THUNDER BAY, ON, Jan. 18 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce that Trelawney Resources Inc. has given notification to MetalCORP
of completion of the exercise of its option to earn a 50% interest in the
Dorset Property located 70 kilometres north of Wawa, Ontario. Trelawney has
advised MetalCORP of the completion of more than $2,000,000 in exploration
expenditures on the Property, paid the remaining $140,000 of $220,000 of
aggregate cash payments and delivered the remaining 450,000 shares of the
total 900,000 shares payable. A 50/50 joint venture will now be formed to
complete further exploration and/or development of the Property.
Trelawney recently commissioned a National Instrument 43-101 compliant
resource estimate on the property and the results were reported in a press
release issued by Trelawney on October 31, 2007. The initial estimate (using a
0.50 g/t Au cut off) consists of an Indicated Resource of 40,000 ounces of
gold (780,000 tonnes grading 1.42 g/t Au) and an Inferred Resource of
180,000 ounces of gold (4,760,000 tonnes grading 1.19 g/t Au). The complete
report can be accessed on Trelawney's filings at www.sedar.com.
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
MetalCORP has 44,216,636 common shares outstanding and approximately
$10,000,000 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. adequacy or
accuracy of this release.
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) 346-2763