HELLO ALL

TAKE A GOOD LOOK AT THE CHARTS BELOW. CHECK THIS COMPANY IT SEEMS A GOOD PUNTER BASED ON ITS COPPER MINING POTENTIAL IN PERU.

.
RNS Number:9040S
Monterrico Metals PLC
05 December 2003
Monterrico Metals plc
Rio Blanco Pre-feasibility Study
Strong copper prices provide additional lustre to the results of the
Pre-feasibility Study at Rio Blanco in northern Peru.

LONDON: 05 December 2003 : Monterrico Metals plc. ("Monterrico" or the "Company")

is pleased to release highlights from the Pre-feasibility Study which examined
the economics for the development of the Company's 100%-owned Rio Blanco Copper
Project ("Rio Blanco or the "Project").
Discounted cash-flow analysis using data from the Pre-feasibility Study
indicates a pre-tax Project Net Present Value of US$320 million at a discount
rate of 10% and an internal rate of return of 33% using a copper price of 90
cents per pound.
The Pre-feasibility Study was compiled by GRD Minproc whose conclusions where
drawn from individual reports by Snowden Mining Industry Consultants, Vector
Engineering, SGS Lakefield, Golder Associates, Water Management Consultants and
Minproc.
The report appraised four process design options for the development of the
Project, as it is currently understood. The report concluded that the best
financial return for the lowest technical risk was to mine 10 million tonnes of
ore per annum (27,000 tonnes per day) using simple open cut technique and
produce a copper concentrate for shipment to a smelter. Production in this
scenario would average around 100,000 tonnes of copper in concentrate per annum
in the first seven years.
The key advantages at Rio Blanco are;
- The possiblity to mine higher grade ore for the first five years of
production (at an average grade of 1.13% Cu)
- Rapid payback of capital around 3 years and long mine life, 32 years.
- Waste to Ore ratio very low at around 0.7:1 over life of mine.
- Simple metallurgy allows for high recoveries of around 90 - 95% and the
production of a clean high-grade concentrate (30 - 38% Cu)
- Estimated capital cost for the project is US$191 million, which is
modest for its size due to simple mining and processing.
To date, Monterrico has not taken into account the molybdenum present in the
resource. Molybdenum may be extracted in the concentration process and would be
a valuable by-product. The company intends to calculate a molybdenum resource
as the part of the feasibility study, and this has the potential to further
improve the economics of the project.
The Company has recently secured GBP10.2 million (net) to fund the Bankable
Feasibility Study. Drilling contractors have initiated the 20,000 meter infill
drill program to define proven and probable ore reserves. Tunnelling contractors
are extending the "Karlita" tunnel and are presently at 270 meters through
Henry's Hill. Monterrico currently has 20.17 million shares in issue trading at
around 168p and an undiluted market capitalisation of GBP33.9 million.
Chris Eager (CEO) said: "The timing for the Project couldn't be better, there
is sustained international demand for clean high grade copper concentrate and
the outlook for rising copper prices. Rio Blanco looks very attractive at the
current copper price (around 95 c/lb) and sensitivity analysis indicates that
the project could generate robust cash-flows at much lower prices. The
Feasibility Study has begun and results from both the drilling and tunnel should
be released prior to Christmas."
Contact:
Christopher Eager, Monterrico Metals +44 20 7448 5088
Keith Irons, Bankside Consultants +44 20 7444 4155 / 07885 356 639
Richard Chase, Ambrian Partners +44 20 8528 1456

market cap as of 27.02.04 50 million

I've held Monterrico since they were 100p or so. Its taken about 8 months to triple so far. This may be due to the fact they are one of the few mining comp. to have more or less only good news flow. I think 400p by end of year is realistic. Just wish I had bought more at 100p, but am considering a re-investment in the near future

350-355 price. 12% up today. Lets pray it reaches 400p when further tests come positive on its Rio Blanco Copper reserves

Jeez I wish I had bought more at 100p! still think they are worth a punt and so do investors chronicle. Think 400 is within reach.

