MetalCorp Limited ('MetalCorp') (TSXV - MTC) is pleased to announce that the TSX Venture Exchange has provided its acceptance of MetalCorp'srecently announced earn-in agreement (the 'Earn-In Agreement') with Barrick Gold Inc. ('Barrick'), a wholly-owned subsidiary of Barrick Gold Corporation, relating to MetalCorp's Hemlo East gold property (the 'Hemlo East Property') located about 350 kilometers east of Thunder Bay, Ontario. Barrick is currently operating the Williams and David Bell Gold Mines which are adjacent to the Hemlo East Property.

Over 21 million ounces of gold have been produced to date from the Hemlo gold deposits.

'We are pleased to receive formal acceptance from the TSX Venture Exchange regarding our agreement with Barrick and look forward to a successful and mutually beneficial relationship with Barrick in our joint venture with them,' commented Donald Sheldon, the Chief Executive Officer of MetalCorp. 'Our shareholders recognize the value of the Hemlo East property and we have always believed in the potential it represents for creating value for their investment. We believe that in Barrick we have secured the right joint venture party to move this project forward.'

Barrick paying Cdn$3,000,000 (the 'Initial Payment') to MetalCorp on or before the third business day following TSX Venture Exchange acceptance of the Earn-In Agreement (the date of such payment being the 'Initial Payment Date'); (b) Barrick funding expenditures on the Hemlo East Property as follows: (A) at least Cdn$700,000 (the 'Guaranteed Amount') on or before the first anniversary of the Initial Payment Date and (B) at least Cdn$4,500,000 (including the Guaranteed Amount) on or before the third anniversary of the Initial Payment Date and (c) Barrick delivering a National Instrument 43-101 technical report in respect of the Hemlo East Property on or before the third anniversary of the Initial Payment Date.

Contact:

Tel: (807) 626-3621

Caution Regarding Forward-Looking Information

Except for statements of historical fact contained herein, information in this press release may constitute 'forward-looking information' within the meaning of Canadian securities laws. Other than statements of historical fact, all statements herein that involve various known and unknown risks, uncertainties and other factors are 'forward-looking information' (such forward-looking information includes, without limitation, statements regarding completion of the earn-in and formation of JVCo). There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this news release are cautioned not to place undue reliance on these 'forward-looking statements'. Except as otherwise required by applicable securities statutes or regulation, MetalCorp expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

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