METALCORP Announces Closing of First Tranche of Non-Brokered Private Placement

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
NOR FOR DISSEMINATION IN THE UNITED STATES.


MetalCorp Limited ("MetalCorp" or the "Company") (TSX VENTURE:MTC) is pleased to
announce that it has successfully closed the first tranche of its previously
announced non-brokered private placement (the "Private Placement") of units and
flow-through common shares (each, a "Flow-Through Common Share") - see
MetalCorp's news release dated November 23, 2012. Under the first tranche of the
Private Placement an aggregate of 8,000,000 Flow-Through Common Shares were
issued for gross proceeds of $200,000 to accredited investors or persons
otherwise entitled to rely on prospectus exemptions under applicable securities
laws. Each Flow-Through Common Share is a common share issued on a
"flow-through" basis in accordance with the Income Tax Act (Canada) the ("Tax
Act").


The Company issued to finders 8% cash commission totaling $6,000 and 300,000
finder's warrants (each a "Finder's Warrant") being 8% of the aggregate number
of Flow-Through Common Shares sourced by such finders under the first tranche of
the Private Placement. Each Finder's Warrant entitles the holder to purchase one
common share at a price of $0.05 per share at any time until June 30, 2013, and,
thereafter, at a price of $0.10 per share at any time until the expiry date
which is December 20, 2014.


Proceeds from the sale of Flow-Through Common Shares will be used to fund
MetalCorp's mineral exploration expenses which qualify as "Canadian Exploration
Expenses" (within the meaning of the Income Tax Act (Canada)) on MetalCorp's
projects in Ontario.


All the securities issued pursuant to the first tranche of the Private Placement
are subject to a four (4) month hold period which will expire on April 22, 2013.
Completion of the Offering is subject to final acceptance by the TSX Venture
Exchange.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The securities described herein
will not be and have not been registered under the United States Securities Act
of 1933 and may not be offered or sold in the United States absent an applicable
exemption from the registration requirements.


MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with
gold and base metal projects in the Canadian Shield of Northern Ontario, Canada,
one of the most prolific mineral districts in the world. To find out more about
MetalCorp visit its website at www.metalcorp.ca.


Except for statements of historical fact contained herein, information in this
press release may constitute "forward-looking information" within the meaning of
Canadian securities laws. Other than statements of historical fact, all
statements that involve various known and unknown risks, uncertainties and other
factors are "forward-looking statements". There can be no assurance that such
statements will prove accurate. Results and future events could differ
materially from those anticipated in such statements. Readers of this news
release are cautioned not to place undue reliance on these "forward-looking
statements". Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intention or obligation to
update publicly any forward-looking information, whether as a result of new
information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
MetalCorp Limited
Chris Dougherty, P.Eng.
President
[phone]
[e-mail]
www.metalcorp.ca