Metalcorp Limited. and Pic River First Nation Sign Memorandum of Understanding by 24hgold


MetalCORP Limited
TSX VENTURE:	MTC

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November 19, 2009
MetalCORP and Pic River First Nation Sign Memorandum of Understanding
TORONTO, ONTARIO and PIC RIVER, ONTARIO--(Marketwire - Nov. 19, 2009) - MetalCORP Limited (TSX VENTURE:MTC) and Pic River First Nation are pleased to announce that they have entered into a Memorandum of Understanding (the "MOU") for a mutually beneficial, co-operative and productive relationship with respect to exploration activities by MetalCORP within the traditional territories of the Pic River First Nation. Based on principles of trust, good faith, mutual respect and mutual benefit, the MOU recognizes the aboriginal and treaty rights of Pic River First Nation, as well as the legal rights granted to MetalCORP under the Mining Act (Ontario) and other legislation. The MOU contemplates, among other things, MetalCORP using commercially reasonable efforts to provide opportunities for employment, contracting and other involvement of the members and businesses of the Pic River First Nation and other First Nations in the area in connection with MetalCORP's exploration activities. Chief Roy Michano of the Pic River First Nation commented, "We are pleased to have signed this MOU with MetalCORP. It reflects the mutual respect that has developed between us over the past several years and we look forward to continuing to build a strong relationship to realize the benefits and opportunities from the mineral exploration industry." "MetalCORP looks forward to continuing to work cooperatively with the Pic River First Nation, as well as all local communities on our various mineral exploration projects," commented Naomi Nemeth, President and CEO of MetalCORP. "Our Company is focused on and committed to mineral exploration in Northwestern Ontario and has always accepted responsibility for strong community relations." MetalCORP is currently planning to begin the next phase of exploration activities on-site at its Big Lake and Hemlo East properties, both of which rest within the traditional territory of the Pic River First Nation. "These two projects, in addition to MetalCORP's Pickle Lake, Ontario project, are high priority areas for the Company and key to growing shareholder value," commented Nemeth. The Ojibways of the Pic River First Nation is located on the northwestern shores of Lake Superior. A progressive First Nation, Pic River has shown significant achievements in economic development with vested interests in the renewable energy sector. Pic River has also taken a pro-active approach when dealing with mining activities happening within their traditional territory with establishment of a Lands and Resources Department, the development of their own Consultation and Accommodation Law, and by building positive working relationships with third party interests. For more information about Pic River First Nation, please visit the community website at www.picriver.com. 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. The projects, with a total area of more than 85,000 acres, include the Hemlo East property, the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, and the Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties. MetalCORP has 49,106,636 common shares outstanding and approximately $1,000,000 in cash and no long-term debt. To find out more about MetalCORP, please visit the website at www.metalcorp.ca. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

MetalCORP Limited
Naomi Nemeth
President and CEO
416 363 9428
naomi.nemeth@metalcorp.ca

INDUSTRY: Manufacturing and Production - Mining and Metals

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