January 6, 2012

MetalCorp Announces Completion its Non-Brokered Private Placement

Thunder Bay, Ontario (Stockwatch – January 6, 2012) - MetalCorp Limited ("MetalCorp") (TSX-V: MTC) is pleased to announce completion of its previously announced non-brokered private placement (the "Offering") of units (each, a "Unit") and flow-through shares (each, a "Flow-Through Share") – see MetalCorp's news release dated December 23, 2011. The first tranche was completed December 23, 2011. The Offering was terminated December 31, 2011.

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. Following closing of this first tranche of the Private Placement, MetalCorp has 73,155,707 common shares outstanding. 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
Email: info(at)metalcorp(dot)ca

Neither IIROC nor the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release. This press release is not for distribution to United States newswire services nor for dissemination in the United States.

Except for statements of historical fact contained herein, the 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", including the use of proceeds of the Private Placement,, that involve various known and unknown risk and uncertainties and other factors, such as market conditions. 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 press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, MetalCorp expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.