July 30, 2009

Mishkeegogamang First Nation Signs Exploration Memorandum of Understanding with MetalCORP Limited

MISHKEEGOGAMANG, ONTARIO--(Marketwire - July 30, 2009) - Chief Connie Gray-McKay of the Mishkeegogamang First Nation and Donald A. Sheldon of MetalCORP Limited (TSX VENTURE:MTC) are pleased to announce that today they signed an Exploration Memorandum of Understanding committing to an ongoing relationship between the First Nation and MetalCORP with respect to the company's exploration activities on its Pickle Lake properties which are located in the traditional territory of Mishkeegogamang First Nation.

MetalCORP Limited is a Canadian junior resource company with offices in Toronto and Thunder Bay, Ontario, whose shares trade on the TSX Venture Exchange under the symbol MTC. MetalCORP is conducting exploration activities on its properties known as the Tarp Lake Property, the Metcalfe Property and the Connell Property which cover a combined total area of 12,000 acres in the historical Pickle Lake gold camp area of northwestern Ontario, Canada.

The Exploration MOU establishes the foundation for a positive and mutually beneficial relationship between Mishkeegogamang First Nation and MetalCORP by setting out provisions which will apply upon signature of the Exploration MOU. These measures include training, ongoing communication and opportunities for businesses within the community to participate in the exploration activities. In addition, the First Nation and the company have agreed to negotiate an Impact Benefit Agreement should the project proceed, as currently planned, to the operational stage.

"This agreement ensures our cooperation, support and participation in the activities of MetalCORP." said Chief Gray-McKay, "We look forward to working with all resources companies exploring and operating in our traditional lands. This agreement with MetalCORP envisions shared benefits from lands which our people have occupied for thousands of years."

The President and CEO of MetalCORP Limited, Donald Alexander Sheldon added, "We are very pleased with this agreement and the positive relationship we have established with Mishkeegogamang First Nation. MetalCORP is committed to working in cooperation with the Mishkeegogamang in all phases of our Project. In the current economic climate, it is more important than ever that companies like ours, working in First Nation traditional territory, establish and maintain a mutually beneficial relationship with the impacted communities. This agreement is a signal to investors and governments of our commitment to a cooperative relationship with Mishkeegogamang through all phases of our work in the Pickle Lake area."

David Masakeyash, who acted as a head negotiator for the First Nation on this Exploration MOU commented, "These negotiations were successful because we listened to each other and tried to address the concerns and objectives we each brought to the table. With this Exploration MOU and the commitment to enter an Impact Benefit Agreement if the project moves to the operations stage, the company's success is now important to us and we will support them to achieve that success."

Negotiations toward an Impact Benefit Agreement (IBA) will commence upon a decision from the MetalCORP Board of Directors to move from exploration to production. The Exploration MOU outlines the agenda and the process for conducting the IBA negotiations. Topics to be addressed in the IBA negotiations will include employment, training, business opportunities and financial compensation among others.

CONTACT INFORMATION:

Mishkeegogamang First Nation
Chief Connie Gray-McKay
807-928-2414

or

MetalCORP Limited
Donald Alexander Sheldon
President & CEO
416-595-0147

INDUSTRY: Manufacturing and Production - Mining and Metals