MetalCORP Limited announces the results of the first mineral resource estimate for its 100% owned Platyer Moly-Rhenium project near Marathon, Ontario prepared by AMEC Americas Ltd. ('AMEC'). A Technical Report in compliance with Canadian National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release and will then be posted on MetalCORP's website.

Highlights of the AMEC report include:

- inferred resource of 874,410 tonnes grading 0.25% molybdenum, 1.67g/t rhenium and 3.38g/t silver;

- Mo-Re-Ag mineralization is hosted by an east-west trending sub-vertical quartz vein which varies in thickness between 1 and 10 metres and is approximately 1km long;

- Continuity of the quartz vein has been well-established by drilling along 700 metres of strike length and to a depth of 600 metres;

- Based on historic drill information not included in the currently-reported inferred resource, the potential exists to increase the resource from surface to 200-metre depth.

The mineral resource modeling and estimation for the Playter moly-rhenium deposit was completed by AMEC using an inverse distance to the fifth power (ID5) approach. AMEC confirms that the data density and quality are sufficient to classify part of the molybdenum/rhenium/silver-bearing quartz vein as a mineral resource in the Inferred Mineral Resource category. Block values were calculated on a break-even value of CAD$48/tonne (assuming a mining cost of CAD$26 per tonne, milling cost of CAD$17 per tonne and G&A cost of CAD$5/tonne). Of the 23 holes drilled by MetalCORP, 14 were used to calculate the current resource. In addition, not all blocks in the block model had sufficient exploration drill results to be included in the mineral resource. All technical parameters are fully disclosed in the AMEC report.

The inferred resource has an effective date of November 23, 2009, and was estimated using a molybdenum price of US$11.50/lb, rhenium price of US$8,000/kg and silver price of US$11.50/oz with sensitivities calculated at both lower and higher metals prices.

Between late-2006 and mid-2008, MetalCORP drilled the Playter Mo-Re property to intersect the mineralized zone at depths from approximately 200 metres to 600 metres below surface.

Although historical drilling and surface exposures have demonstrated continuity of mineralization within the upper 200 metres of the vein, the first 200 metres of the deposit was not drill-tested by MetalCORP and no retained core from the historical drilling has been recovered. However, the AMEC report states that historical drilling indicates that positive results from that part of the vein can be anticipated and should be drilled by MetalCORP. The historic results were obtained prior to 1994 and retained insufficient documentation to establish adequate data verification and quality control to be included in the resource estimate.

Targets include areas in the immediate vicinity of the mineral resource, where there is insufficient drill information to define a mineral resource. AMEC recommends additional exploration on these unestimated blocks and suggests that their potential is on the order of 650,000 to 850,000 tonnes at grades ranging from 0.1% to 0.3% molybdenum, 1.0 g/t to 2.0 g/t rhenium, and 3.0 g/t to 4.0 g/t silver.

In addition, AMEC recommends that a second conceptual target, 250 metres to 300 metres down-plunge to the west of the higher-grade core of the existing mineral resource, and with a potential of 750,000 to 1,250,000 tonnes at grades similar to that of the resource, be explored. The tonnes and grade of these targets are conceptual in nature, as there has been insufficient exploration to define mineral resource, and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

"AMEC was unable to calculate a resource estimate on some parts of the mineralized zone within the first 200 metres from surface or on large parts of the zone from 200 to 600 metres below surface because of a lack of current drill results in those areas. That is obviously a disappointment to MetalCORP," commented Naomi Nemeth, President and CEO. "At the outset of this project, MetalCORP's objective was to outline significant tonnage at a grade of roughly 0.10% molybdenum. While the actual grade was substantially higher than originally anticipated, the tonnage, according to the data included, was significantly lower."

"While this mineral resource is a key milestone for MetalCORP's progress in evaluating the potential of the Playter project, it is important to understand that both markets and commodity prices have changed dramatically since this study was begun in June 2008. Both are considerations that MetalCORP's board and management team will take into account when determining the priority of this project within MetalCORP's portfolio of high-quality gold and base metal projects."

Subsequent to the completion of AMEC mineral resource estimate, MetalCORP entered into a Memorandum of Understanding with the Pic River First Nation, the First Nation in closest proximity to the Playter project.