Mr. Scott McLean reports

TRANSITION METALS CORP. CLOSES $1,000,000 PRIVATE PLACEMENT

Transition Metals Corp. has closed its previously announced non-brokered listed issuer financing exemption private placement. A total of 9,770,750 units were issued for proceeds of $1,000,014, which included: 1,897,000 units at a price of eight cents per unit for gross proceeds of $151,760; 4.25 million flow-through units at a price of 10 cents per FT unit for aggregate proceeds of $425,000; and 3,623,750 special flow-through units in the capital of the corporation at a price of 11.68 cents per special FT unit for aggregate proceeds of $423,254. Units, FT units and special FT units consist of a common share and one-half common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share for a period of 24 months from closing at a price of 15 cents.

A finder's fee was paid in connection with the offering to finders that include Haywood Securities Inc., Sherbrooke Street Capital Inc. and Accilent Capital Management Inc., which consisted of cash fees in the aggregate amount of $28,800, representing an aggregate commission of 6 per cent of the private placement sold to investors introduced by finders. In addition, a total of 324,750 brokers' warrants have been issued to the finders. Each broker's warrant will entitle the holder to purchase a common share for a period of 24 months from closing at a price of 15 cents.

Proceeds from the units will be used for exploration and working capital purposes, and the proceeds of the FT units and special FT units will be used for exploration expenditures that qualify as Canadian critical metals exploration expenses.

Certain officers and directors of the company participated in the private placement, which constitutes a related party transaction for purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 by virtue of the fact that the company is not listed on a specified market set out in Section 5.5(b) of MI 61-101 and the value of units subscribed for by such officers and directors is less than $2.5-million, in accordance with the requirements of Section 5.7(b) of MI 61-101.

About Transition Metals Corp.

Transition Metals is a Canadian-based, multicommodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by financing a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder equity dilution.

We seek Safe Harbor.