THUNDER BAY, ONTARIO -- (Marketwire) -- 09/28/10 -- MetalCorp Limited ('MetalCorp' or the 'Company') (TSX VENTURE: MTC) is pleased to announce that the Company will be commencing a drilling campaign at the Gouda Lake Zone, part of MetalCorp's 100%-owned Hemlo East property, on October 4, 2010. To this end, MetalCorp has engaged Full Force Diamond Drilling Ltd. as its contractor (www.diamondcoredrilling.com).
The work is aimed at a previously identified near-surface gold-silver mineralized zone which was the basis for an in-house resource estimate calculated by Lac Minerals Ltd. in the early 1990's (that resource estimate pre-dated NI 43-101 and, accordingly, is non-compliant with the requirements of NI 43-101; it therefore cannot be relied upon). MetalCorp, in keeping with recent changes in its corporate strategy to include development efforts, has completed an internal review of the Gouda Lake Zone which suggests that it may be viable to mine.
'The geophysics survey completed on site was very encouraging, and MetalCorp is looking forward to commencing this drill campaign to move this project forward. Once we see the results of this campaign we can start planning the next phase of this project', says Chris Dougherty, P.Eng., President of MetalCorp.
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 law. Other than statements of historical fact, all statements are 'Forward-Looking Statements' that involve such various known and unknown risks, uncertainties and other factors. 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 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:
MetalCorp Limited
Chris Dougherty, P.Eng.
President
(807) 683-1731
info@metalcorp.ca
www.metalcorp.ca
