MetalCORP Limited

MetalCORP Limited

November 19, 2008 16:26 ET

MetalCORP Limited-Cancellation of Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2008) - MetalCORP Limited ("MetalCORP" or the "Company") (TSX VENTURE:MTC) announced today that the special meeting of its shareholders called for November 25, 2008 (the "Meeting") has been cancelled.

The Meeting had been convened solely for the purpose of seeking shareholder approval for a proposed plan of arrangement involving the spin-off of four gold exploration properties by MetalCORP to a newly-incorporated corporation, Preciousmetals Explorations Inc. ("Preciousmetals"), which would be owned, initially at least, by the shareholders of MetalCORP (the "Arrangement"). A concurrent private placement financing of "flow-through" securities by Preciousmetals had been proposed to raise funding of at least $600,000 for its first year of operations.

The decision to cancel the Meeting was reached by the board of directors of MetalCORP (the "Board") on November 19, 2008. After careful consideration, the Board determined that, due to the current volatile state of the financial markets and the continuing deterioration in the investment climate for resource companies, it would not be in the best interests of the Company or its shareholders to proceed with the Arrangement at this time. Therefore, the Board withdrew its recommendation of the Arrangement and directed that the Meeting be cancelled.

MetalCORP will continue its review of strategic alternatives for dealing with its gold exploration properties but there can be no assurance that any other transactions will be undertaken, or if undertaken, will be completed. The Board will examine all possible options for the longer term structure of the Company and remains committed to realizing maximum value for MetalCORP's shareholders.

About MetalCORP

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 zinc-copper-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 valuable portfolio of projects. Additional information concerning the Company is available on its website at and on SEDAR at

Forward-Looking Statements

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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • MetalCORP Limited
    Aubrey Eveleigh
    Chief Operating Officer & Vice-President Exploration
    (807) 346-2760