MacMillan Gold Corp.
TSX VENTURE : MMG

MacMillan Gold Corp.

December 24, 2007 13:58 ET

MacMillan Gold Files Restated Quarterlies

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2007) - George A. Brown, President & CEO of MacMillan Gold (TSX VENTURE:MMG) announces that as a result of a regulatory continuous disclosure review, MacMillan Gold has conducted an internal review of the quarterly Financial Statements and Management's Discussion and Analysis for the periods ended December 31, 2006, March 31, 2007, and June 30, 2007 and has restated these three periods effective December 24, 2007. The complete restated items can be found on SEDAR.

The review was focused on the changes to accounting policies that became effective subsequent to our September 30, 2006 audited financial statements which have not been restated.

The December 31, 2006 Financial Statements and MD&A have been restated as follows:

- Marketable Securities increased from $250,000 to $280,000 thereby increasing working capital by $30,000

- The $30,000 increase is now reported as Comprehensive Income for the period.

- Stock-based compensation for the period was increased from nil to $43,748 with a comparative increase in the Net Loss for the period. This is a non-cash item and therefore does not reduce cash or working capital.

- Notes were added and expanded to reflect these changes and to describe the new accounting standards implemented

The March 31, 2007 Financial Statements and MD&A have been restated as follows:

- Marketable Securities increased from $250,000 to $500,000 thereby increasing working capital by $250,000

- The $250,000 increase is now reported as Comprehensive Income for the period.

- Stock-based compensation was increased from $20,000 to $28,504 for the three month and from $20,000 to $72,252 for the six month periods ended March 31, 2007 with a comparative increase in the Net Loss for those periods. These are non-cash items and therefore do not reduce cash or working capital.

- Notes were added and expanded to reflect these changes and to describe the new accounting standards implemented

The June 30, 2007 Financial Statements and MD&A have been restated as follows:

- The stock-based compensation expense was decreased by $22,167 for the three month and increased by $30,085 for the nine month periods ended June 30, 2007 with a comparative decrease and increase in the Net Loss for those periods. These are non-cash items and therefore do not reduce cash or working capital.

- Notes were added and expanded to reflect these changes and to describe the new accounting standards implemented

The cumulative changes for the nine months ended June 30, 2007 are:

- Marketable Securities at June 30, 2007 do not change as they were properly valued at that date.

- Working capital at June 30, 2007 therefore does not change either.

- Stock-based compensation expense and the Net Loss increased by $30,085 over the nine month period with no change to cash or working capital as these are a non-cash item.

Management is pleased with the results of the thorough review and especially that none of the changes affect the financial strength of MacMillan Gold.

Investors are invited to visit the MacMillan Gold IR Hub at www.agoracom.com/IR/MacMillan where they can post questions and receive answers or review existing questions and answers. Investors may also email questions or request to be added to the investor email list at MMG@agoracom.com.

MacMillan Gold Corp. is a Canadian resource company listed on the TSX Venture Exchanges: Symbol "MMG"

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release

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