For you guys: Tipped as a BUY in the Sunday Telegraph today.

Monterrico Metals

We last tipped Monterrico Metals, the Aim-quoted copper-mining company, when we advised investors to sell at 84.5p in June last year. Our advice came after we had made a 65 per cent gain in six months and it seemed wise to lock in the profits.

We were rather hasty - the shares have since soared to 292.5p. However, we believe that, even at this price, there is money to be made from investing in Monterrico. The company is developing a copper deposit in Peru and is likely to announce this week that consultants from Amec have increased their estimate of its size.

Monterrico has consequently revised its mine plan upwards to produce 200,000 tonnes of metal a year, making it one of the largest copper mines in the world. The news, combined with investors' current strong interest in mining companies, should see the share price continue its stellar performance. Buy.

http://www.money.telegraph.co.uk/money/main.jhtml?xml=/money/2004/05/16/ccmm16.xml&menuId=243&sSheet=/money/2004/05/16/ixfrontmarkets.html&secureRefresh=true&_requestid=14314

RNS Number:7285Y
Monterrico Metals PLC
17 May 2004



Monterrico Metals plc



Feasibility Drilling Results from Rio Blanco

Further resource increase possible



LONDON: 17 May 2004 - Monterrico Metals ("Monterrico" or the "Company") (MNA.L)
is pleased to report that recent drilling of the Rio Blanco copper deposit in
Peru continues to push the mineralized envelope which is expected to lead to a
further increase in the geological resource. The drilling is being conducted as
part of the full bankable feasibility study of the Rio Blanco project ("Rio
Blanco") which is wholly-owned and operated by Monterrico.



Several of the latest drill holes on Henry's Hill intercepted thick zones of
copper and molybdenum mineralization in the enrichment blanket,including RB-60
with 112m @ 1.04% CuEQ and RB-69 with 84m @ 1.24% CuEQ. At the same time, as
new holes are drilled deeper, the zone of primary mineralization is being
developed underlying the secondary enrichment and off the flanks of Henry's
Hill. Examples include RB-63 with 92m @ 0.77% CuEQ and RB-64 with 213m @ 0.85%
CuEQ (See accompanying table).



The resource estimate published in September 2003 based on preliminary drilling
of shallow mineralization was 662 million tonnes at 0.7% copper excluding
molybdenum by-product credits. Recent drilling has confirmed that the deposit
is still open laterally and at depth. One of the most impressive results was
from RB-67, the easternmost hole drilled on the property to-date, which
terminated at a depth of 474m in an equivalent primary copper grade greater than
1%. Sample recovery commenced from 56m below surface, and the entire run
averaged 418m @ 0.60% CuEQ.



Mining and Engineering consultants from AMEC are currently re-estimating the
resources including the additional drilling completed over the past months. As
a result Monterrico has revised its initial development plans to provide for a
mining operation of 20 million tonnes of ore a year to produce 200,000 tonnes of
contained copper together with significant molybdenum in concentrate per year.



Peru is Latin America's second largest copper producer and production of 200,000
tonnes of copper a year from Rio Blanco would equate to around 20% of the
countries current copper production.



Good progress is being made on other aspects of the project bankable feasibility
study. In April AMEC began a review of the pre-feasibility geologic model and
consulted on the infill drilling program as part of its role to update the
resource estimate and open-pit design. Meanwhile, Hatch and SGS Lakefield
Research in Santiago, Chile, have begun to scope the detailed metallurgical
testing program and flow-sheet design.



Representatives of Vector Peru S.A., the geotechnical engineer, have arrived at
the project site to review core logs and collect samples for acid rock drainage
testing. Vector has also entered into detailed discussions with Monterrico on
planning for sterilization and geotechnical drilling and has also begun
coordination with Golder Associates on providing data required for the
environmental impact assessment.



