November 11, 2010

MetalCorp Reports Drill Results of up to 19.7 g/t Au and 11.4 g/t Au as Drilling Continues

19 of first 20 holes reporting. Silver grades of up to 388 g/t and Zinc of up to 4.3% also encountered. Second phase of drilling planned on what appears to be a precious metals-enriched VMS-style mineralizing system.

THUNDER BAY, ONTARIO, CANADA (November 11, 2010) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV -- MTC) is pleased to announce that ongoing drilling at its 100%-owned Gouda Lake Zone continues to yield very positive results.

With the first phase of drilling nearing completion, assays have been received for 19 of the first 20 holes in a 30-hole program. Work completed to date has given MetalCorp insights into the nature of the mineralizing system, and has returned a number of excellent intersections centered on a gently northerly plunging zone.

"Through this, our first drill campaign at Gouda, we have come to the conclusion that the mineralizing system is a VMS-style system, with very significant gold and silver content combined with some significant base metal grades," stated Chris Dougherty, President of MetalCorp.

"The best intersection in this group of assays is a 1.2 meter interval in hole 20 which returned 19.7 g/t Au, 155 g/t Ag, and 1.05% Zn, and the mineralized zone in that hole has a true width of over 4 meters. However, we also have intersections of over one meter which returned 11.4 g/t and 9.2 g/t, as well as silver intersections of up to 388 g/t over 0.8 meters, and zinc assays as high as 4.34%." Dougherty stated.

The mineralized zone has been intersected in every hole in the campaign and has been tested for over 500 meters along strike and over 200 meters down-dip. Gold intersections in the thicker and higher-grade "core zone" that MetalCorp has been tracing northerly average 4.65 g/t gold, 129 g/t silver, with 0.84% zinc across 5.6 meters true width.

The core of the mineralized zone remains open along strike and at depth and, when all results have been returned and analyzed, MetalCorp plans to undertake a second phase of drilling this coming winter.

Assay results from drill holes HEGZ10-20 through HEGZ10-04 are set out below:

BEST RESULTS FROM EACH DRILL HOLE

 

 

 

 

 

HOLE

INTERVAL

ASSAYED GRADES

TRUE WIDTH

 

FROM

TO

AU

AG

CU

PB

ZN

 

m

m

g/t

g/t

%

%

%

m

HEGZ10-20

119.4

120.9

2.38

82.10

0.00

0.00

0.83

1.34

 

120.9

122.4

2.47

82.00

0.00

0.14

1.03

1.34

 

122.4

123.9

11.40

253.00

0.00

0.00

0.43

1.34

 

123.9

125

4.43

171.00

0.00

0.17

1.68

0.98

AVERAGE

119.4

125

4.65

129.47

0.00

0.06

0.84

5.60

HEGZ10-19

108.86

110.04

0.25

34.30

0.00

0.18

2.37

1.15

 

110.04

110.54

0.81

226.00

0.00

2.30

4.34

0.49

 

111.41

112.23

0.25

50.10

0.00

0.40

3.08

0.80

AVERAGE

108.86

112.23

0.26

56.25

0.00

0.49

2.17

3.37

HEGZ10-17

75.8

76.2

1.11

75.30

0.00

0.23

1.44

0.40

 

79.25

80.24

0.94

27.40

0.00

0.00

0.00

0.99

AVERAGE

75.8

80.24

0.31

12.89

0.00

0.02

0.13

4.44

HEGZ10-16

75

76.5

19.70

155.00

0.16

0.00

1.05

1.19

 

80

81.5

1.57

22.80

0.00

0.00

0.00

1.43

AVERAGE

75

81.5

3.95

33.39

0.03

0.00

0.19

6.50

HEGZ10-15

85.05

86.02

1.50

56.80

0.00

0.00

1.15

0.86

 

86.02

86.85

1.90

72.80

0.00

0.00

1.43

0.74

 

86.85

87.84

6.23

105.00

0.00

0.00

2.00

0.88

 

87.84

88.69

2.15

204.00

1.36

0.15

1.45

0.76

 

88.69

90.06

0.17

72.90

0.00

0.00

0.00

1.22

AVERAGE

85.05

90.06

2.25

98.35

0.23

0.03

1.10

4.46

HEGZ10-14

79.45

80.25

2.22

388.00

0.11

0.44

1.37

0.76

 

80.25

82

0.43

49.60

0.00

0.00

0.54

1.66

AVERAGE

79.45

82

0.99

155.76

0.03

0.14

0.80

2.43

HEGZ10-13

58.2

59.5

1.68

39.70

0.00

0.00

0.89

1.12

 

59.5

60.7

0.41

40.50

0.00

0.14

0.17

1.11

AVERAGE

58.2

60.7

1.05

40.10

0.00

0.07

0.53

2.24

HEGZ10-12

NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT

HEGZ10-11

NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT

HEGZ10-10

51.5

52.9

9.11

13.40

0.00

0.00

0.00

1.33

 

52.9

54.1

0.12

48.10

0.00

0.00

0.14

1.15

 

54.1

55.2

3.07

42.40

0.00

0.00

0.00

1.00

AVERAGE

51.5

55.2

4.41

33.19

0.00

0.00

0.05

3.48

HEGZ10-09

NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT

HEGZ10-08

NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT

HEGZ10-07

77.2

78.5

0.62

59.40

0.00

0.20

1.77

1.21

 

78.5

79.9

0.95

65.70

0.00

0.20

0.83

1.35

AVERAGE

77.2

79.9

0.79

62.72

0.00

0.20

1.27

2.56

HEGZ10-06

80

80.8

0.37

47.10

0.00

0.00

0.01

0.71

 

80.8

81.44

0.38

38.40

0.00

0.00

0.00

0.57

 

"We are very excited as a Company, as this is proving to be a very significant mineralized zone. It appears to be showing good continuity and has locally excellent grades. The geologic setting, while obscured somewhat by a strong metamorphic overprint, suggests strongly that the mineralizing system is of large extent, with plenty of scope for further exploration. As our initial drill program is nearing completion, we plan to leverage the knowledge we have gained and utilize it in further evaluating the Gouda Lake system in a larger second campaign.", concluded Dougherty.

MetalCorp's exploration programs are carried out under the supervision of Charles Greig, P. Geo., who is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.

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
info(at)metalcorp(dot)ca

Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. 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 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.