News Releases
| November 14, 2007 MetalCORP Limited Undertakes Strategic Review of Gold Assets to Focus on the New | |
| THUNDER BAY---14 November 2007 -- MetalCORP Limited (MTC: TSXV) announces a strategic review of the Company's current portfolio of gold and base metal assets. This may include the proposed creation of a new public company with its portfolio of four (4) gold assets or optioning of its three (3) gold projects (Pickle Lake, Black Bear or Keezhik Lake) to a third party. The fourth gold project, called Dorset, has been optioned to Trelawney Resources Inc. which recently announced an inferred resource of 180,000 ounces of gold. Trelawney can earn up to 70% of the Dorset gold project by making certain cash and stock payments, incurring certain exploration expenses and completing a feasibility study. MetalCORP will continue to focus on its main projects including the Big Lake copper-zinc, Playter molybdenum-rhenium, North Rock copper-nickel-platinum and the newly acquired Fearless and Python properties. The objective of the strategic review is to try to maximize shareholder value from the existing portfolio of projects. Accordingly, the Company's plan has evolved to not only consider the optioning of the gold projects, but also to include the possibility of creating a new public company based on MetalCORP's portfolio of gold assets. If a new public company were created, it would focus on exploring and developing the existing gold projects as well as any future strategic acquisitions of gold assets. The decision and terms of dividing MetalCORP's base and precious metal exploration assets has not yet been finalized. The decision is expected to be determined during the strategic review in the next several weeks. "We have a number of quality and highly prospective gold projects that are not presently reflected in our share price," commented Aubrey Eveleigh, Chief Operating Officer and Vice President, Exploration. "The objective of the strategic planning review is to determine the best reorganization of the Companies assets to unlock the inherent value in MetalCORP's portfolio of projects," This proposed arrangement is subject to several conditions and no assurance can be given that this transaction will take place. The Company has prepared 43-101 technical reports for the gold exploration properties to assist in the valuation with further progress to be announced in due course. MetalCORP is a mineral exploration company based in Thunder Bay, Ontario with base metal and gold projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with an area of more than 65,000 acres, include the Big Lake copper-zinc-silvergold property, the North Rock copper-nickel-platinum property, the new Python nickel-copper-zinc property and the new Fearless zinc-copper-gold property, all of which are under active exploration. MetalCORP's four gold projects, with a claim area of more than 20,000 acres, include the Dorset, Pickle Lake, Black Bear and Keezhik Lake properties. By identifying early stage properties that may be enhanced by exploration, MetalCORP's experienced management team has assembled a great portfolio of projects. MetalCORP has 44,216,636 common shares outstanding and approximately $10,000,000 in cash and no debt. For further information contact: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760 or Dan Courtney, Director of Investor Relations, (807) 346-2763. To find out more about MetalCORP Limited (TSX-V: MTC), visit our website at www.metalcorp.ca. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. | |