Golder has commenced work on an EIA Scoping Report for the EIA, which will be
submitted for approval by the Republic of Peru Ministry of Energy and Mines
(MEM) in June. The Scoping Report is required for MEM approval of the scope and
methodologies of the EIA. The actual EIA is scheduled to be completed in the
first quarter of 2005.



Monterrico and its feasibility study manager, MTB Project Management
Professionals, have continued to evaluate options for access roads, supply power
lines and concentrate transport methods, as well as to further refine the
project organization and procedures.



Monterrico' CEO, Chris Eager said "Rio Blanco is one of the few substantial
copper projects in the world that can be developed in the next two years.
Recent drilling demonstrates that the resource drilled to date is only part of a
very large copper/moly mineralised system which is why we have revised our
development strategy to provide for mining and milling 20 million tonees per
annum to produce 200,000 tonnes of copper per annum"



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





(See following technical note and drill results table, highlighting new drill
holes.)






Technical Note and Tables





The following drill holes represent examples of this style and are tabulated
below.


RB - 60 from - to (m) interval (m) Cu% Mo% CuEQ%

Supergene 126 158 32.0 0.91 0.045 1.19


Hypogene 158 264 106 0.55 0.035 0.77




RB - 61 from - to (m) interval (m) Cu% Mo% CuEQ%

Supergene 78 186 112.0 0.86 0.280 1.04

incl 102 186 84 1.00 0.032 1.20

Hypogene 186 224 38 0.54 0.032 0.74




RB - 63 from - to (m) interval (m) Cu% Mo% CuEQ%

Supergene 140 164 24.0 1.28 0.030 1.47


Hypogene 164 256 92 0.58 0.032 0.77






RB - 64 from - to (m) interval (m) Cu% Mo% CuEQ%

Supergene 84 98 14.0 1.01 0.019 1.12


Hypogene 98 311 213 0.56 0.046 0.85






RB - 67 from - to (m) interval (m) Cu% Mo% CuEQ%

Hypogene 56 474 419 0.41 0.030 0.60

Incl 246 304 58 0.60 0.021 0.73





RB - 69 from - to (m) interval (m) Cu% Mo% CuEQ%

Supergene 88 172 84.0 1.20 0.006 1.24


Hypogene 306 410 104 0.80 0.020 0.92

Incl 306 320 14 1.20 0.023 1.34
Incl 348 378 30 1.03 0.022 1.16






* Copper equivalent grades have been calculated using the ratio of metal prices
(US$1.00/lb. for copper and US$6.20/lb for molybdenum); CuEQ% = %Cu + (%Mo x
6.2).





Glossary

Core Sample Rock samples collected by diamond core drilling

Floatation A means of separating one type of mineral from another after
Concentrator milling, commonly separating sulphide minerals from silicate
minerals.

Grade The concentration of a metal or mineral of interest within a
rock. Grade is commonly expressed as a percentage by weight for
base metals and as a weight in precious metals, grams per
tonne.

Heap leaching A means of dissolving the chemicals of interest out of
mineralized rock by spraying solvent onto a large pile of
crushed material and collecting the solvent for further
treatment.

Hypogene A general term pertaining to mineralization originating within
the Earth, often by ascending fluids. (Primary)

Intrusion A general term describing a mass of igneous rock which
solidifies before reaching the surface.

Metallurgical The means by which minerals and/or metals of interest in the
Processing ore are separated and concentrated into a saleable form.

Metallurgical Laboratory based tests which examine methods of concentrating
testwork minerals and/or metals of interest.

Milling A means of further reducing particle size after crushing
resulting in a sandy or silty finess.

Mineral An occurrence of mineralization of potential economic interest,
Resource studied to the extent that a tonnage and grade has been
estimated and the confidence in these categorized.

Open-pit Extraction of mineralized rock froma pit without the use of
mining underground tunnels.

Ore Reserve That part of a Mineral Resource which has been demonstrated to
be economically extractable.

