Drilling Report

RNS Number:8274L
Monterrico Metals PLC
03 June 2003


The following statement has been released by Monterrico Metals plc and is
distributed in London by Bankside Consultants Ltd on behalf of the Company.
Contact:  Keith Irons, 020 7444 4155.



                         Monterrico Metals plc

          Drilling at Rio Blanco expands high-grade copper zone


LONDON: 3 June 2003 - Monterrico Metals ("Monterrico") (MNA.L) is pleased to
report that an additional nine holes have been drilled on Henry's Hill, the main
prospect at the Rio Blanco project in Northern Peru. This concludes the current
phase of resource definition drilling.  The information from all of the drilling
will be compiled in an initial ore resource estimate focused on the higher grade
Eastern Slope of Henry's Hill.

The primary objective of this latest drill campaign was to identify the
constraints of the enriched copper zone and limits to higher-grade copper
mineralization. Holes RB-40 and RB-41 were part of the systematic resource
definition drilling of vertical holes on a 150 x 150 metre grid.  These holes
tested the most easterly extension of the prospect (Section line 10,750E). RB-42
was set-up on the same platform as RB-40 and drilled at a 70degrees angle back
toward known mineralization in RB-32.

Monterrico has received assay results of six of the nine holes drilled.  The
common characteristic of holes RB-40, 41 and 42 is that they were all drilled
through granodiorite batholith that was thought to be on the margin of the ore
zone.  The results from these holes are outstanding because copper grades
demonstrate strong secondary and primary mineralization in a rock type which was
considered to be outside the mineralized zone.  Assays at the bottom of RB-40
showed 3% primary copper mineralization pointing to the possibility of zones of
high grade primary copper ore at Rio Blanco.


HOLE ID                             RB-40                     RB-41                      RB-42
Total depth (m)                     227.10                    257.57                     300.84
Global Intercept                  98m @ 0.79                156m @ 0.79               140m @ 1.07


Enriched Cu%                      20m @ 1.23                26m @ 1.34                 34m @ 1.48
from  -  to  (m)               120          150          102          128          136           170


Primary Cu%                       15m @ 1.66                34m @ 0.70                 20m @ 1.40
from  -  to  (m)                212        227.10         222          256          156           176




Three holes were also drilled as the southernmost extensions to the Eastern
Slope target area. This drilling continues to define the envelope of the
enriched copper blanket. Holes RB-43 and RB-44 were drilled vertically, RB-45
was abandoned at 88m (for technical reasons) before reaching mineralization, and
RB-46 was angled at 65degrees toward RB-31.


HOLE ID                              RB-43                     RB-44                      RB-46
Total depth (m)                     232.00                    222.50                     246.00

Enriched Cu%                      50m @ 0.85                78m @ 0.87                 64m @ 1.03
from  -  to  (m)               110          160          102          180           140          204



SOHO

Initial scout drilling and surface sampling at the Soho prospect demonstrates
the presence of a broad zone of mineralization over an area of 1.8 km by 1.0 km.
Seven shallow reconnaissance holes have been drilled and intersected
mineralized zones averaging 0.5% copper over intervals of tens of meters but, as
yet, has not identified a higher grade core.  Monterrico is encouraged by the
early drilling results and will continue work to identify the resource potential
of the target area.



PRE-FEASABILITY STUDY

Monterrico is well advance in compiling information for the pre-feasibility
study on the Henry's Hill area.  Independent consultants have been commissioned
to complete the resource calculation and initial mine plan, social and
environmental studies, metallurgical test-work, process design and
infrastructure studies.  The pre-feasibility study will examine a number of
development options including heap leach at various production rates and
floatation - leaching combinations that would have the flexibility to treat
soluble and primary copper ore.

Monterrico is currently driving a tunnel from an Adit in the side if Henry's
Hill that will intersect the high grade zone in the centre of the Easter Slope.
The tunnel will be used to extract a bulk sample for metallurgical testwork for
the final feasibility study and to allow geologists to view the ore zone prior
to mining.

Mr Chris Eager, managing director, said "The recent drilling provides additional
confidence that Henry's Hill at Rio Blanco is an exceptional project in terms of
copper grade and tonnage.  We have yet to defined the ultimate limits of the
enriched copper zones at Henry's Hill and have only begun to investigate other
targets in this large copper porphyry system"



                                      Ends



For further information:

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

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




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