MMTEC Inc V.MTC

NEWS

[portee44]

MetalCORP Acquires Extension to Gold Bearing Hemlo Fault Zone; New Property has Base Metal and Gold Potential THUNDER BAY, ON, Aug. 8 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased to announce the acquisition by staking of a 100% interest in 236 claim units (9440 acres) covering the eastern extension of the Hemlo fault zone. The new property, called Fearless, is located 350km east of Thunder Bay, Ontario, adjacent to the Hemlo gold mine properties owned by Teck-Cominco (TSX:TCK.B), Barrick Gold (TSX:ABX) and Newmont Mining (TSX:NMC). The giant Hemlo gold deposit, located 2km from the Fearless boundary, contained approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (~ 23 Million ounces of Au). A map showing the Hemlo, Fearless and Big Lake properties can be viewed on the Company website at www.metalcorp.ca. The lands underlying the Fearless property were previously owned by Lac Minerals which staked them during the Hemlo gold rush in 1981. M.E. Fleet and Y. Pan, 1991, geologists at University of Western Ontario stated the following regarding the present day Fearless property "....is one of the most important gold prospects in the Hemlo-Heron Bay greenstone belt since the discovery of the Hemlo gold deposit in 1982. The overall stratigraphy, representation of characteristic rock units, and nature of gold mineralization are very similar to those at the Hemlo deposit...". Sporadic exploration work on the Fearless property over the last 26 years has discovered a gold deposit, called Gouda Lake, and indications of Volcanogenic Massive Sulphide (VMS) mineralization related to the Heron Bay - Playter Harbour rock sequence. This same sequence of rocks underlie MetalCORP's Big Lake property located 12km southwest, where the Company made a significant new VMS discovery in 2006 with drill results as high as 5.7% Cu, 1.8% Zn, 95.0 g/t Ag and 1.0 g/t Au over 7.0 metres. The Fearless property was considered to be a high priority after extensive research by MetalCORP staff revealed the property to host base metal (VMS) potential based on extending the rock stratigraphy from the Big Lake property. Recently, the Lac Mineral's (Barrick Gold) claims came open for staking and the MetalCORP field crew immediately acquired this very strategic land position. MetalCORP is the only company to hold these lands, other than Lac Minerals, since the Hemlo gold rush in 1981. The Fearless property also hosts Hemlo-like rock units and mineralization at the Gouda Lake gold zone. This zone is an east-west striking, 20 metre thick zone of quartz-sericite schist containing 2-5% sphalerite (zinc sulphide) and galena (lead sulphide) mineralization. Minor amounts of chalcopyrite (copper sulphide) and streaks of molybdenite (molybdenum sulphide) mineralization with 2-25% finely to coarsely disseminated pyrite are also characteristic of the Gouda Lake zone. Assay values have been as high as 21.0 g/t Au, 648.0 g/t Ag and 2.0% zinc. In 1996, Placer Dome Canada Limited, who optioned the ground from Barrick Gold, determined an inventory of 253,000 tonnes @ 4.1 g/t Au at the Gouda Lake zone. (These historical tonnage estimates were calculated in 1996 and are not current. They should not be relied upon and do not comply with National Instrument 43-101. A company qualified person has not done the necessary work to classify it as a resource). MetalCORP plans to immediately carry out an Aeroquest AeroTEM II airborne magnetic and electromagnetic survey to identify high priority targets for follow-up drilling. This will be the most advanced airborne survey to be carried out over these lands since the discovery of the Hemlo gold deposit in 1981. The Fearless program is being carried out under the supervision of Aubrey Eveleigh, P.Geo (QP - NI43-101). MetalCORP has 44,216,636 common shares outstanding and approximately $12,500,000 in cash and no debt. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00002399E For further information: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel [phone] or Dan Courtney, Director of Investor Relations, [phone]