MetalCORP; New Diamond Discovery Located 300km West of Thunder Bay, Ontario; Diamond Bearing Rock Unit (Ultramafic Pyroclastic) Extends For Several Kilometres



    MTC: TSXV

    THUNDER BAY, ON, Feb. 5 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce a significant new diamond discovery in an area not previously
known to contain diamonds. The North Rock and Cousineau properties consists of
approximately 15,000 acres, located 300km west of Thunder Bay or 25km east of
Fort Frances, Ontario. The diamonds are hosted in a large rock unit known as
the Grassy Ultramafic Pyroclastic (GUP) which extends for several kilometers
across the property.
    A 100kg sample was processed by Kennecott Canada Exploration Inc. in
their Mineral Processing Laboratory, located in Thunder Bay, Ontario by using
the caustic fusion procedure. A total of six diamonds were recovered with
one (1) sitting on the 0.212mm sieve. Three (3) other diamonds were on the
0.106mm sieve, while two (2) more were less than the 0.106mm sieve size.
    A powerpoint presentation on the GUP diamond discovery can be viewed at
the Company website www.metalcorp.ca.
    "The Company is very excited with this unexpected discovery of diamonds
on our North Rock project," commented Aubrey Eveleigh, Vice President,
Exploration and Chief Operating Officer. "This opens up a whole new area of
Ontario to explore for diamonds on the heels of the first diamond mine opened
in the province, the Victor Mine of De Beers Canada Inc."
    These initial results are from a single 100kg grab sample of an outcrop
from a large prospective diamond bearing rock unit. The ultramafic rock
(pyroclastic & flow) unit has been mapped for approximately 16km in length and
up to 1km wide with a distinctive magnetic high anomaly. In order to fully
assess the potential of this rock unit a more thorough and rigorous sampling
program is needed.
    Exploration on the North Rock Project is carried out under the
supervision of Michel Dumoulin, P.Geo. (QP - NI43-101) with the GUP diamond
project supervised by Kevin Kivi, P.Geo. of KIVI Geoscience Inc.
(QP-NI43-101). MetalCORP samples were sent to Kennecott's Mineral Processing
Laboratory (ISO 9001:2000 Certified) in Thunder Bay for caustic fusion
analysis.

    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 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 projects.
    MetalCORP has 44,216,636 common shares outstanding and approximately
$8,000,000 in cash and no debt.
    To find out 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 uncertainties. 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

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METALCORP LIMITED

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