Property Description and Location

The 100% owned Molybdenum (Mo) – Rhenium (Re) bearing quartz vein called the Playter Project is located in Northern Ontario, Canada, approximately 20km southwest of the Hemlo gold deposit, on the western end of the Company’s Big Lake property. This drill program was designed to test this large Mo-Re bearing quartz vein along strike (to the east and to the west) and at a depth beyond the 300 metre (m) level. To date, in excess of 8,000m of drilling by MetalCORP has shown the Mo-Re deposit to be 750m in strike length, 550m deep with an average true width of approximately 7.0m. The deposit remains open at depth, with a possible plunge to the west.

W. David Sinclair, a geologist with the Geological Survey of Canada recently stated “Based on the reported Mo and Re assays – averaging about 0.1% Mo and 1.0 g/t Re – the rhenium content of the molybdenite should be about 600.0 g/t Re. This would make it potentially the largest vein-type deposit in Canada …… and possibly one of the largest in the world of this type. It is a remarkable deposit.”

The latest drilling shows the Mo-Re-Ag bearing quartz vein growing in size with the deepest drill hole to date, #109, intersecting high grade mineralization yielding 0.15% Mo, 1.2 g/t Re and 3.8 g/t Ag over 3.7m at approximately the 550m level. Hole #108, drilled on the same section but at the 450m level also intersected a high grade section assaying 0.09% Mo, 1.4 g/t Re and 2.8 g/t Ag over 6.0m. On a section located 300m west of holes 108 and 109, drill hole #91 intersected 0.13% Mo, 0.4 g/t Re and 9.2 g/t Ag over 3.6 metres at the 400m level. On a section located 300m east of holes 108 and 109, drill hole #107 yielded 0.11% Mo, 1.3 g/t Re and 4.6 g/t Ag over 2.0m. On this same section but at the 200m level, drill hole #102 intersected 0.08% Mo, 1.1 g/t Re and 2.9 g/t Ag over 1.3m.

The Playter drill program is continuing to outline the full extent of the Mo-Re-Ag mineralization. Also, the Company is in the planning stages of a bulk sampling program to eventually examine various characteristics of the Molybdenite concentrate, including flotation.

MetalCORP is considering seeking technical and financial assistance from a strategic partner with a keen interest in developing this very important Mo-Re asset. The Company has been in preliminary discussions with several interested parties in the last few weeks and plans to continue to aggressively pursue the right strategic partner to bring the Playter project to the feasibility stage.

Molybdenum is used as an alloying agent in steel to enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure applications. There are no known substitutes for molybdenum’s unique properties, which is used in most of the present day super-alloys. The price of molybdenum oxide has increased from $3/lb to over $35/lb over the last couple of years due to the strong demand and short supply.

Rhenium is a rare metal with unique characteristics, including an ultra-high melting point (3,186°C), and is becoming a vital part of the aerospace industry. Demand for Rhenium continues to grow as environmentally friendly airplane engines become more popular. The metal is mainly used in high temperature super-alloy turbine blades in jet engines, land based gas powered turbines and petroleum-reforming Platinum-Rhenium catalysts. Demand as a catalyst is also expected to increase over the next few years in areas such as technology that converts gas to liquid to transport Liquid Natural Gas (LNG) to markets around the world. Recently, the United States of America Department of Defense as deemed Rhenium a strategic and critical mineral because of its use in the high temperature jet engines used in the stealth aircraft. The price of the rhenium has increased from ~$500/lb to ~$5200/lb in the last couple of years due to short supply and strong demand.