MetalCORP Intersects High Grade Molybdenum (Mo) - Rhenium (Re) Bearing Quartz Vein on 200 metre Step-Out; 0.29% Mo, 0.6 g/t Re and 1.4 g/t Ag over 11.6 metres

    THUNDER BAY, ON, Feb. 20 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce the latest results of drilling on its 100% owned Molybdenum (Mo) -
Rhenium (Re) - Silver (Ag) bearing quartz vein called the Playter Moly
Project. The project is located in Northern Ontario, Canada, approximately
20km southwest of the Hemlo gold deposit, on the western end of the Company's
Big Lake property. This drill program was designed to test this large Mo-Re-Ag
bearing quartz vein further along strike 200 metres west of the previously
announced results in November. Drill hole 88 was drilled at -60 degrees to
test the vein at the 300 metre level and intersected 0.29% Mo, 0.6 g/t Re and
1.4 g/t Ag over 11.6 metres. This represents the highest grades intersected by
MetalCORP to date on the Mo-Re bearing quartz vein. Hole 87, drilled from the
same setup but at -50 degrees to test at the 200 metre level, intersected
0.13% Mo, 0.6 g/t Re and 2.6 g/t Ag over 5.4 metres. This second (2nd) phase
drilling will further test the Mo-Re mineralization along strike length for
1000 metres and down to the 800 metre level. The program will continue until
the Fall 2008 and consist of greater than ~15,000 metres or ~30 drill holes.
    The first (1st) phase drill program in November tested this large
Mo-Re-Ag bearing quartz vein down to the 200 and 300 metre levels and a strike
length of 400 metres with 6 drill holes. All holes intersected high grades of
Mo-Re over wide intervals with hole 4 intersecting 0.16% Mo, 1.7 g/t Re and
2.9 g/t Ag over 6.2m within a wider section yielding 0.11% Mo, 1.1 g/t Re and
1.9 g/t Ag over 12.0m (see News Release 06 November 07).
    A plan map and longitudinal section showing the drill holes for the first
(1st) and second (2nd) phase can be viewed at the Company website
    "To hit this high grade Mo-Re-Ag bearing quartz vein on a 200 metre
step-out is quickly showing the considerable size of this mineralized system.
We are very encouraged with the latest drill results and excited with the
resumption of drilling on the Playter Moly Project" commented Aubrey Eveleigh,
Vice President, Exploration and Chief Operating Officer. "Given the strong
market demand for molybdenum and rhenium, the Playter Moly Project represents
a very important asset in MetalCORP's portfolio of properties."
    The Mo-Re-Ag occurrence is hosted in a quartz vein up to 23.5 metres wide
and has been traced by drilling for 600 metres. Surface grab samples of the
quartz vein have yielded up to 5.36% Mo, (greater than)50.0 g/t Re and
112.0 g/t Ag and traced on surface for 1200 metres in length. A total of 17
drill holes were completed by Citadel Mines and Galex Mines from 1969 - 1971
testing the vein down to the 90 metre level. All these historical holes
intersected the molybdenum bearing quartz vein with the best intersection
being 0.26% Mo over 8.2 metres.

    Molybdenum is used as an alloying agent in steel to enhance strength and
resistance to wear and corrosion. It is also used in lubricants developed for
high temperature and pressure applications. There are no known substitutes for
molybdenum's unique properties, which is used in most of the present day
super-alloys. The price of molybdenum oxide has increased from $3/lb to over
$35/lb over the last couple of years due to the strong demand and short

    Rhenium is a rare metal with unique characteristics, including an
ultra-high melting point (3,186 degrees C), and is becoming a vital part of
the aerospace industry. The metal is mainly used in high temperature
super-alloy turbine jet engines, land based power turbines,
petroleum-reforming catalysts and Platinum-Rhenium catalysts. The metal also
improves the high-temperature strength properties of some nickel-base
super-alloys. Demand for Rhenium continues to grow as environmentally friendly
airplanes become more popular. The price of the rhenium has increased from
~$500/lb to ~$5000/lb in the last couple of years due to short supply and
strong demand. Demand is expected to increase over the next few years
including new demand coming from technology that converts gas to liquid. The
United States of America Department of Defense considers Rhenium a critical
mineral because of its use in the high temperature jet engines used in the
stealth aircraft.
    Exploration on the Playter Moly Project is carried out under the
supervision of Aubrey Eveleigh, P.Geo. (QP - NI43-101). MetalCORP samples are
sent to ALS Chemex Labs for analysis by ICP-AES.

    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
$7,000,000 in cash and no debt.

    To find out more about MetalCORP Limited (TSX-V: MTC), visit our website

    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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