MetalCorp Limited and Pic River First Nation sign MOU

from SNCFDC Regional Update Feb.2010

Toronto and Pic River, Ontario Canada (November 18, 2009) MetalCORP Limited (TSX-V: MTC) are pleased to announce that they have entered into a Memorandum of Understanding (the “MOU”) for a mutually beneficial, co-operative and productive relationship with respect to exploration activities by MetalCORP within the traditional territories of the Pic River First Nation.  Based on principles of trust, good faith, mutual respect and mutual benefit, the MOU recognizes the aboriginal and treaty rights of Pic River First Nation, as well as the legal rights granted to MetalCORP under the Mining Act (Ontario) and other legislation. 

The MOU contemplates, among other things, MetalCORP using commercially reasonable efforts to provide opportunities for employment, contracting nd other involvement of the members and businesses of the Pic River First Nation and other First Nations in the area in connection with MetalCORP’s exploration activities.  

Chief Roy Michano of the Pic River First Nation commented, “We are pleased to have signed this MOU with MetalCORP.  It reflects the mutual respect that has developed between us and we look forward to building a strong relationship to realize the benefits and opportunities from the mineral exploration industry.”

 “MetalCORP looks forward to working cooperatively with the Pic River First Nation and all local communities on our various mineral exploration projects,” commented Naomi Nemeth, President and CEO of MetalCORP. “The Company is focused on and committed to mineral exploration in Northwestern Ontario and has always accepted responsibility for strong community relations.” 

Following the completion of this MOU with the Pic River First Nation, MetalCORP will begin the next phase of exploration on its Big Lake and Hemlo East properties both of which rest within the traditional Pic River land area.  

The Ojibways of the Pic River First Nation is a located on the northwestern shores of Lake Superior.  A progressive First Nation, Pic River has shown significant achievements in economic development with vested interests in the renewable energy sector.  Pic River has also taken a pro-active approach when dealing with mining activities happening within their traditional territory with establishment of a Lands and Resources department, the development of their own Consultation and Accommodation Law, and by building positive working relationships with third party interests. For more information about Pic River First Nation, please visit the community website at www.picriver.com.  

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.  The projects, with a total area of more than 85,000 acres, include the Hemlo East property, the Big Lake copper-zinc=silver=gold property, the North Rock copper-nickel=platinum property, and the Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties.  MetalCORP has 49,106,636 common shares outstanding and approximately $1,100,000 in cash and no long-term debt. To find out more about MetalCORP visit its website at www.metalcorp.ca