Mishkeegogamang First Nation Signs Exploration Memorandum of Understanding with MetalCORP Limited

MISHKEEGOGAMANG, ONTARIO, Jul 30 (MARKET WIRE) --
Chief Connie Gray-McKay of the Mishkeegogamang First Nation and Donald A.
Sheldon of MetalCORP Limited (TSX VENTURE: MTC) are pleased to announce
that today they signed an Exploration Memorandum of Understanding
committing to an ongoing relationship between the First Nation and
MetalCORP with respect to the company's exploration activities on its
Pickle Lake properties which are located in the traditional territory of
Mishkeegogamang First Nation.

MetalCORP Limited is a Canadian junior resource company with offices in
Toronto and Thunder Bay, Ontario, whose shares trade on the TSX Venture
Exchange under the symbol MTC. MetalCORP is conducting exploration
activities on its properties known as the Tarp Lake Property, the
Metcalfe Property and the Connell Property which cover a combined total
area of 12,000 acres in the historical Pickle Lake gold camp area of
northwestern Ontario, Canada.

The Exploration MOU establishes the foundation for a positive and
mutually beneficial relationship between Mishkeegogamang First Nation and
MetalCORP by setting out provisions which will apply upon signature of
the Exploration MOU. These measures include training, ongoing
communication and opportunities for businesses within the community to
participate in the exploration activities. In addition, the First Nation
and the company have agreed to negotiate an Impact Benefit Agreement
should the project proceed, as currently planned, to the operational
stage.

"This agreement ensures our cooperation, support and participation in the
activities of MetalCORP." said Chief Gray-McKay, "We look forward to
working with all resources companies exploring and operating in our
traditional lands. This agreement with MetalCORP envisions shared
benefits from lands which our people have occupied for thousands of
years."

The President and CEO of MetalCORP Limited, Donald Alexander Sheldon
added, "We are very pleased with this agreement and the positive
relationship we have established with Mishkeegogamang First Nation.
MetalCORP is committed to working in cooperation with the Mishkeegogamang
in all phases of our Project. In the current economic climate, it is more
important than ever that companies like ours, working in First Nation
traditional territory, establish and maintain a mutually beneficial
relationship with the impacted communities. This agreement is a signal to
investors and governments of our commitment to a cooperative relationship
with Mishkeegogamang through all phases of our work in the Pickle Lake
area."

David Masakeyash, who acted as a head negotiator for the First Nation on
this Exploration MOU commented, "These negotiations were successful
because we listened to each other and tried to address the concerns and
objectives we each brought to the table. With this Exploration MOU and
the commitment to enter an Impact Benefit Agreement if the project moves
to the operations stage, the company's success is now important to us and
we will support them to achieve that success."

Negotiations toward an Impact Benefit Agreement (IBA) will commence upon
a decision from the MetalCORP Board of Directors to move from exploration
to production. The Exploration MOU outlines the agenda and the process
for conducting the IBA negotiations. Topics to be addressed in the IBA
negotiations will include employment, training, business opportunities
and financial compensation among others.

Contacts:
Mishkeegogamang First Nation
Chief Connie Gray-McKay
807-928-2414

MetalCORP Limited
Donald Alexander Sheldon
President & CEO
416-595-0147

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