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Metallica Minerals Ltd, March 2012 - Quarterly Report

Project Highlights

Nornico Ni-Co-SC "Tri-Metal" Project - 100% MLM

- Major increase in the Lucknow deposit Indicated & Measured Scandium Resource to 7.5 Million tonnes (Mt) @ 156g/t Scandium (Sc) (previously 3.3Mt @ 176g/t Sc) includes discrete higher grade scandium Resource of 4.03Mt @ 204g/t Sc.

- Boosts NORNICO project scandium resource (Lucknow & Kokomo) to 16.8Mt @ 130g/t Sc containing
approximately 3,250t scandium oxide (Sc2O3) includes Indicated and Measured Resource of 12.0Mt @
145g/t Sc.

- Bulk metallurgical samples of Lucknow Sc ore together with Greenvale Ni-Co-Sc ore were processed through the SGS Lakefield Oretest HPAL pilot metallurgical test plant in Perth and successfully completed. This test programme (Stage 1) produced approximately 15,000L of Pregnant
Liquor Solution (PLS) rich in extracted Sc ready for Sc recovery testwork in Brisbane (Stage 2).

- Stage 2 pilot metallurgical test program designed to recover and produce ~1kg of high purity scandium oxide has commenced at a metallurgical laboratory in Brisbane.

- Preparation and management of Scoping Study (35% accuracy) for the development of a 750ktpa Ni-Co-Sc operation was awarded to Engineering firm Jacobs and is actively progressing on all aspects.

- Environmental Impact Statement (EIS) and permitting activities progressing Initial Advice Statement (IAS) was lodged with DERM on 4 April.

- 3,340 hectare Mining Lease Application (MLA) applied for over the Greenvale Nickel Mine and additional areas for infrastructure on 20 April 2012.

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