September 04, 2009
MetalCorp regains 100% of NorthRock/Cousineau Project for Continued Precious and Base Metal Exploration
Thunder Bay, Canada (September 4, 2009) - MetalCorp Limited (TSX-V: MTC) announced that its option agreement with Kennecott Canada Exploration Inc. ("Kennecott") has been terminated and the NorthRock/Cousineau Property returned to MetalCorp. MetalCorp reports that Kennecott has advised that it has been processing samples taken during its summer exploration program at the GUP Project, located on the NorthRock/Cousineau Property and, based on results to date, has concluded that the diamond potential is very low. Accordingly, Kennecott decided to terminate its program and its option. MetalCorp anticipates being able to release results of this program as soon as they become available.
"Although Kennecott may be disappointed with the results of the diamond exploration on this property, MetalCorp is very pleased to regain its 100% interest in the project to pursue its copper, nickel and platinum/palladium exploration programs," said Donald Alexander Sheldon, President and Chief Executive Officer of MetalCorp.
MetalCorp's 100%-owned NorthRock/Cousineau Property covers approximately 6,000 hectares (about 15,000 acres) located 300 km west of Thunder Bay, Ontario, approximately 25 km east of Fort Frances, Ontario. Its proximity to infrastructure is excellent, with highway and rail transportation services, as well as hydro-electric powerlines, running through the Property.
MetalCorp has 49,106,636 common shares outstanding and approximately $1,600,000 in cash and no long-term debt. To find out more about MetalCorp visit its website at www.metalcorp.ca. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Donald Alexander Sheldon
President & CEO, MetalCorp Limited
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