MTC MetalCorp Limited

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 second tranche of its previously announced $1,500,000 private
placement (the "Private Placement") (see MetalCORP's news releases dated
December 10, 2009 and December 16, 2009). An aggregate of 3,459,053 units
("Units") were sold today to subscribers at $0.185 per Unit for gross proceeds
of $639,925.17 (the "Second Tranche"). Each Unit is comprised of one
flow-through common share and one-half of a flow- through common share purchase
warrant. Each whole warrant (a "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 of $7,050 cash commission and 38,108 finder's
warrants, being 3.0% of the aggregate subscription amount and 3% of the
aggregate number of Units, respectively, sourced by such finder. Each finder's
warrant entitles the holder to purchase for a period of two years one
non-flow-through common share and one-half of a non-flow-through Warrant for a
price of $0.185.


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 BL14 copper/zinc project at its Big Lake
property and at its projects at its Hemlo East and Pickle Lake gold properties.


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


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 Second Tranche, MetalCORP has 56,349,471
common shares outstanding and approximately $1.1 million in cash and no
long-term debt. To find out more about MetalCORP visit our website at
www.metalcorp.ca.


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
use of the proceeds 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.


This press release is not for distribution to United States newswire services
nor for dissemination in the United States.

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