Acquisition

RNS Number:7512J
Monterrico Metals PLC
08 April 2003



For issue at 0700, Tuesday, 8 April 2003



                              Monterrico Metals plc

                    Monterrico acquires a 100% interest in Rio Blanco


LONDON: 08 April 2003 - Monterrico Metals ("Monterrico") (MNA.L) is pleased to
announce that it has successfully completed the acquisition of a 100% interest
in the Rio Blanco copper project in northern Peru (the "Property") from Gitennes
Exploration Inc ("Gitennes").


The previous agreement between Monterrico and Gitennes, entitling Monterrico to
a 75% interest by spending US$4,000,000 over five years, has been cancelled and
Monterrico will take outright control of the Project with no further obligations
nor future royalty payments.



Gitennes' interest in the project was acquired for a total consideration of
US$1,000,000 in cash and 412,094 Monterrico shares.  Monterrico paid for this
acquisition by raising GB#1,000,000 by placement of 1,333,334 New Ordinary
Shares at an issue price of 75p, mainly to institutional investors.  The balance
of the proceeds will be used to continue resource definition drilling at the
primary target of Henry's Hill as part of the continuing pre-feasibility study.



Since Monterrico was admitted to AIM in June 2002 the company has completed 21
diamond drill holes and extensive geological and engineering evaluation of Rio
Blanco.  The results of this work have been very encouraging and have given
Monterrico additional confidence that the project can be developed into a
significant, low cost copper producer. Two drill rigs are on site and will
continue the resource definition drilling.



The Company plans to develop Rio Blanco into a large-scale open cut mining and
heap leach operation that will produce copper metal on site.  Pre-feasibility
studies have already begun including social and environmental studies,
infrastructure planning, heap-leach design and a metallurgical sampling
programme.  Monterrico intends to complete this pre-feasibility study by mid
year and then move directly to a full feasibility study for completion during
2004.



Chris Eager, Chief Executive Officer said; "The acquisition of a 100% undivided
interest in Rio Blanco is a corporate milestone and greatly beneficial to the
growth of Monterrico. Furthermore It allows us added flexibility in the
development of the project.  There is tremendous leverage in buying the minority
interest prior to realizing Rio Blanco's full potential."




                                      Ends

For further information:



Chris Eager, Chief Executive,
Monterrico Metals plc                  Tel: [phone]/ Mobile: [phone]


Keith Irons, Bankside Consultants      Tel: [phone]/ Mobile: [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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