Porphyry An igneous rock which contains large crystals (phenocrysts)
usually of fedspar.

Porphyry A type of copper mineralization commonly exploited, usually
Copper being very large tonnages mineralization with relatively low
grades of copper and often molybdenum, gold and silver.

Primary Rocks that contain minerals of interest that originates within
Mineralization the earth. Sometimes occurring as a result of fluids rising
from deep within the earth to near surface resulting in
economically extractable concentrations of metals.

Secondary Mineralization resulting from the movement, chemical change or
Mineralization further concentration of primary mineralization. May Include
Supergene Enrichment and Enriched mineralization.

Smelting The winning of metal or amalgam from burning sulphide minerals
at high temperatures.

Supergene Concentration of chemical elements usually beneath and as a
Enrichment result of near surface leaching.




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

Thanks Sue, I have sold the shares and made a handsome profit, however I am keeping track of it and copper prices. Do u hold some of this as well?

hello monterricans. I bought back some shares this morning. MNA had excellent reviews, in IC and Shares, also newspapers like the Times and Daily Mail. All decided is a BUY. The price has come back. HSBC has been appointed as strategic financial advisor. Numis raised is price target to 490pence which includes the extended ore which they recently announce.

Furthermore take a look at the charts at the beginning of the thread. Does it looks very nice? Upper bollinger twisting upwards broke the 20 and 60 day MA and the 200 MA still intact.

One must remember the fundamentals for this company which is spot on, a very good one. Even is China slows down (which i think may slow only a bit) the demand for Copper, good quality copper is much higher that the supply. The world is developing and raw materials like copper is needed. Huge ecomomic growth prospects comes from Russia, Mexico, Brazil, USA and SE Asia and Latin America

Finally some rumors have been going round as MNA can be a catch for mining gigants like Rio Tinto. Extracte from Minesite. see below

Bid Alert in on at the moment with Junior Mining Companies:

Feature Story

Date : May 27, 2004

Rumours Of Bids Swirl Round Three Junior Mining Companies.

Rumours grease the wheels of markets and there are a number buzzing round Londons mining sector at the moment. Most are constructive; some like the story in the Independent on Sunday tend to be destructive. It claimed that a source within Highland Gold had confirmed that it purchased the Maiskoye gold project in the province of Chukotka from a company called Deerfield Universal and that Roman Abramovich, the owner of Chelsea Football club, is a beneficiary of Deerfield Universal. He also happens to be governor of Chukotka and Russias independent Audit Chamber is carrying out an enquiry into public spending in the region. Ergo, claimed the newspaper, theres something nasty in the wood shed.

Russia, and especially its more distant regions, does not operate exactly like London and Mr Abramovitch is a very successful businessman even if he fell for the old ego trip of buying a football club. Whether or not he spends much time or energy on his role as governor of Chukotka in the Russian arctic is another matter and debates about conflicts of interest carry little weight up there. As far as UK investors are concerned Highland Golds lawyers, its brokers Cazenove and its advisers Fleming Family & Partners all must have been persuaded that the deal was kosher. Agreed they were legged over about the fixed assets at the Mnogovershinnoye gold mine which were being leased from the regional Kharbarovsk government. These were put up for sale and the company had to spend many millions of dollars to buy what it had a legal contract to lease. All part of the learning curve in Russia.

Turning to constructive rumours, they are certainly flying round Monterrico Metals since it announced today that it was bringing in HSBC Bank as strategic financial advisor. Names such as Rio Tinto and Xstrata are being mentioned in some quarters as possible bidders. In fact it matters not which company actually puts its money on the table; what matters is that Monterrico Metals has done what exploration companies are meant to do. It has established through the pre-feasibility study and the initial work on the feasibility study, that the Rio Blanco Copper project in Peru can be developed into a significant copper producer. Recent resource drilling further demonstrates that Rio Blanco is a very large copper porphyry system and that is what tempts the majors. Opportunities such as this occur rarely and it is even rarer for a junior to have 100 per cent control. When, not if , a bid materialises at a sensible price the Monterrico team will have made a lot of money for investors and can go on to repeat what it does best explore.

