ABN reported that Metallica Minerals Limited's consolidated cash was AUD 19.95 million including interest income of AUD 650,000 received during the March Quarter and including Metallica's 84% owned subsidiary MetroCoal Limited cash of approximately AUD 440,000. Current consolidated cash position at April 29th 2009 is AUD 19.4 million.

Exploration and evaluation expenditure totalled AUD 0.67 million, production AUD 0.12 million and administration expenditure was AUD 0.747 million for the quarter to March 31st 2009. The total combined March quarterly expenditure was AUD 1.55 million.

The estimated exploration and evaluation expenditure by Metallica for the June 2009 quarter is AUD 900,000. In addition to this, MetroCoal has forecast expenditure of approximately AUD 750,000. Significant additional project expenditure was completed in the December quarter by MetroCoal as well as through Metallica's shareholding in Cape Alumina.

MLM has lent AUD 300,000 to MetroCoal during the quarter. Metrocoal is using these funds towards the current drilling program on the Wandoan coal UCG project.

No Directors or Management Unlisted Performance Options were issued during the quarter. One million options expired on March 21st 2009.

The Company's significant cash reserves will be utilized to advance Metallica's key NORNICO nickel-cobalt project, its holdings in coal and significant Queensland based exploration interests in zircon, rutile, gold, scandium, limestone and other minerals. In addition to its current take over bid for QOL and its position in QGM, Metallica continues to assess corporate and project opportunities that are compatible to the Company's core operations.