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 a proposed
non-brokered private placement of up to 7,000,000 flow-through units (each, a
"Unit") at a price of $0.20 per Unit (the "Offering") for aggregate gross
proceeds of up to $1,400,000. Each Unit will be comprised of one flow-through
common share and one-half of one transferable flow-through common share purchase
warrant. Each whole warrant (a "Unit Warrant") will entitle 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 during the second year. 


MetalCORP will pay finder's fees of up to 6.5% of the aggregate gross proceeds
of the Offering in cash and finder's warrants equal in number to up to 6.5% of
the number of Units sold. Each finder's warrant will entitle the holder to
purchase one finder's unit comprised of one non-flow through common share and
one-half of one non-flow-through warrant (on the same terms as the Unit Warrant)
at $0.20 per each such finder's unit.


The gross proceeds to MetalCORP from the Offering 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 Pickle Lake and Red Lake (Black Bear) gold
properties, and projects at its Hemlo East gold property. 


All the securities issued pursuant to this private placement will be subject to
a four (4) month hold period. Completion of the private placement is subject to
receipt of all required regulatory and other approvals, including acceptance by
the TSX Venture Exchange.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The flow-through common shares
and the Unit Warrants comprising the Units or issuable upon exercise of the Unit
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.


MetalCORP has 56,349,471 common shares outstanding and approximately $1,000,000
in cash and no long-term debt. To find out more about MetalCORP visit its
website at www.metalcorp.ca. 


Except for statements of historical fact contained herein, the information in
this press release may constitute "forward-looking information" within the
meaning of Canadian securities law. Other than statements of historical fact,
all statements are "Forward-Looking Statements", including the size and pricing
of the Offering, that involve various known and unknown risk and uncertainties
and other factors, such as market conditions. There can be no assurance that
such statements will prove accurate. Results and future events could differ
materially from those anticipated in such statements. Readers of this press
release are cautioned not to place undue reliance on these "Forward-Looking
Statements". Except as otherwise required by applicable securities statutes or
regulation, MetalCORP expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.

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