I know you're going to think it's the lifters, but it doesn't sound like it. It's a ticking noise that runs in sync with the revs of the engine. Noticed it this morning on my first cold start with the car. It went away after about 4 or 5 minutes.

Any ideas?

Perhaps it has shonky oil?

Mine did the same, problem was a faulty emission control valve replaced by Mitsubishi under warranty, no more ticking noise

Mine did the same, problem was a faulty emission control valve replaced by Mitsubishi under warranty, no more ticking noise

Probably what Kif said. If you grab a hold of the emissions control valve (back right of the plenum) while it's ticking you can feel it. Replacement from Mitsubishi is only $103.

does it tick on idle or only start when you drive ?

It might not be your emission control valve (or purge solenoid), as I understand if it is it ticks all the time, doesn't matter if the engine is hot or cold.
I've been chasing a tick in my motor for many months now.
My ECV tube 'pulses' like D-VAN says, but I think that is normal.
I replaced my ECV a couple of months ago, made no difference at all.
Even running the car (at idle) with the ECV power lead disconnected makes no difference for me, the tick is still there.
I suspect my noise is one or more dodgy injectors.
With your noise, if it's there when the motor is cold but goes away once it warms up, I'd put my money on lifters.
Sometimes the ticking is caused by air in the lash adjusters.
There is a procedure for bleeding the lash adjusters of air, it's in the workshop manual and I posted it up a few months ago, see this post: http://www.aussiemagna.com/forums/showthread.php?t=78695&p=1317575&viewfull=1#post1317575
According to the workshop manual if the ticking is caused by air in the lash adjusters it doesn't normally go away once the motor warms up.
But I reckon you should give the procedure a try anyway, it's free and you have nothing to lose except a bit of time!

Thanks for the replies guys.

I have had a ticking noise since not long after new, TreeAdeyMan.
It doesn't go away when it's warm, just gets quieter - it is not too loud, so I can really only hear it when the car is idling.
I think it sounds just like the combustion rattle of an idling diesel.
The only one time I didn't have it... was when I drove to Darwin and ran a few tanks of fuel other than BP Ultimate through it.
I believe constant use of the Ultimate with it's cleaning agents leaves the injectors super clean, and clicky as a result.

Mitsubishi have confirmed it is none of the usual suspects like the ECV or lash adjusters.

I have had a ticking noise since not long after new, TreeAdeyMan.
It doesn't go away when it's warm, just gets quieter - it is not too loud, so I can really only hear it when the car is idling.
I think it sounds just like the combustion rattle of an idling diesel.
The only one time I didn't have it... was when I drove to Darwin and ran a few tanks of fuel other than BP Ultimate through it.
I believe constant use of the Ultimate with it's cleaning agents leaves the injectors super clean, and clicky as a result.

Mitsubishi have confirmed it is none of the usual suspects like the ECV or lash adjusters.

Yep, sounds exactly like my ticking noise, and I use nothing but 98 RON. I think you might be right, and I've wasted countless hours and a few $ in the last couple of years trying to track down & fix the ticking!

Might disconnect my Xede (I have a blanking plug) and run a few tanks of 91 to test this theory out.

I have had a ticking noise since not long after new, TreeAdeyMan.
It doesn't go away when it's warm, just gets quieter - it is not too loud, so I can really only hear it when the car is idling.
I think it sounds just like the combustion rattle of an idling diesel.
The only one time I didn't have it... was when I drove to Darwin and ran a few tanks of fuel other than BP Ultimate through it.
I believe constant use of the Ultimate with it's cleaning agents leaves the injectors super clean, and clicky as a result.

Mitsubishi have confirmed it is none of the usual suspects like the ECV or lash adjusters.

very interesting as all I use is Ultimate or Optimax might run it with just 95 for a month

Clicky injectors? I have never heard of that term in my life.

Clicky injectors? I have never heard of that term in my life.

Actually, the 380 injectors are a tad noisy.

Clicky injectors? I have never heard of that term in my life.

my Mechanic is always saying they tick like mad. Since replacing the ECV they are now evidently clicky, Very different to the ECV noise which is a TICK TICK TICK TICK

It's a ticking noise that runs in sync with the revs of the engine

I have the same problem, when accelerating it almost sounds like a raffle ticket wheel spinning.... it's awesome. My mate thinks I drive a lawn mower. However it seems to come and go, even when idling and even after driving for well over an hour it is still evident.