MetalCORP Acquires Extension to Gold Bearing Hemlo Fault Zone; New Property has Base Metal and Gold Potential



    THUNDER BAY, ON, Aug. 8 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased
to announce the acquisition by staking of a 100% interest in 236 claim units
(9440 acres) covering the eastern extension of the Hemlo fault zone. The new
property, called Fearless, is 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) (~ 23 Million ounces of Au). A map showing
the Hemlo, Fearless and Big Lake properties can be viewed on the Company
website at www.metalcorp.ca.
    The lands underlying the Fearless property were previously owned by Lac
Minerals which staked them during the Hemlo gold rush in 1981. M.E. Fleet and
Y. Pan, 1991, geologists at University of Western Ontario stated the following
regarding the present day Fearless property "....is one of the most important
gold prospects in the Hemlo-Heron Bay greenstone belt since the discovery of
the Hemlo gold deposit in 1982. The overall stratigraphy, representation of
characteristic rock units, and nature of gold mineralization are very similar
to those at the Hemlo deposit...". Sporadic exploration work on the Fearless
property over the last 26 years has discovered a gold deposit, called Gouda
Lake, and indications of Volcanogenic Massive Sulphide (VMS) mineralization
related to the Heron Bay - Playter Harbour rock sequence. This same sequence
of rocks underlie MetalCORP's Big Lake property located 12km southwest, where
the Company made a significant new VMS discovery in 2006 with drill results as
high as 5.7% Cu, 1.8% Zn, 95.0 g/t Ag and 1.0 g/t Au over 7.0 metres.
    The Fearless property was considered to be a high priority after
extensive research by MetalCORP staff revealed the property to host base metal
(VMS) potential based on extending the rock stratigraphy from the Big Lake
property. 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.
    The Fearless property also hosts Hemlo-like rock units and mineralization
at the Gouda Lake gold zone. This zone is an east-west striking, 20 metre
thick zone of quartz-sericite schist containing 2-5% sphalerite (zinc
sulphide) and galena (lead sulphide) mineralization. Minor amounts of
chalcopyrite (copper sulphide) and streaks of molybdenite (molybdenum
sulphide) mineralization with 2-25% finely to coarsely disseminated pyrite are
also characteristic of the Gouda Lake zone. Assay values have been as high as
21.0 g/t Au, 648.0 g/t Ag and 2.0% zinc. In 1996, Placer Dome Canada Limited,
who optioned the ground from Barrick Gold, determined an inventory of 253,000
tonnes @ 4.1 g/t Au at the Gouda Lake zone. (These historical tonnage
estimates were calculated in 1996 and are not current. They should not be
relied upon and do not comply with National Instrument 43-101. A company
qualified person has not done the necessary work to classify it as a
resource).
    MetalCORP plans to immediately carry out an Aeroquest AeroTEM II airborne
magnetic and electromagnetic survey to identify high priority targets for
follow-up drilling. This will be the most advanced airborne survey to be
carried out over these lands since the discovery of the Hemlo gold deposit in
1981.

    The Fearless program is being carried out under the supervision of Aubrey
Eveleigh, P.Geo (QP - NI43-101). MetalCORP has 44,216,636 common shares
outstanding and approximately $12,500,000 in cash and no debt. 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 or Dan Courtney, Director of Investor
Relations, (807) 346-2767

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METALCORP LIMITED

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