October 28, 2010

MetalCorp Reports Early Results From Drilling at Gouda Lake Zone

Gold, Silver and Base metals in first three holes, including intercepts of 5.48 and 5.68 g/t AuEq.

THUNDER BAY, ONTARIO, CANADA (October 28, 2010) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV -- MTC) is pleased to announce that ongoing drilling at its 100% owned Gouda Lake Zone has been very encouraging. Mineralization has been intersected in all 16 holes drilled thus far, with approximately 10 to 15 holes remaining to be drilled in the program.

While results from most of the holes are pending, assays from the first three holes, drilled from a single setup and on the same section line, returned significant results.

SECTION

HOLE NO.

DRILL ANGLE

INTERVAL

ASSAYS

 

TRUE WIDTH

FROM

TO

AU

AG

PB

ZN

AU EQ*

WIDTH

 

 

 

m

m

g/t

g/t

%

%

g/t

m

m

300 EAST

HEGZ
10-01

-45

81.5

82.93

1.32

44.50

0.03

1.23

2.83

1.43

1.36

 

 

 

82.93

84.2

0.59

33.50

0.03

0.18

1.30

1.27

1.21

 

 

 

84.2

85.35

0.15

18.20

0.03

0.51

0.78

1.15

1.09

 

 

 

85.35

86.39

1.25

66.10

0.31

0.59

2.92

1.04

0.99

 

 

 

86.39

87.04

0.15

58.70

0.43

3.40

3.40

0.65

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

HEGZ
10-02

-65

77.5

78.44

3.28

90.2

0.09

0.991

5.48

0.94

0.94

 

 

 

78.44

80.19

0.69

70.7

0.17

0.40

2.25

1.75

1.75

 

 

 

80.19

80.88

1.61

70.4

0.00

0.01

3.43

0.69

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

HEGZ
10-03

-90

87.3

88.24

1.45

149

0.69

2.12

5.68

0.94

0.83

 

 

 

88.24

89.14

1.625

39.4

0.05

0.31

2.52

0.9

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

*AuEq has been calculated based on metal prices as follows; Au=$US1320/oz, Ag=$US23/oz, Pb/Zn=$US1.12/lb. Calculation is the aggregate value of minerals in the ore, divided by the gold price, and represents the value of the minerals in terms of equivalent weight in gold.

The mineralized intervals for the three holes are 2.14 g/t AuEq over 5.7 meters true width for HEGZ 10-01, 3.4 g/t AuEq over 3.4 meters true width for HEGZ 10-02, and 4.13 g/t AuEq over 1.63 meters true width for HEGZ 10-03.

"We are very pleased with these early results, and are encouraged by the fact that we have encountered mineralization of similar character and with broad haloes of alteration in every hole drilled thus far. While assays for the balance of the holes drilled to date are pending, we have thus far encountered mineralization along 1100 meters of trend, with 16 holes completed so far.", 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.

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.