In a way the same goes for Cambridge Minerals. The company has been beavering away at the Lomero-Poyatos gold polymetallic project in Spain for some time now . Mike Thomsen and Garry Massingill both moved from senior positions in Newmont when the major pulled out of a JV with Cambridge as they wanted to remain involved in the project. By so doing they confirmed that it could prove to be a big one and all the results announced since then from exploration work have confirmed this theory.

A few months back hedge fund managers RAB Capital built up an interest of over 25 per cent in Cambridge through a placing and the story goes that they made clear that they did not think that the Cambridge team was the right one to develop a mine at Lomero-Poyatos. Huge respect was given to the team for its exploration expertise, but a strong suggestion was made and it is always wise to listen to major shareholders that a deal should be done with a developer. Two names seem to be in the frame and the company will make no comment on either. One is Oxus Gold and the other Agnico Eagle. The latter does not seem to have done much outside North America, whereas Bill Trew and his merry men have developed mines from darkest Africa to Central Asia.

It makes sense. The Cambridge team could concentrate on Hereward Ventures with some excellent projects in Bulgaria and Serbia. Mike Thomsen has already declared that he sees plenty of potential in them and he is an explorer. If a deal materialises Cambridge will also have fulfilled its role as a junior and can bow out with a profit for its shareholders. It is what is called proactive fund management and it forces difficult decisions.

The last company round which rumours swirl at the moment is Trans-Siberian Gold. The company has got itself into a very interesting position in the Far East of Russia in a very short time. It plans to bring the Asacha deposit on the Kamchatka peninsular into production late in 2005 and the Veduga mine in Krasnoyarsk should follow in 2006 at the same time as the Rodnikova open pit mine which is 60 kms north of Asacha. Between 2007 and 2111 Trans-Siberian Gold intends to produce at a rate of around 275,000 ozs gold and it has some great exploration potential also. The temptation has to be there for a major which has been left behind in the recent rush to buy cheap ounces of gold in the ground in an underexplored continent.

Minews has no special knowledge of who the bidder might be, but that does not matter. Rumours usually prove to be right if the story makes sense as this one does. Doubtless the regulators will leap around looking for insider traders as and when these deals eventuate. There will not be any unless it is now a sin to guess the name of a bidder correctly. But that is usually a pure fluke.

http://www.minesite.com/archives/features_archive/2004/may-2004/rumours270504.htm

Hello Again.

I topped up again at 365 pence & MONTERRICO is Up 6.21%. 20 Day Moving average just crossed upwards the 60 Day moving average.

We should see another blue day tomorrow. I managed to get an article on Bloomberg relating to more upgrades in Copper reserves in Rio Blanco.

This is getting better and better. I will update you later. It seems that im the only one with Monterrico???

UP 8.56% today. It has break its all time high. It looks like another blue day for tomorrow too.

Top up time guys...

Company Monterrico Metals PLC
TIDM MNA
Headline Director Shareholding
Released 08:37 09-Jul-04
Number 6685A


MONTERRICO METALS PLC (THE COMPANY)

The Company announces that on 8 July 2004, Mr R J Angus, a director of the Company purchased, off market, a total of 104,460 ordinary shares of 10 pence each from family members at a price of 4 per share. The shareholding of Mr R J Angus has increased to 1,349,460 ordinary shares of 10 pence each, which represents 6.62 % of the issued share capital of the Company.







For further information, please contact:-



Mr Chris Eager, Chief Executive Officer, 020 7448 5088

END

more good news


http://www.monterrico.co.uk/s/PressReleases.asp?ReportID=84224&_Type=Press-Releases&_Title=Absolut-Strikes-Gold-at-Monterricos-Pico-Machay

Date : July 7, 2004



Low Stock Levels Are Still The Key.


