MetalCORP Commences AeroTEM IV Airborne Geophysical Survey on Newly Acquired Fearless & Python Properties, Adjacent to Hemlo Gold Mines, Ontario, Canada



    THUNDER BAY, ON, Oct. 9 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased
to announce that it has commenced a detailed airborne magnetic/electromagnetic
survey over its newly acquired and 100% owned Fearless and Python Properties.
The new properties are located 350km east of Thunder Bay, Ontario, adjacent to
the Hemlo gold mine properties owned by Teck-Cominco (TSX:TCK.B), Barrick Gold
(TSX:ABX) and Newmont Mining (TSX:NMC). The giant Hemlo gold deposit, located
2km from the Fearless boundary, contained approximately 100 Million tonnes @
8.0 g/t Gold (Au) (representing ~ 23 Million ounces of gold). A map showing
the Hemlo, Fearless and Python properties can be viewed on the Company website
at www.metalcorp.ca.
    The airborne geophysical survey is designed to better define the geology
in known areas of gold mineralization and detect new conductive zones of base
metal mineralization on the properties. MetalCORP has contracted AeroQuest
International to carry out a new advanced airborne survey called the AeroTEM
IV system. This system reportedly provides exceptional depth penetration, to
depths of up to 600m as well as more precise target definition than
conventional systems. The AeroTEM IV survey will be flown on a line spacing of
100m using a 12.0m diameter bird with increased power and a 90Hz frequency.
    "The Fearless and Python properties were considered to be a high priority
after extensive research by MetalCORP staff revealed the properties to host
base metal (VMS)/gold potential based on historical occurrences and extending
the rock stratigraphy from the Big Lake property", commented Aubrey Eveleigh,
COO & VP Exploration. Recently, the Lac Mineral's (Barrick Gold) claims came
open for staking and the MetalCORP field crew immediately acquired this very
strategic land position. MetalCORP is the only company to hold these lands,
other than Lac Minerals, since the Hemlo gold rush in 1981 (see News Releases
dated 08 August 2007 and 14 August 2007).
    Preliminary results of the AeroTEM IV survey are expected by the end of
October. At that time, MetalCORP and AeroQuest will review the data and select
the highest priority anomalies for follow-up with prospecting and diamond
drilling.

    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 great portfolio of
high quality projects. The Fearless and Python projects are being carried out
under the supervision of Aubrey Eveleigh, P.Geo. (QP - NI43-101).

    MetalCORP has 44,216,636 common shares outstanding and approximately
$11,300,000 in cash and no debt.

    To find more about MetalCORP Limited (TSX-V: MTC), visit our website at
www.metalcorp.ca.

    The statements used in this Press Release may contain forward-looking
statements that may involve a number of risks and certainties. Actual events
or results could differ materially from the Company's forward-looking
statements and expectations. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00002399E




For further information:

For further information: Mr. Aubrey Eveleigh, P.Geo, COO & VP
Exploration, Tel (807) 346-2760 or Dan Courtney, Director of Investor
Relations, (807) 346-2767

Organization Profile

METALCORP LIMITED

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