Metallica Minerals Limited (ASX:MLM) Update On Investments And Cash Position

Brisbane, May 23, 2011 AEST (ABN Newswire) - As a result of a significant increase in MetroCoal Ltd's (ASX:MTE) share price last week and regular questions raised by shareholders and investors; Metallica Minerals Limited (ASX:MLM) is pleased to provide an update on its cash position and the approximate value of the Company's ASX-listed investments, as of today's date. Similar updates will be issued periodically.

Metallica's listed share investments and cash total ~ A$59 million compared with Metallica's market capitalisation of around A$37.0 million. *In mid May 2011, Metallica completed an in specie distribution bonus of ~11.7M CBX shares to Metallica's 1,923 shareholders.

In addition, Metallica has substantial mineral asset value in its flagship NORNICO nickel-cobalt & scandium project, plus advanced zircon-rutile and limestone-lime projects which it is actively developing.

For the complete Metallica announcement including tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/232101.pdf

Contact

Andrew Gillies Managing Director /CEO John Haley Director/CFO Metallica Minerals Limited Tel: +61-7-3249-3000 Email: admin@metallicaminerals.com.au http://www.metallicaminerals.com.au