Placing

RNS Number:5781J
Monterrico Metals PLC
03 April 2003



                     Monterrico Metals plc (the "Company")



Placing



The Company announces that 1,333,334 New Ordinary Shares ("New Shares") of 10p
each have been conditionally placed with institutional investors (subject to
admission of the New Shares becoming effective on or before 9 April 2003 or such
later date as the Company and Collins Stewart may agree being no later than 16
April 2003) at a price of 75p per share to raise #1.0 million (before expenses)
for the Company ("the Placing").



The proceeds of the Placing will be used to increase the Company's  working
capital and to enable the Company to consolidate a 100% interest in the Rio
Blanco copper project by acquiring the remaining outstanding interest from
Gitennes Exploration Inc..  The acquisition cost of US$1.5million will be
satisfied as to US$1million in cash and US$500,000 by the issue of a further
412,092 Ordinary Shares of 10p each ("the Consideration Shares") at a price of
77.4p per share. This will enable the Company to benefit from the whole of the
Rio Blanco Project, which is the Company's principal asset.



The New Shares will on admission rank pari passu in all respects with the
existing ordinary shares in the Company and application has been made for the
New Shares to be admitted to the Alternative Investment Market ("AIM").
Admission of the New Shares to AIM is expected to become effective at 8.00 am on
9 April 2003.



The Consideration Shares will on admission rank pari passu in all respects with
the existing Ordinary Shares in the Company.  Application will be made for the
Consideration Shares to be admitted to AIM following completion of the
acquisition which is expected to take place on or about 7 April 2003 following
the obtaining by Gitennes of formal regulatory approval from the Toronto Stock
Exchange.







3 April 2003



For further information contact:



Monterrico Metals plc                                020 7448 5088

Chris Eager


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