RNS Number:8701R
Monterrico Metals PLC
10 November 2003


                             Monterrico Metals plc


 Take-up of the Placing and Open Offer of 8,068,427 Ordinary Shares of 10p each
                              at 135p per share


London 10 November 2003. Monterrico Metals plc ("the Company") announces that
the 2 for 3 Placing and Open Offer of 8,068,427 new Ordinary Shares at 135p per
share as detailed in the Circular dated 15 October 2003 and the announcement
dated 5 November 2003 closed at 3.00pm on 7 November 2003.

The Company received valid applications in respect of 4,871,396 Offer Shares
from Qualifying Shareholders, which represents an aggregate take-up of
approximately 60.4 per cent. This includes 81,728 Offer Shares that certain of
the Directors irrevocably undertook to take up. In addition, certain other
Directors and Shareholders irrevocably undertook not to take up their
entitlement of 2,464,727 Offer Shares (representing 30.5 per cent. of the Offer
Shares) and that entitlement was placed firm with institutional and other
investors. The balance of the Offer Shares not taken up, being 732,304 Offer
Shares (representing 9.1 per cent. of the Offer Shares), has also been placed
with institutional investors.

It is expected that definitive share certificates in respect of the Offer Shares
will be dispatched to shareholders by 17 November 2003.

Application has been made for these Offer Shares to be admitted to the
Alternative Investment Market ("AIM"). Admission of the Offer Shares to AIM is
expected to become effective at 8.00 am on 12 November 2003.

Definitions used in the Circular apply in this announcement unless the context
otherwise requires.



For further information contact:

Monterrico Metals plc                                  0207 448 5088
Chris Eager, Chief Executive


10 November 2003


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