October 24, 2011


THUNDER BAY, ONTARIO, CANADA (October 24, 2011) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV – MTC) announces that the number of shares to be issued as payment of a pre-production royalty advance in the amount of $15,000 in accordance with the terms of the Net Smelter Returns Royalty Agreement made as of the 30th day of September 2008 (the "Agreement") to the Payees as such term is defined in the said Agreement was incorrectly calculated as 300,000 common shares (see Metalcorp's news release dated October 12, 2011) and the correct calculation of the number of shares is 275,862 The Company received TSXV approval to issue 275,862 common shares today. The expiry date of the hold period for these securities is February 12, 2012.

MetalCorp 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. To find out more about MetalCorp visit its website at www.metalcorp.ca.

For further information, please contact:

Chris Dougherty, P.Eng., President
Phone: (807) 683-1731

Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are "forward-looking statements". 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 news release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise. Historical results mentioned in this press release are not NI 43-101 compliant and should not be relied upon.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release