MetalCORP Discovers More Platinum & Palladium on the NORTH ROCK Project; Deep hole intersects 4.0 g/t Pd, 0.3 g/t Pt, 1.0% Cu and 0.4% Ni over 3.8 metres

    THUNDER BAY, ON, March 27 /CNW/ - MetalCORP Limited (TSX-V:MTC) is
pleased to announce the discovery of additional Platinum Group Metal (PGM) and
base metal mineralization on the North Rock Property, located 25km east of
Fort Frances, Ontario. This Phase 3 drill program was designed to test several
airborne EM conductors over a 20km strike length on the entire North Rock
property. Only one hole tested the Beaver Pond Zone and intersected 4.0 g/t
Pd, 0.3 g/t Pt, 1.0% Cu, 0.4% Ni over 3.8 metres (m) at a vertical depth of
430 metres. These results represent the deepest intersection to date at this
Platinum-Palladium zone.
    Platinum Group Metal (PGM) mineralization was first discovered at the
Beaver Pond Zone during the phase 1 drill program in 2005 (see News Release 25
August 2005). The newly discovered PGM zone was traced by drilling for
approximately 500m along strike and to a vertical depth of 270m where it
remained open. Every drill hole targeting the Beaver Pond Zone during that
program consistently intersected the PGM zone on the west side of the
copper-nickel sulphide mineralization with the following significant values:
Hole No.2 - 6.6 g/t Pt and 0.7 g/t Pd over 0.4m; Hole No.4 - 2.3 g/t Pt and
trace Pd over 3.5m, within in a broad interval of 0.3 g/t Pt and 0.2 g/t Pd
over 46.1m; Hole No.5 - 3.7 g/t Pt and 7.1 g/t Pd over 0.8m; Hole No.6 - 0.2
g/t Pt and 0.7 g/t Pd over 1.3m; Hole No.7 - 1.2 g/t Pt and 1.2 g/t Pd over
    "Drilling has shown remarkable consistency of Platinum Group Metal
mineralization over an extensive area on the North Rock property" commented
Aubrey Eveleigh, COO & VP Exploration. "The Platinum-Palladium mineralization
remains open in all directions and given the strong market demand for these
commodities, the property is a key asset in MetalCORP's portfolio of
    The best Platinum mineralization intersected to date on the North Rock
property was located 1.5km along strike, northeast of the Beaver Pond Zone
(see News Release 06 March 2006). This Platinum mineralization is called the
East Zone where drill hole 20 intersected 12.2 g/t Pt and 0.1 g/t Pd over
3.7m. No holes were drilled during this Phase 3 program to test the East Zone,
but are planned for a Phase 4 drill program in 2008. It is also worth noting
that no previous drilling has been carried out between the Beaver Pond Zone
and the East Zone.
    Drilling in the Belacoma area, approximately 4.0km northeast of the
Beaver Pond Zone, intersected Platinum and Palladium mineralization as well
with the following values: 3.5 g/t Pd over 2.8m, 1.2 g/t Pt and 1.0 g/t Pd
over 1.0m, 2.9 g/t Pd over 0.9m and 1.6 g/t Pd over 0.9m. In the last 2 years
MetalCORP has now discovered Platinum Group Metal mineralization over a 4-5km
strike length extending from the Beaver Pond Zone to the Belacoma area.
    Also, drilling under this program at the Belacoma area intersected a
massive sulphide vein of cobaltite which assayed a high grade of 0.5% Co, 0.1%
Cu and 0.1% Ni over 1.1m. This was the first discovery of cobalt
mineralization on the North Rock property and represents a new important
target that will be explored in future drill programs. Due to very strong
demand and a low supply, Cobalt prices have recently reached ~US$50/lb.
    A number of other drill holes were designed to test airborne EM
conductors in the Belacoma and Nickle Lake areas. The majority were explained
by pyrrhotite veins and/or sulphide iron formation. The sulphide iron
formation in the Nickle Lake area was found to be zinc rich with the best
assay from hole No.57 of 0.5% Zn over 19.6m. Other intersections include 1.3%
Zn over 1.7m, 1.2% Zn over 1.6m, 1.2% Zn over 1.4m, 0.5% Zn over 12.6m and
0.5% Zn over 9.0m. MetalCORP will evaluate this area in the summer for
potential VMS copper-zinc style mineralization.
    The North Rock Property is underlain by the 20km long Grassy Portage
layered mafic intrusion, which is known to contain several magmatic
copper-nickel sulphide deposits. The largest and economically most significant
of these deposits, the Beaver Pond Zone, has a historical resource estimate,
based on shallow diamond drilling and limited amounts of underground
development work of 1,020,458 tons grading 1.2% copper over a strike length of
400m and to a vertical depth of just 90 metres (The historical tonnage
estimates were calculated in 1973 and are not current. A company qualified
person has not done the necessary work to classify the Zone as a resource.
They should not be relied upon and do not comply with NI 43-101).
    The North Rock property displays some of the classic Archean type mafic
intrusion hosted Cu-Ni-PGM characteristics, but with a later hydrothermal
overprint. The Grassy Portage Intrusion is a cumulate layered complex with the
base metal deposits situated in paleo-depressions at the basal portion of the
body with Platinum mineralization apparently concentrated at the contact with
mafic and ultramafic volcanics and a fine grained gabbro. The Platinum Group
Metal mineralization at North Rock is unusual for Archean age Cu-Ni-PGM
systems in that in most cases it has a relatively high ratio of platinum to
    MetalCORP also recently announced a new diamond discovery on the North
Rock property (see News Release 05 February 2008). The Company is presently in
discussions with several potential joint venture partners to further advance
the exploration for diamonds on the Property.
    The North Rock drilling program is being carried out under the
supervision of Michel Dumoulin, P.Geo (QP - NI43-101). Core is split and sent
to ALS Chemex Labs for analysis by ICP-AES. MetalCORP routinely introduces
standards and blanks into the sample stream.

    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 44,271,636 common shares outstanding and approximately
$5,500,000 in cash and no debt. To find out more about MetalCORP Limited 
(TSX-V: MTC), visit our website at

    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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