THUNDER BAY, ON, Nov. 14 /CNW/ - MetalCORP Limited (MTC: TSXV) announces
a strategic review of the Company's current portfolio of gold and base metal
assets. This may include the proposed creation of a new public company with
its portfolio of four (4) gold assets or optioning of its three (3) gold
projects (Pickle Lake, Black Bear or Keezhik Lake) to a third party. The
fourth gold project, called Dorset, has been optioned to Trelawney Resources
Inc. which recently announced an inferred resource of 180,000 ounces of gold.
Trelawney can earn up to 70% of the Dorset gold project by making certain cash
and stock payments, incurring certain exploration expenses and completing a
feasibility study. MetalCORP will continue to focus on its main projects
including the Big Lake copper-zinc, Playter molybdenum-rhenium, North Rock
copper-nickel-platinum and the newly acquired Fearless and Python properties.
The objective of the strategic review is to try to maximize shareholder
value from the existing portfolio of projects. Accordingly, the Company's plan
has evolved to not only consider the optioning of the gold projects, but also
to include the possibility of creating a new public company based on
MetalCORP's portfolio of gold assets.
If a new public company were created, it would focus on exploring and
developing the existing gold projects as well as any future strategic
acquisitions of gold assets. The decision and terms of dividing MetalCORP's
base and precious metal exploration assets has not yet been finalized. The
decision is expected to be determined during the strategic review in the next
"We have a number of quality and highly prospective gold projects that
are not presently reflected in our share price," commented Aubrey Eveleigh,
Chief Operating Officer and Vice President, Exploration. "The objective of the
strategic planning review is to determine the best reorganization of the
Companies assets to unlock the inherent value in MetalCORP's portfolio of
This proposed arrangement is subject to several conditions and no
assurance can be given that this transaction will take place. The Company has
prepared 43-101 technical reports for the gold exploration properties to
assist in the valuation with further progress to be announced in due course.
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
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.
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