Limestone

Metallica Minerals strategically purchased Phoenix Lime Pty Ltd in May 2007 in order to obtain the mining leases associated with the Ootann Limeworks and secure the lime and limestone requirements anticipated for the NORNICO Nickel Project.

Phoenix Lime has since taken on the development of Metallica’s six other strategically located limestone holdings (near NORNICO, Townsville and Gladstone industrial centres) and applied for new untenured ground with potential high-grade limestone mineralisation suitable for industrial use and commercial development.

The Company’s primary focus is on developing its current limestone projects within Queensland, with a priority to define the resources available to support the NORNICO Project. Phoenix has completed a pre-feasibility document to supply lime and limestone from Ootann to NORNICO and will construct a lime burning facility in association with NORNICO’s development.

For further information on Phoenix Lime, please refer to: www.phoenixlime.com.au.