MTC MetalCorp Limited

MetalCorp Limited ("MetalCorp" or the "Company")(TSX VENTURE:MTC) would like to
announce the repricing of its previously announced proposed non-brokered private
placement. The private placement consists of up to 6,000,000 flow-through units
(each, a "Flow-Through Unit") at a price of $0.14 per Flow-Through Unit (instead
of $0.155 per Flow-Through Unit as previously announced). Each Flow-Through Unit
will be comprised of one flow-through common share (each a "Flow- Through Common
Share") and one-half of one transferable flow-through warrant (each whole
warrant, a "Flow-Through Warrant").


The private placement will also consist of up to 2,000,000 units (each a
"Unit"), each Unit being 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") at a price of $0.40 per Unit.


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 will pay cash finders' fees of up to 6.5% of the aggregate gross
proceeds of the Flow-Through Units sold by finders and finder's warrants (each a
"Finder's Warrant") equal in number to up to 6.5% of the number of Flow- Through
Units sold by finders. Each Finder's Warrant will entitle the holder to purchase
one finder's unit comprised of one Common Share and one-half of one warrant (on
the same terms as the Warrants) at $0.14 per finder's unit (instead of $0.155
per finder's unit, as previously announced). Each finder's unit is comprised of
one non-flow-through common share and one-half of one non- flow-through warrant
exercisable within two years from the applicable closing.


The gross proceeds to MetalCorp from the Flow-Through Units or the flow- through
component of the Units 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. Proceeds from the
sale of the non-flow-through component of the Units will be used for general
corporate purposes.


All the securities issued pursuant to the Offering will be subject to a four (4)
month hold period. Completion of the private placement is subject to receipt of
all required regulatory and other approvals, including 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 common shares and the
Warrants comprising the Units and the Flow-Through 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.


MetalCorp has 62,699,471 common shares outstanding. To find out more about
MetalCorp 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 size and pricing
of the Offering, 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.

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