Metco Resources inc.
TSX VENTURE : MKO

Metco Resources inc.

October 31, 2007 15:00 ET

Gaspe: Metco Renegociates Agreements on Parts of Mont de l'Observation Property

MONTREAL, QUEBEC--(Marketwire - Oct. 31, 2007) - Metco Resources Inc. (TSX VENTURE EXCHANGE:MKO) ("Metco") has renegociated its agreements pertaining to Triangle d'Argent and Mont Alexandre properties, parts of the greater Mont de l'Observation Property. These modifications were in order to defer some decisions and payments up until assay results from the drilling program and the geochemical survey are obtained from the assay laboratories.

At Triangle D'Argent, the original agreement with Bradley Briard called for an optional and final payment of $150,000 no later than Nov 13th, 2007. The modified agreement calls for a payment of $75,000 and the issuance of 100,000 Metco shares both no later than Nov 13th, 2007 and an optional final payment of $75,000 no later than Nov 13th, 2008.

At Mont Alexandre, the original agreement with Vital Arsenault called for an optional payment of $30,000 and issuance of 200,000 Metco shares both before Nov 13th, 2007 and a final optional payment of $30,000 and issuance of another 200,000 Metco shares both before Nov 13th, 2008. The modified agreement calls for a payment of $10,000 and the issuance of 400,000 Metco shares both no later than Nov 13th, 2007 and a final optional payment of $50,000 no later than Nov 13th, 2008.

The above amendments are subject to the approval of the regulatory authorities.

Mont de l'Observation property is located in the prolific copper district of the Gaspe Peninsula, in Quebec more specifically within the Murdochville, Chandler, Bonaventure triangle. The property consists of 399 contiguous claims covering 22,283 ha (19 km by 14 km). The exploration work is done within a Joint-Venture Agreement 50:50 with Regal Consolidated Ventures Limited ("Regal"). Metco acts as the operator.

The geological context of the property is similar to that of the Michigan copper deposits. Malachite, chalcocite, bornite, native copper (with nuggets of up to 30 kg) and native silver have been noted on the property, in an environment of sandstones and volcanic rocks.

Metco's corporate strategy is to search for, acquire, explore and develop mining properties with strong base metal potential throughout Canada. Its properties are located in the well-known Matagami, Lebel-sur-Quevillon, Rouyn-Noranda, Chibougamau and Gaspe mining camps.

For more information, please consult the Company's website at www.metco.ca. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Florent Gauthier, P.Eng., is the qualified person who has reviewed the content of this news release.

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