MTC MetalCorp Limited

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
NOR FOR DISSEMINATION IN THE UNITED STATES.


MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce that it successfully
completed the first tranche of its previously announced $1,500,000 private
placement (the "Private Placement") (see MetalCORP's news release dated December
10, 2009). An aggregate of 3,783,782 units ("Units") were sold today to funds of
the MineralFields Group at $0.185 per Unit for gross proceeds of $700,000.00
(the "First Tranche"). Each Unit is comprised of one flow-through common share
and one-half of a flow-through common share purchase warrant. Each whole warrant
(a "Warrant") entitles the holder to purchase one non-flow-through common share
at any time for a period of two years, at a price of $0.35 in the first year and
$0.45 in the second year.


A finder received as compensation 6.5% cash commission and 245,946 finder's
warrants, being 6.5% of the aggregate number of Units purchased under the First
Tranche. Each finder's warrant entitles the holder to purchase for a period of
two years one non-flow-through common share and one-half of a non-flow-through
Warrant for a price of $0.185.


The gross proceeds to MetalCORP from the Private Placement will be used to fund
exploration expenses which qualify as "Canadian Exploration Expenses" (within
the meaning of the Income Tax Act (Canada)) in connection with MetalCORP's
projects in Ontario, including its BL14 copper/zinc project at its Big Lake
property and at its projects at its Hemlo East and Pickle Lake gold properties.


All the securities issued pursuant to this First Tranche are subject to a four
(4) month hold period.


"We are very pleased to be entering into this relationship with MineralFields
Group", said Naomi Nemeth, President and CEO of MetalCORP. "This is an important
milestone in the growth of MetalCORP Limited and we look forward to working with
MineralFields Group as we develop our holdings in the Hemlo East and Pickle Lake
regions."


About MetalCORP Limited

MetalCORP Limited is a mineral exploration company based in Thunder Bay, Ontario
with gold and base metal projects in the Canadian Shield of Northern Ontario,
Canada, one of the most prolific mineral districts in the world. The projects,
with a total area of more than 85,000 acres, include the Hemlo East, Dorset,
Pickle Lake, Black Bear and Keezhik Lake gold properties, the Big Lake
copper-zinc-silver-gold property, and the North Rock copper-nickel-platinum
property.


Following the closing of this First Tranche, MetalCORP has 52,890,418 common
shares outstanding and approximately $1.1 million in cash and no long-term debt.
To find out more about MetalCORP visit our website at www.metalcorp.ca.


About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) is active in leading
resource financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting, services to
resource companies. MineralFields and Pathway have financed several hundred
mining and oil and gas exploration companies to date through First Canadian
Securities(R).


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares and the
Warrants comprising the Units or issuable upon exercise of the Warrants and
finder's warrants will not be and have not been registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent an applicable exemption from the registration requirements.


This Press Release contains forward-looking statements, including the size and
pricing of the Private Placement that may involve a number of risks and
uncertainties, including market conditions. Actual events or results could
differ materially from MetalCORP's forward-looking statements and expectations
herein.

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