MetalCORP Limited Announces Completion of $1,000,000 Non-Brokered Private Placement of Flow-Through Units with MineralFields

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


MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce that it successfully
completed the first tranche of its previously announced $1,400,000 private
placement (the "Private Placement") (see Metalcorp's news release dated March
29, 2010). An aggregate of 5,000,000 units ("Units") were sold today to funds of
the MineralFields Group at $0.20 per Unit for gross proceeds of $1,000,000.00.
Each Unit is comprised of one flow-through common share and one-half of a
transferable flow-through common share purchase warrant. Each whole warrant (a
"Unit Warrant") entitles the holder to purchase one non-flow-through common
share at any time for a period of two years, at a price of $0.35 in the first
year and $0.45 in the second year.


A finder received as compensation 6.5% cash commission and 325,000 finder's
warrants, being 6.5% of the aggregate number of Units purchased. Each finder's
warrant entitles the holder to purchase for a period of two years one finder's
unit comprised of one non-flow through common share and one-half of one
non-flow-through warrant (on the same terms as the Unit Warrant) at $0.20 per
each such finder's unit.


The gross proceeds to MetalCORP from the Private Placement 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, including its Pickle Lake and Red lake (Black Bear) gold
properties, and projects at its Hemlo East gold property.


All the securities issued pursuant to this first tranche are subject to a four
(4) month hold period.


"We are very pleased to continue our relationship with MineralFields Group",
said Naomi Nemeth, President and CEO of MetalCORP. "This is an important
milestone in the growth of MetalCORP Limited and we look forward to working with
MineralFields Group as we develop our holdings in the Hemlo East and Pickle Lake
regions."


About MetalCORP Limited

MetalCORP Limited 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. The projects,
with a total area of more than 85,000 acres, include the Hemlo East, Dorset,
Pickle Lake, Black Bear and Keezhik Lake gold properties, the Big Lake
copper-zinc-silver-gold property, and the North Rock copper-nickel-platinum
property. Following the closing of this Private Placement, MetalCORP has
61,349,471 common shares outstanding and approximately $2,000,000 in cash and no
long-term debt. To find out more about MetalCORP visit our website at
www.metalcorp.ca.


About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities(R) is active in leading
resource financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting, services to
resource companies. MineralFields and Pathway have financed several hundred
mining and oil and gas exploration companies to date through First Canadian
Securities(R).


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares and the
Warrants comprising the Units or issuable upon exercise of the Warrants and
finder's 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.


This Press Release contains forward-looking statements, including the size and
pricing of the Private Placement that may involve a number of risks and
uncertainties, including market conditions. Actual events or results could
differ materially from MetalCORP's forward-looking statements and expectations
herein.


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 size and pricing
of the Offering, that involve various known and unknown risk 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.