MetalCORP Limited
TSX VENTURE : MTC

MetalCORP Limited

May 05, 2009 09:00 ET

MetalCORP Announces Appointment of Senior Geologist for Ontario Projects

TORONTO, ONTARIO--(Marketwire - May 5, 2009) - MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce the contract appointment of geologist Charles Greig to carry out field work on Metalcorp's northwestern Ontario projects. Mr Greig will begin his contract with the company immediately and will commence evaluation of current project information gathered in previous phases of exploration. He will also oversee the company's exploration programs scheduled for this summer.

Mr Greig, who holds an MSc in Geological Sciences, has more than 25 years' experience in mineral exploration, much of it helping to design and run projects around the world. In addition to his extensive hands-on experience in mineral exploration, which includes considerable work on VMS (volcanogenic massive sulphide) and magmatic Ni-Cu-PGE properties, and which are systems similar to those present on Metalcorp's highest-priority properties, Mr Greig also counts several dozen peer-reviewed maps and reports among his publications extending from 1988 to the present.

"Metalcorp is extremely pleased to have Charlie working with us as we prioritize and advance our exploration projects in northwestern Ontario," commented Donald A Sheldon, President and CEO. "Charlie will be working closely with new management members, David Mallalieu, VP Exploration and Ken Booth, VP Business Development."

As part of his compensation, Mr Grieg has been granted options to purchase 200,000 common shares of MetalCORP at an exercise price of $0.16 per share, half of which vest immediately with the other half vesting in four (4) months. The options are exercisable for a maximum period of five (5) years subject to earlier termination 30 days after his agreement with the company ends or he ceases to be a service provider to the company.

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 VMS property, the North Rock magmatic copper-nickel-PGE 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 Joint Venture, Pickle Lake, Black Bear and Keezhik Lake properties.

MetalCORP has 49,106,636 common shares outstanding and approximately $1,750,000 in cash and no long-term debt. To find out more about MetalCORP visit its website at www.metalcorp.ca.

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