MTC: TSXV

MetalCORP Limited (MTC: TSXV) is pleased to announce a significant new diamond discovery in an area not previously known to contain diamonds. The North Rock and Cousineau properties consists of approximately 15,000 acres, located 300km west of Thunder Bay or 25km east of Fort Frances, Ontario. The diamonds are hosted in a large rock unit known as the Grassy Ultramafic Pyroclastic (GUP) which extends for several kilometers across the property.

A 100kg sample was processed by Kennecott Canada Exploration Inc. in their Mineral Processing Laboratory, located in Thunder Bay, Ontario by using the caustic fusion procedure. A total of six diamonds were recovered with one (1) sitting on the 0.212mm sieve. Three (3) other diamonds were on the 0.106mm sieve, while two (2) more were less than the 0.106mm sieve size.

A powerpoint presentation on the GUP diamond discovery can be viewed at the Company website www.metalcorp.ca.

"The Company is very excited with this unexpected discovery of diamonds on our North Rock project," commented Aubrey Eveleigh, Vice President, Exploration and Chief Operating Officer. "This opens up a whole new area of Ontario to explore for diamonds on the heels of the first diamond mine opened in the province, the Victor Mine of De Beers Canada Inc."

These initial results are from a single 100kg grab sample of an outcrop from a large prospective diamond bearing rock unit. The ultramafic rock (pyroclastic & flow) unit has been mapped for approximately 16km in length and up to 1km wide with a distinctive magnetic high anomaly. In order to fully assess the potential of this rock unit a more thorough and rigorous sampling program is needed.

Exploration on the North Rock Project is carried out under the supervision of Michel Dumoulin, P.Geo. (QP - NI43-101) with the GUP diamond project supervised by Kevin Kivi, P.Geo. of KIVI Geoscience Inc. (QP-NI43-101). MetalCORP samples were sent to Kennecott's Mineral Processing Laboratory (ISO 9001:2000 Certified) in Thunder Bay for caustic fusion analysis.

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-silver-gold property, the North Rock copper-nickel-platinum property, the new Python nickel-copper-zinc property and the new Fearless 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 $8,000,000 in cash and no debt.

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.

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SOURCE: MetalCORP Limited

Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760