January 28, 2009

PIC Mobert First Nation and MetalCorp Limited Sign Memorandum of Understanding

Pic Mobert and Toronto, Ontario: January 28, 2009 - Pic Mobert First Nation and MetalCorp Limited ("MetalCorp" or the "Company") (TSXV: MTC) are pleased to announce that they have entered into a Memorandum of Understanding (the "MOU") for a mutually beneficial, co-operative and productive relationship with respect to exploration activities by MetalCorp within the traditional territories of the Pic Mobert First Nation. Based on principles of trust, good faith, mutual respect and mutual benefit, the MOU recognizes the aboriginal and treaty rights of Pic Mobert First Nation, as well as the legal rights granted to MetalCorp under the Mining Act (Ontario) and other legislation. The MOU contemplates, among other things, MetalCorp using commercially reasonable efforts to provide opportunities for employment, contracting and other involvement of the members and businesses of the Pic Mobert First Nation and other First Nations in the area in connection with MetalCorp's exploration activities.

Chief Jeffrey Desmoulin of the Pic Mobert First Nation commented, "Band Council of Pic Mobert First Nation is pleased to have signed this MOU with MetalCorp. It reflects the mutual respect that has developed between us and we look forward to building a strong relationship to realize the benefits and opportunities from the mineral exploration industry."

Donald Alexander Sheldon, President and CEO of MetalCorp, stated "MetalCorp looks forward to working cooperatively with the Pic Mobert First Nation, other First Nations and local communities on our various mineral exploration projects. The Company is focused and committed to Northwestern Ontario and has always accepted responsibility for strong community relations."

About MetalCorp

MetalCorp is a mineral exploration company based in Thunder Bay, Ontario with base metal and gold projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with an area of more than 65,000 acres, include the Big Lake copper-zinc, Playter molybdenum-rhenium , the North Rock copper- platinum and diamond property, the new Python nickel-copper-zinc property and the new Fearless zinc-copper-gold property, all of which are under active exploration. MetalCorp's four gold projects, with a claim area of more than 20,000 acres, include the Dorset, Pickle Lake, Black Bear and Keezhik Lake properties. By identifying early stage properties that may be enhanced by exploration, MetalCorp's experienced management team has assembled a valuable portfolio of projects. Additional information concerning the Company is available on its website at www.metalcorp.ca and on SEDAR at www.sedar.com.

For further information, please contact:

(a) Chief Jeff Desmoulin,
Pic Mobert First Nation,
Telephone: (807) 822-2134 x. 227 and

(b) Aubrey Eveleigh, P.Geo.,
Chief Operating Officer & Vice-President
Exploration of MetalCorp Limited,
Telephone: (807) 346-2760, Email: info(at)metalcorp(dot)ca.

Forward-Looking Statements

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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.