By Rob Davies


Judging by the price action in the market one could be forgiven in thinking that the steam had completely gone out of the hard commodity market. Over the week aluminium dropped US$10 a tonne; copper lost US$2 and zinc US$9.5/tonne. Nickel was the only base metal to register a substantial move. But its gain of US$257 a tonne needs to be viewed in the context of metal priced at US$15,240 a tonne, not the US$960 a tonne that zinc trades at.

On the face of it there were lots of excuses for traders to move prices around. The first upward move in US interest rates for four years was a significant event. But it hardly came as a shock to the market. Moreover, the increase was only a quarter of a per cent and took the rate to a still very reasonable 1.25 per cent . An increase in the demand for money, as indicated by rising interest rates, should be good for metal prices. But that good news was almost exactly balanced by a much weaker rise in US employment than was expected. An increase of 112,000 was half the forecast number of 250,000 and was sufficient to push money into the safety of US treasuries and drop the yield on the 10 year bond to a 2 month low of 4.44 per cent

In effect the market was saying why should we take risks on equities and commodities when there is so little pressure on employment even after four years of falling short-term interest rates. If employment growth stays weak it implies a less robust spending pattern in the future. While it is true metals did not perform strongly last week, it is equally valid to point out they didnt fall either. The reason for that is the support they continue to enjoy from low inventory levels. On the London Metal Exchange copper stocks are only just over 100,000 tonnes. That isnt much in a world that uses around 10 million tonnes a year and where rumours that a mine in Chile responsible for 3 per cent of world output may go on strike are rife.

Coppers role in the generation and transmission of electricity is its key USP (unique selling point) to use the modern vernacular. China has just completed its massive Three Gorges hydroelectric power scheme, but still suffers from a lack of electricity. To rectify that it is adding the equivalent of the whole generating capacity of the UK to its network every two or three years. That will need a lot of copper, as well as other metals like aluminium.

In the short-term low stock levels will keep the market supported, but there is perhaps more reason to be concerned about long-term prices. Given the scale of consumption now, the already high rate of recycling, and the long lead times of finding and developing new mines the market could stay tight for a very long time. There are few new large mines under development right now and unless some more start being planned soon the current portfolio of mines will be reaching the end of their lives before new ones are developed. But in todays markets few people are prepared to invest on a ten-year view.

NEW YORK, July 16 (Reuters) - COMEX copper futures surged to a three-month peak Friday morning, fueled by fund- and stop-loss buying, as traders said they saw room for more gains due to supply-side concerns in the market and a weaker dollar.
By 9:40 a.m. EDT, active September copper <0#HG:> jumped 1.85 cents, or 1.4 percent, to $1.3060 a lb, the highest for futures since April 19, in a $1.2850-to-$1.31 range. Spot July was up the same at $1.3080, and later months were 1.55 to 1.85 cents higher.
"The market is looking for higher prices because of the labor unrest and the weak dollar, and because warehouse stocks are down considerably," a COMEX floor trader said. He added that first chart resistance, basis September copper, lurked at $1.31 a lb, and then at $1.3150-$ 1.3240. Support was pegged down at around $1.2890.
The dollar fell against the euro after a muted rise in core U.S. inflation for June was reported, signaling the Federal Reserve is likely for now to keep its promise to be "moderate" as it raises interest rates.
June consumer prices rose 0.3 percent, versus expectations for a rise of 0.2 percent. But the "core" number that excludes food and energy rose 0.1 percent, below forecasts for a gain of 0.2 percent.
The greenback extended its retreat after separate data showed U.S. asset inflows fell in May. The euro rose above $1.24 * up about 0.3 percent on the day. A softer dollar boosts immediate demand for dollar-priced metals like copper from traders holding foreign currencies.
Fundamentally in copper, analysts say strong metal consumption mixed with steadily falling refined stocks in exchange warehouses has lent a bullish tone to the market.
On the labor front, No. 3 copper producer Grupo Mexico SA's La Caridad operations are unable to make deliveries this week due to a strike there.
At Grupo's U.S. unit Asarco Inc., workers said Thursday they will resume contract talks with the company in mid-August. Some 750 workers have threatened to go on strike if talks between the company and copper unions are not resolved.
At the London Metal Exchange, three-months copper gained to $2,832 a tonne from its last close at $2,806.
COMEX is a division of the New York Mercantile Exchange.

