MN Ingenieros Limitada (MN) resulting in SCM Ovalle becoming a wholly owned subsidiary of Metminco. This transaction gives Metminco 100% ownership of the Mollacas copper leach project, the Vallecillo Au-Zn project and the Loica Cu-Mo deposit and paves the way for the development of the Mollacas copper leach project.

The consideration of in total US$35 million has been satisfied by the issue to MN of 70,250,855 new fully paid ordinary shares in Metminco, and the payment of US$10 million in cash.

The cash component of the purchase price for SCM Ovalle is fully funded by the simultaneous placement of Metminco shares primarily to selected institutional investors in Australia, Asia, Chile and the United Kingdom to raise A$30 million (refer Capital Raising Announcement issued today).

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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 JORC compliant resources of 926 million tonnes, consisting of Indicated Resources of 111 million tonnes at 0.39% Cu and 380ppm Mo and Inferred Resources of 815 million tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).

The Chilean assets include a 100% interest in the Mollacas copper leach project with JORC compliant resources of 17 million tonnes consisting of Indicated Resources of 7.2 million tonnes at 0.56% copper and Inferred Resources of 9.8 million tonnes @ 0.52% copper (at a 0.2% copper cut-off grade); and a 50% interest in the Vallecillo gold zinc project with JORC compliant resources of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/tAu; 11.4g/tAg; 1.32% Zn; 0.29% Pb and Inferred Resources of 2.2 million tonnes @ 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).

• Cut off grade of 0.2% Cu. Copper equivalence (CuEq), in-situ, assumes a ratio of Mo/Cu prices of 5.

For further information please contact:

South America :

William Howe - Managing Director

Ph: +56 (2) 411 2600

Australia:

William Etheridge – Executive Director Phillip Wing – Executive Director Philip Killen - Company Secretary & CFO

Ph: + 61(0) 419 400 919 Ph: + 61(0) 412 254 704 Ph: + 61(0) 408 609 916

Broker – BGF Equities Warwick Grigor Marcus Freeman Ian Howarth (Collins St Media)

Ph: + 61(0) 2 9263 2700 Ph: + 61 (0) 3 8688 9100 Ph: + 61(0) 407 822 319

United Kingdom:

Tim Read – Director

Ph:+44 (0) 7770721809

Nomad and Broker – Investec Bank plc Stephen Cooper Patrick Robb

Ph: +44 (0) 207 597 5000

Tim Thompson (Buchanan Communications)

Ph:+44 (0) 20 7466 5000