ScotiaMocatta's New Base Metals Platform Now Open for Business

LONDON, NEW YORK and HONG KONG, January 31, 2011 - ScotiaMocatta, the precious and base metals division of Scotiabank, today
announced that their base metals platform is now live. With four people in
London, four in New York and one in Hong Kong, ScotiaMocatta's base metals
team is managing transactions in copper, aluminum, lead, nickel, tin and
zinc.

"ScotiaMocatta has distinguished itself since 1671 by building
long-standing relationships based on firm allegiance to the needs of every
client," said Barry Wainstein, Vice-Chairman and Deputy Head, Global Capital
Markets, and Global Head, Foreign Exchange and Metals. "Our growing client
base was asking us to play a more significant role in base metals, and our
team of base metals experts is now poised to continue the tradition of
delivering exceptional client services - the cornerstone of our business at
ScotiaMocatta."

The base metals team includes London-based Alistair Watson and New
York-based John Ervasti, Co-Heads and Managing Directors, ScotiaMocatta Base
Metals. With 50 years combined industry experience, Mr. Watson and Mr.
Ervasti lead the base metals team including David Morgan, Matt Campbell and
Soo Teng Lee, in London, as well as Mike Lagana, Mike Purdy and Mike
Carpenter in New York, plus Tosh Sato in Hong Kong.

ScotiaMocatta, the precious and base metals division of the Scotiabank
Group, is a global leader in metals trading and finance, with roots dating
back to 1671. ScotiaMocatta is the Chairman of the London Silver Fixing, the
longest tenured member of the London Gold Fixing, and a leading market-maker
with operations worldwide. ScotiaMocatta serves a diverse clientele of
producers and consumers of precious and base metals across a variety of
industries. For more information, please visit www.scotiamocatta.com.

Scotia Capital is the global corporate and investment banking and capital
markets division of the Scotiabank Group. We help corporate, institutional
and government clients in Canada and around the globe seize opportunities,
unlock value, and achieve their financial goals. Scotia Capital has 29
offices and more than 300 relationship managers organized around industry
specialties. For more information, please visit www.scotiacapital.com.

Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees, Scotiabank
Group and its affiliates serve some 18.6 million customers in more than 50
countries around the world. Scotiabank offers a broad range of products and
services including personal, commercial, corporate and investment banking.
With assets above Canadian $526 billion (CAD) (as at October 31, 2010),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more
information please visit www.scotiabank.com.

For further information:

Joe Konecny, Scotiabank Media Communications, +1-(416)-933-1795, or
joe_konecny@scotiacapital.com

Joe Konecny, Scotiabank Media Communications, +1-(416)-933-1795, or
joe_konecny at scotiacapital.com