MetalCORP Limited (MTC: TSXV) is pleased to announce the latest results of drilling on its 100% owned Molybdenum (Mo) - Rhenium (Re) - Silver (Ag) bearing quartz vein called the Playter Moly Project. The project is located in Northern Ontario, Canada, approximately 20km southwest of the Hemlo gold deposit, on the western end of the Company's Big Lake property. This drill program was designed to test this large Mo-Re-Ag bearing quartz vein further along strike 200 metres west of the previously announced results in November. Drill hole 88 was drilled at -60 degrees to test the vein at the 300 metre level and intersected 0.29% Mo, 0.6 g/t Re and 1.4 g/t Ag over 11.6 metres. This represents the highest grades intersected by MetalCORP to date on the Mo-Re bearing quartz vein. Hole 87, drilled from the same setup but at -50 degrees to test at the 200 metre level, intersected 0.13% Mo, 0.6 g/t Re and 2.6 g/t Ag over 5.4 metres. This second (2nd) phase drilling will further test the Mo-Re mineralization along strike length for 1000 metres and down to the 800 metre level. The program will continue until the Fall 2008 and consist of greater than ~15,000 metres or ~30 drill holes.

The first (1st) phase drill program in November tested this large Mo-Re-Ag bearing quartz vein down to the 200 and 300 metre levels and a strike length of 400 metres with 6 drill holes. All holes intersected high grades of Mo-Re over wide intervals with hole 4 intersecting 0.16% Mo, 1.7 g/t Re and 2.9 g/t Ag over 6.2m within a wider section yielding 0.11% Mo, 1.1 g/t Re and 1.9 g/t Ag over 12.0m (see News Release 06 November 07).

A plan map and longitudinal section showing the drill holes for the first (1st) and second (2nd) phase can be viewed at the Company website www.metalcorp.ca.

"To hit this high grade Mo-Re-Ag bearing quartz vein on a 200 metre step-out is quickly showing the considerable size of this mineralized system. We are very encouraged with the latest drill results and excited with the resumption of drilling on the Playter Moly Project" commented Aubrey Eveleigh, Vice President, Exploration and Chief Operating Officer. "Given the strong market demand for molybdenum and rhenium, the Playter Moly Project represents a very important asset in MetalCORP's portfolio of properties."

The Mo-Re-Ag occurrence is hosted in a quartz vein up to 23.5 metres wide and has been traced by drilling for 600 metres. Surface grab samples of the quartz vein have yielded up to 5.36% Mo, (greater than)50.0 g/t Re and 112.0 g/t Ag and traced on surface for 1200 metres in length. A total of 17 drill holes were completed by Citadel Mines and Galex Mines from 1969 - 1971 testing the vein down to the 90 metre level. All these historical holes intersected the molybdenum bearing quartz vein with the best intersection being 0.26% Mo over 8.2 metres.

Molybdenum is used as an alloying agent in steel to enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure applications. There are no known substitutes for molybdenum's unique properties, which is used in most of the present day super-alloys. The price of molybdenum oxide has increased from $3/lb to over $35/lb over the last couple of years due to the strong demand and short supply.

Rhenium is a rare metal with unique characteristics, including an ultra-high melting point (3,186 degrees C), and is becoming a vital part of the aerospace industry. The metal is mainly used in high temperature super-alloy turbine jet engines, land based power turbines, petroleum-reforming catalysts and Platinum-Rhenium catalysts. The metal also improves the high-temperature strength properties of some nickel-base super-alloys. Demand for Rhenium continues to grow as environmentally friendly airplanes become more popular. The price of the rhenium has increased from ~$500/lb to ~$5000/lb in the last couple of years due to short supply and strong demand. Demand is expected to increase over the next few years including new demand coming from technology that converts gas to liquid. The United States of America Department of Defense considers Rhenium a critical mineral because of its use in the high temperature jet engines used in the stealth aircraft.

Exploration on the Playter Moly Project is carried out under the supervision of Aubrey Eveleigh, P.Geo. (QP - NI43-101). MetalCORP samples are sent to ALS Chemex Labs for analysis by ICP-AES.

MetalCORP is a mineral exploration company based in Thunder Bay, Ontario with base metal and gold projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with an area of more than 65,000 acres, include the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, the new Python nickel-copper-zinc property and the new Fearless zinc-copper-gold property, all of which are under active exploration. MetalCORP's four gold projects, with a claim area of more than 20,000 acres, include the Dorset, Pickle Lake, Black Bear and Keezhik Lake properties. By identifying early stage properties that may be enhanced by exploration, MetalCORP's experienced management team has assembled a great portfolio of projects.

MetalCORP has 44,216,636 common shares outstanding and approximately $7,000,000 in cash and no debt.

To find out more about MetalCORP Limited (TSX-V: MTC), visit our website at www.metalcorp.ca.

The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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SOURCE: MetalCORP Limited

Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760