MetalCorp Reports Early Results From Drilling at Gouda Lake Zone

THUNDER BAY, ONTARIO--(Marketwire - Oct. 28, 2010) - MetalCorp Limited ("MetalCorp" or the "Company") (TSX VENTURE: MTC.V) is pleased to announce that ongoing drilling at its 100% owned Gouda Lake Zone has been very encouraging. Mineralization has been intersected in all 16 holes drilled thus far, with approximately 10 to 15 holes remaining to be drilled in the program.

While results from most of the holes are pending, assays from the first three holes, drilled from a single setup and on the same section line, returned significant results.

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                          INTERVAL              ASSAYS                 
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            HOLE DRILL                                        AU        TRUE
SECTION      NO. ANGLE  FROM    TO    AU    AG    PB    ZN EQ(i) WIDTH WIDTH
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                           m     m   g/t   g/t     %     %   g/t     m     m
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300                                                                         
 EAST HEGZ 10-01   -45  81.5 82.93  1.32 44.50  0.03  1.23  2.83  1.43  1.36
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                       82.93  84.2  0.59 33.50  0.03  0.18  1.30  1.27  1.21
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                        84.2 85.35  0.15 18.20  0.03  0.51  0.78  1.15  1.09
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                       85.35 86.39  1.25 66.10  0.31  0.59  2.92  1.04  0.99
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                       86.39 87.04  0.15 58.70  0.43  3.40  3.40  0.65  0.62
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      HEGZ 10-02   -65  77.5 78.44  3.28  90.2  0.09 0.991  5.48  0.94  0.94
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                       78.44 80.19  0.69  70.7  0.17  0.40  2.25  1.75  1.75
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                       80.19 80.88  1.61  70.4  0.00  0.01  3.43  0.69  0.69
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      HEGZ 10-03   -90  87.3 88.24  1.45   149  0.69  2.12  5.68  0.94  0.83
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                       88.24 89.14 1.625  39.4  0.05  0.31  2.52   0.9   0.8
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(i)AuEq has been calculated based on metal prices as follows; Au=$US1320/oz,
Ag=$US23/oz, Pb/Zn=$US1.12/lb. Calculation is the aggregate value of        
minerals in the ore, divided by the gold price, and represents the value of 
the minerals in terms of equivalent weight in gold. Recoveries are assumed  
to be 100%.                                                                 

The mineralized intervals for the three holes are 2.14 g/t AuEq over 5.7 meters true width for HEGZ 10-01, 3.4 g/t AuEq over 3.4 meters true width for HEGZ 10-02, and 4.13 g/t AuEq over 1.63 meters true width for HEGZ 10-03.

"We are very pleased with these early results, and are encouraged by the fact that we have encountered mineralization of similar character and with broad haloes of alteration in every hole drilled thus far. While assays for the balance of the holes drilled to date are pending, we have thus far encountered mineralization along 1100 meters of trend, with 16 holes completed so far.", said Chris Dougherty, President of MetalCorp.

"We are looking forward to the completion of the current drill campaign, and will model the results in order to plan the next phase of drilling on the project," concluded Dougherty.

MetalCorp 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. To find out more about MetalCorp visit its website at www.metalcorp.ca.

Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are "forward-looking statements". 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 news release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise. Historical results mentioned in this press release are not NI 43-101 compliant and should not be relied upon.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.

Contacts

Chris Dougherty, P.Eng.
MetalCorp Limited
President
(807) 683-1731
[email protected]