November 23, 2011
MetalCorp Announces Results Of Channel Sampling From Solomon Pillars Property
GOLD VALUES OF 23.5 g/t AND 22.8 g/t OVER 1 METER INTERVALS, WITH 11.5 g/t OVER 6 METERS.
THUNDER BAY, ONTARIO, CANADA (November 23, 2011) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV – MTC) is pleased to announce the results of channel sampling, completed at its recently optioned Solomon Pillars Property, located in the Beardmore-Geraldton Greenstone belt near Jellicoe, Ontario.
Four channels were cut to sample altered and mineralized iron formation in the historic shaft area of the property under the supervision of Jim Garber, P.Geo., MetalCorp's Manager of Exploration. Sites were selected to confirm results of previous work by other companies and sampling was continuous within each channel. Assay results from this sampling are presented in the following table.
These four channels are located between utm grid coordinates of 454620E / 5504146N and 454672E / 5504165N (Projection: Nad 83 Zone 16).
"This early work completed on the site demonstrates the fact that this property has considerable potential," said Chris Dougherty, President of MetalCorp.
"These results are very encouraging, and these along with other data collected during ongoing field work in preparation for the upcoming geophysical surveys and drilling efforts, continue to impress us," Dougherty concluded.
MetalCorp recently announced a proposed $1.75 Million financing primarily to support ongoing efforts on this property. See MetalCorp news release dated November 18, 2011.
MetalCorp also announces that the Company has sold its Keezhik Lake property to Landore Resources Canada Inc. for a cash sum with MetalCorp retaining a Net Smelter Royalty on the property. Keezhik Lake is a gold property, located on the north shore of Keezhik Lake, 120km east-northeast of Pickle Lake, Ontario.
"This is a positive development for MetalCorp, as it allows us to focus on other projects, while maintaining value for our shareholders through an NSR on the Keezhik Lake effort," said Chris Dougherty, President of MetalCorp.
Finally, the Company also announces that Charles Greig has resigned as the Vice-President, Exploration, effective immediately, to allow him to pursue other ventures. Mr. Greig will continue to work with the Company in an advisory and consulting role. MetalCorp wishes to extend thanks to Mr. Greig for his efforts to date as a senior officer of the Company, and looks forward to continuing to work with him in the future.
Jim Garber, P.Geo., will continue in his role as the Manager of Exploration, directing MetalCorp's exploration efforts.
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.
Assays for channel samples reported in this news release were completed by Actlabs, Thunder Bay, ON., (ISO/IEC) 17025 accreditation. All results reporting greater than 3 grams per ton gold were assayed using the fire assay method with gravimetric finish on a 50 gram charge.
The technical content of this news release relating to the Solomon Pillars project channel sampling has been reviewed by Jim Garber, P.Geo., who is a Professional Geologist. Jim supervised the sampling effort, and is a Qualified Person in accordance with the Canadian regulatory requirements as set out in NI43-101.
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.
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