June 28, 2012
METALCORP DETAILS SALE OF CLAIMS TO BARRICK AT HEMLO EAST
THUNDER BAY, ONTARIO, CANADA (June 28, 2012) - MetalCorp Limited ("Metalcorp" or the "Company") (TSXV - MTC) is pleased to update shareholders on progbress within the Company.
Further to the press release of June 27, 2012, with details being concluded, the Company wishes to expand upon the transaction with Barrick Gold Inc. ("Barrick").
The sale involved 3 of the total of 103 claims (12 of 731 units) at the west edge of MetalCorp’s holdings (claims 4214151, 4214170 and 4222578) and did not include the Gouda Lake discovery which is part of MetalCorp’s Hemlo East property. The Gouda Lake discovery was drilled by the Company in 2010, yielding results of up to 19.7 g/t Au over 1.25m in hole HEGZ10-16 and up to 388 g/t Ag over 0.8m in hole HEGZ10-14 (see press releases October through December, 2010) and has been noted as a focus for future efforts.
"Our transaction with Barrick was a positive one for both parties, as it provided Barrick with ground they require for ongoing activities at their Hemlo gold mines, mill and tailings facilities and it provided MetalCorp with a cash infusion. We are very pleased to be able to continue to work positively with Barrick and look forward to continuing that business relationship," said Chris Dougherty, President of MetalCorp.
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.
The technical content of this news release relating to the Gouda Lake discovery has been reviewed by Jim Garber, P.Geo., who is a Professional Geologist. Jim is a Qualified Person in accordance with the Canadian regulatory requirements as set out in NI 43-101.
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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