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TORONTO, March 3 MetalCORP Limited (MTC: TSXV) is pleased to
announce that following a strategic review of its numerous base metal and gold
properties, the Board has approved the spin-off of several gold properties to
a wholly-owned subsidiary ("Newco") and the distribution of Newco shares to
MetalCORP shareholders.
"To date, we believe the market has not given MetalCORP credit for the
value of these high quality gold properties," commented D. Alexander Sheldon,
President. "We believe that turning these properties over into a new company
will optimize the value of these gold assets for MetalCORP shareholders. Our
intention now is to put in place a solid technical team to develop these gold
properties to their full potential. We are reviewing several individuals and
teams to lead this new company and believe that others will come forward based
on the asset quality and close proximity to various Ontario gold-camps."
MetalCORP proposes to distribute to each MetalCORP shareholder one (1)
Newco common share and one-half (1/2) of a Newco warrant for each four (4)
MetalCORP shares held as of the record date for the distribution. Each whole
Newco warrant will entitle the holder to purchase one additional Newco common
share for $0.25.
The proposal is subject to a number of conditions, including approval of
the TSX Venture Exchange (the "TSXV") for listing Newco's shares on the TSXV,
the filing and acceptance by securities regulatory authorities for a
prospectus for the distribution of Newco common share and warrants (or,
alternatively, the approval of a plan of arrangement by MetalCORP shareholders
and the Ontario Superior Court of Justice), and completion of adequate
financing for Newco to meet TSXV listing requirements (which is anticipated to
be completed through the exercise of Newco warrants).

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 44,271,636 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 MetalCORP » Welcome.

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

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