MTC MetalCorp Limited

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


MetalCORP Limited ("MetalCORP") (TSX VENTURE:MTC) is pleased to announce that it
has successfully completed the first tranche of its previously announced
non-brokered private placement of flow-through units (the "Private Placement") -
see MetalCORP's news release dated December 24, 2010. An aggregate of 4,838,571
flow- through units (the "Flow-Through Units") were sold today to funds of the
MineralFields Group at $0.14 per Flow-Through Unit for gross proceeds of
$677,400. Each Flow-Through Unit is comprised of one flow-through common share
and one-half of a transferable flow-through common share purchase warrant. Each
whole warrant (a "Flow-Through Warrant") entitles the holder to purchase one
non-flow-through common share at any time for a period of two years from the
issuance thereof, at a price of $0.25 in the first year and $0.30 during the
second year.


A finder received as compensation 6.5% cash commission and 314,507 finder's
options, being 6.5% of the aggregate number of Flow-Through Units sold by such
finder. Each finder's option entitles the holder to purchase, for a period of
two years from the closing date, one finder's unit (a "Finder's Unit") comprised
of one non-flow through common share and one-half of one non-flow-through
warrant (a "Finder's Warrant") (on the same terms as the Flow-Through Warrant)
at a price of $0.14 per Finder's Unit.


The gross proceeds to MetalCORP from the Flow-Through Units 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.


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 Chris Dougherty, President 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 projects in Ontario."


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 Flow-Through 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.


MetalCORP now has 67,538,042 common shares outstanding. To find out more about
MetalCORP please 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 use of proceeds
of the Private Placement, that involve various known and unknown risks 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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