MetalCORP Announces Closing of the Final Tranche of Its Previously Announced Non-Brokered Private Placement of Flow-Through Unit

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


MetalCORP Limited ("MetalCORP") (TSX VENTURE:MTC) is pleased to announce that it
has successfully completed the final tranche of its previously announced
non-brokered private placement of flow-through units and units (the "Private
Placement") - see MetalCORP's news releases dated December 17, December 24 and
December 30, 2010. As part of this tranche, 200,000 flow-through units (the
"Flow-Through Units") were sold to individual subscribers at $0.14 per
Flow-Through Unit for gross proceeds of $28,000. Each Flow-Through Unit is
comprised of one flow-through common share (a "Flow-Through Common Share") and
one-half of a transferable flow-through common share purchase warrant. Each
whole warrant (a "Flow-Through Warrant") entitles the holder to purchase one
non-flow-through common share at any time for a period of two years from the
issuance thereof, at a price of $0.25 in the first year and $0.30 during the
second year. 


As part of this tranche, 154,375 units (each a "Unit") were also sold to
individual subscribers at $0.40 per Unit for gross proceeds of $61,750. Each
Unit is comprised of one (1) common share (a "Common Share"), two (2)
Flow-Through Common Shares and one and one half (1.5) warrants (each whole
warrant, a "Unit Warrant").


Each whole Flow-Through Warrant and each whole Unit Warrant (collectively, the
"Warrants") will entitle the holder to purchase one non-flow-through common
share at any time for a period of two years from the issuance thereof, at a
price of $0.25 in the first year and $0.30 during the second year. 


MetalCORP raised aggregate gross proceeds of $767,150 on this Private Placement.
The proceeds to MetalCORP from the sale of the Flow-Through Units and the
Flow-Through Common Shares will be used to fund exploration expenses which
qualify as "Canadian Exploration Expenses" (within the meaning of the Income Tax
Act (Canada)) in connection with MetalCORP's projects in Ontario. The proceeds
to MetalCORP from the sale of the Common Shares will be used for general
corporate purposes.


All of the securities issued pursuant to the Private Placement are subject to a
four (4) month hold period.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The Flow-Through Shares, Common
Shares, Warrants and the common shares issuable upon the exercise of the
Warrants 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 now has 68,201,167 common shares outstanding. To find out more about
MetalCORP please visit its website at www.metalcorp.ca.


Except for statements of historical fact contained herein, the information in
this press release may constitute "forward-looking information" within the
meaning of Canadian securities law. Other than statements of historical fact,
all statements are "Forward-Looking Statements", including the use of proceeds
from the Private Placement, that involve various known and unknown risks and
uncertainties and other factors, such as market conditions. 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 press release are cautioned not to place undue reliance on these
"Forward-Looking Statements". Except as otherwise required by applicable
securities statutes or regulation, MetalCORP expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a result
of new information, future events or otherwise.