RNS Number:4229I
Monterrico Metals PLC
07 March 2003

For release at 07.00, 7 March 2003



                              Monterrico Metals plc
          
                    Additional high grade results from Rio Blanco

LONDON: 07 March 2003 - Monterrico Metals ("Monterrico") (MNA.LSE) is pleased to
report results from the latest round of resource definition drilling at the Rio
Blanco project in northern Peru. To-date 41 holes have been drilled on the
property aimed at defining the limits to, and the geometry of, a high-grade
soluble copper resource.

Six holes have been drilled on the main Henry's Hill target since the last
reporting date (see NR 13 January), and an initial two scout holes on the
adjacent Soho prospect.

Henry's Hill

Three holes were designed as infill holes in the Central Zone and angled toward
targets to establish geological boundaries and assist in the current geological
modeling and resource estimate.  Assay results are tabulated below along with
collar details:

          Hole ID                      RB-34                     RB-35                        RB-36

      Total depth (m)                 341.07                     451.10                     299.92

    Global Intercept %Cu          post-min. dyke              295.1*m @ 1.12              44m @ 0.88
     From....to.... (m)          100          260           156           EOH           210         254

       Including %Cu                48m @ 0.50                 106m @ 1.44                18m @ 1.00
     From....to.... (m)          266          314           156           262           210         228

*  EOH = end of hole

*         RB-34 was set up from pad RB-1 and drilled grid south at -80degrees.
Unfortunately the hole intersected 160 metres of post-mineral dyke (that was
later cut perpendicular in RB-36 and revealed to be only ten metres wide).

*         RB-35 was set-up from pad RB-22 and drilled grid east at -67degrees
toward the tail of RB-31.

*         RB-36 was set-up from pad RB-21 and drilled grid west at -60degrees
toward the tail of RB-1.

Three holes were drilled on the Eastern Slope where copper values continue to
deliver exceptional results both in higher-grade assays and/or thickness of the
drill interval.


          Hole ID                     RB-37                    RB-38                       RB-39

      Total depth (m)                312.42                    265.79                    299.60

Global Intercept %Cu             110.4*m @ 0.96              88m @ 1.43              227.6*m @ 0.65
     From....to.... (m)          202         EOH          90            178          72          EOH

       Including %Cu               38m @ 1.66                20m @ 1.98                114m @ 0.78
     From....to.... (m)          202         240          154           174          154         268

*         RB-37 was set-up from pad RB-33 and drilled in an opposite direction
(grid north) at -72degrees toward RB-14.

*         RB-38 was a step out hole approximately 75m grid west of RB-33 and
drilled bearing 225degrees at  -75degrees.

*         RB-39 was a step out hole approximately 125m grid south of RB-31 and
drilled vertically.

The zone of enriched mineralization at Henry's Hill has now been traced by
drilling for 1,300 metres in length, across widths up to 600 metres, and has an
average drill intercept thickness of 130 metres. The zone remains open (in three
directions) for further expansion with an additional 15 to 18 holes scheduled to
complete coverage for the ultimate resource estimate.

Soho

Two wide-spaced holes have probed the northern side of the Soho prospect and
intersected phreatomagmatic breccia bodies. Brecciation, alteration and
mineralization in this area may relate to a separate concealed intrusive body.
Preliminary down-hole geochemistry shows anomalous copper and gold +/- base
metals throughout much of the drill intersection.

A second target style similar in nature to the geological setting at Henry's
Hill is yet to be tested. Management have approved the 2003 budget for an
initial 10-15 holes to adequately test this area by a systematic drill approach.

Monterrico is focused on assessing the development potential of a large scale,
heap leach operation that would produce copper metal on site. The company is
working with independent mining industry consultants on a pre-feasibility study
to be completed this year.  Monterrico plans to move directly into final
feasibility once this pre-feasibility study is complete.

Mr Chris Eager, managing director, said "We are very pleased with progress at
Rio Blanco.  The continued drilling success at Henry's Hill has firmly
established the presence of above average grade and thickness of soluble copper
mineralization. These results provide Monterrico with the increasing confidence
that the project has the potential to be developed into a significant low cost
heap leach copper producer. Added bonus is derived from the initial
encouragement that the new Soho prospect is giving."

Rio Blanco is operated by Monterrico through an option agreement with Gitennes
Exploration where Monterrico may earn up to a 75% interest in the project. The
joint venture partners will be attending the PDAC conference in Toronto to
exhibit the Rio Blanco project. Shareholders and all interested parties are
kindly invited to visit the Core Shack between March 9 and 10.


                                      Ends

For further information:

Chris Eager, Chief Executive,
Monterrico Metals plc                Tel: 020 7448 5088/ Mobile: 07903 158 301

Keith Irons, Bankside Consultants    Tel: 020 7444 4155/ Mobile: 07885 356 639

Jerry Blackwell, President,          Tel: 604 682 7970
Gitennes Exploration Inc.


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