Monterrico plans new study on Peru copper project
Fri 16 July, 2004 20:17
RELATED REPORTS
MNA.L Profile Report
Business description, 3yr and interim financials, key stats/ratios & analysis.
| 12 pages | 10 | Details


By Eduardo Orozco

LIMA, Peru, July 16 (Reuters) - Britain's Monterrico Metals Plc MNA.L , which aims to develop what could become Peru's No. 2 copper mine, has agreed to carry out a new, fuller joint environmental impact study with the government to convince farmers that the mine will not pollute land and rivers, the company said on Friday.

Peasants in Peru's northern Andes oppose plans to build the $370 million Rio Blanco copper project and on Thursday rejected conclusions of a government report that said the mine's environmental impact would be minimal, regional authorities said.

"Community leaders reject the report and they want the miners to go. They think the project will contaminate their fields and the rivers," said Tomas Saavedra, a government official for the northern Piura region who was present when the report was presented.

Around 1,000 armed peasants in April attacked the copper project near the Ecuadorean border, seeking to drive out the miners.

"There will be another report and this time the company will take part. It will be much more detailed," said Monterrico spokesman Jose Arrieta from Piura. Monterrico says Rio Blanco could be Peru's No. 2 copper producer from 2007.

The impact of mining on the environment has been a sensitive issue since farmers in the northern fruit-producing region of Tambogrande last year held demonstrations and blocked roads to protest plans for a gold and copper open pit mine right under their town that they said would ruin their crops.

Peru in December canceled its option agreement with Canada's Manhattan Minerals Corp. MAN.TO for not meeting agreement requirements, and Tambogrande residents claimed victory as theirs.

Monterrico said exploration at the remote Rio Blanco site was continuing despite several stoppages caused by local resistance. The company has diamond-drilled some 49,000 feet (15,000 meters) of rock to a depth of up to 980 feet (300 meters) to determine the size of the deposit.

"We expect to drill another 5,000 to 6,000 meters (16,400 to 19,600 feet) at this stage," Arrieta said.

Mining analyst Luis Bravo of Lima-based Centura SAB brokerage said Monterrico needed to investigate peasants' demands more carefully if it were to resolve the conflict.

"It's better to have the opposition before the investment starts. It's very important for the project sponsors to understand a bit better what the people need and to explain the environmental impact and compensation studies," he said.

The mine, which would take between 12 and 18 months to build, would have an average output of 200,000 tonnes a year of copper, Monterrico's Chief Operating Officer Ray Angus told Reuters earlier this year. That production rate would equal a quarter of Peru's total 2003 copper output, Monterrico has said. (Additional reporting by Robin Emmott)

For you guys : press mention in the Guardian Newspaper today

Monterrico Metals, the copper company, was marked 14p higher at 394.5p, amid talk that two Canadian firms have expressed an interest in acquiring it. According to yesterday's gossip, they are prepared to offer around 600p for Monterrico.

http://www.guardian.co.uk/business/story/0,3604,1273290,00.html

I went long these on the latest pullback.

600p is good for me! Thx SueHelen. ;-))

Might consider a couple more early Monday if there's legs in this story.

Hey Monterricans.

Any more hens on the Canucks that want Monterrico. I'm unable to trace anything in Canada...any news would be very welcome.

Might wan't to try checking out www.coppernews.com - gives some updates on the state of copper mining.

Sooner44

Hi, it is up 8.69% today with excellent more that average volumes... maybe some news coming soon.