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

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' target=_blank>http://www.abnnewswire.net/media/en/docs/232101.pdf' target=_blank>http://www.abnnewswire.net/media/en/docs/232101.pdf

About Metallica Minerals Limited

Metallica Minerals Limited (Metallica) (ASX:MLM) was incorporated in 1997 by Founding and Managing Director Andrew Gillies. Metallica was established with the primary objective of creating opportunity and wealth for its shareholders through the evaluation and development of mineral projects in Queensland. Metallica was listed on the Australian Stock Exchange November 2004 (ASX:MLM). Metallica's focus and flagship project is its North Queensland Nickel Cobalt (NORNICO)


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