Queensland Ores Limited

Metallica Minerals Limited (ASX:MLM) is pleased to be exhibiting at this year's Diggers and Dealers Mining Forum which is taking place from 3-5 August in Kalgoorlie.

At completion of the 1 MLM : 22 QOL Scrip Offer on 9 June, Metallica Minerals Limited (ASX:MLM) acquired 71% of Queensland Ores Ltd (ASX:QOL) which holds two very attractive Queensland resource projects; 85% of the Wolfram Camp wolfram (tungsten) and molybdenite mine (currently on care and maintenance) and 100% of the Mt Cannindah copper gold deposit.

Under-explored areas of South Australia's minerals province, have been targeted by Metallica Minerals Limited (ASX:MLM) in the Company's first venture outside of its core Queensland based multi-commodity resource portfolio, citing the three highly attractive tenements (Toby, Lake Torrens and Merna Mora) with SA Olympic Dam type targets as highly appealing in current market environments.

Under-explored areas of South Australia's minerals province, have been targeted by Metallica Minerals Limited (ASX:MLM) in the Company's first venture outside of its core Queensland based multi-commodity resource portfolio, citing the three highly attractive tenements (Toby, Lake Torrens and Merna Mora) with SA Olympic Dam type targets as highly appealing in current market environments.

Metallica Minerals Limited (ASX:MLM) (Metallica) is pleased to confirm that Outback Metals Limited (ASX:OUM) has accepted Metallica's Offer for QOL. As at 7.00pm on 26 May 2009, Metallica had received acceptances for 61.95% of the shares in Queensland Ores Limited (QOL), including the shares held by Outback.

Metallica Minerals Limited (ASX:MLM) has reached agreement with QOL on the terms of the $1 million in funding to be provided by Metallica to QOL. A summary of the principal terms of the Funding Agreement are as follows.

Metallica Minerals Limited (ASX:MLM) today announced that it will not extend its offmarket takeover offer for all of the shares in Queensland Ores Limited (QOL) past its current closing date.

Metallica Minerals Limited's (ASX:MLM) consolidated cash was A$19.95 million (17.4 cents per share) including interest income of A$650,000 received during the March Quarter, and including Metallica's 84% owned subsidiary MetroCoal Ltd cash of approximately A$440,000.

Metallica Minerals Limited (ASX:MLM) is pleased to advise that Queensland Ores Limited's (QOL) largest shareholder, Talbot Group Holdings Pty Ltd has accepted Metallica's offer.

Metallica Minerals Limited (ASX:MLM) is pleased to announce that China's second largest nickel producer, Jilin HOROC Nonferrous Metal Group Co., Ltd (Jilin), has increased its holding in the Australian diversified resource company to just over 15% (see ASX Release 15 April 2009).