MacMillan Gold Corp.
TSX VENTURE : MMG

MacMillan Gold Corp.

October 16, 2007 14:01 ET

MacMillan Reports Positive Results From Hole 5 in Transition Zone Between Aguila and Aguila East

TORONTO, CANADA--(Marketwire - Oct. 16, 2007) - George A. Brown, President & CEO of MacMillan Gold Corp.(TSX VENTURE:MMG), and David A. Bending, P.Geo., Vice President and a Qualified Person as defined in National Policy 43-101, are pleased to report the results from Hole 5 of the 2007 Phase 1 diamond drilling program at the Aguila Cu-Mo Project, Ancash, Peru. Duran Ventures Inc. (TSX VENTURE:DRV) is earning a 50% interest in the Aguila Project from MacMillan.

Three holes were drilled in the Aguila Cu-Mo Target and two holes were drilled in the Aguila East Cu-Mo Target. Each of the two holes in the Aguila East Target were terminated short of the 550 metre target depth due to the limited capability of the portable drill employed. A diamond drill contract for a Longyear 44 has been signed with Iguana Drilling SAC of Lima, Peru. Resumption of drilling is scheduled for late October 2007. The results of Holes 1 and 2 are documented in MacMillan's September 10, 2007 News Release, Hole 3 was documented in MacMillan's News Release of September 12, 2007 and Hole 4 was documented in MacMillan's News Release dated October 4, 2007.

Holes 1 to 3 were drilled to the southwest within the mineralized Aguila porphyry body as part of a systematic northeast-southwest section across both the Aguila and untested Aguila East Cu-Mo Targets. Drill Holes 4 and 5 were drilled in the same plane of section toward the northeast to evaluate the Aguila East Target, previously defined by surface mapping and sampling as another major mineralized porphyry Cu-Mo system. The results of Hole 4 demonstrated the presence of significant Cu - Mo mineralized material in quartzite host rocks and two phases of porphyry. This material was outside of the previously indicated limits of the Aguila East Target and the Aguila Porphyry body. The Hole 5 results indicate a continued expansion of the mineralization between the Aguila porphyry and the Aguila East Target. Some porphyry phases appear to be more mineralized than others. Ongoing surface mapping and sampling programs have demonstrated that the Aguila East Porphyry System extends significantly beyond the areas drilled to date.

Hole 5 averaged 0.209% Cu and 0.011% Mo over the entire 397.5 metres sampled (Total Cu Equivalence 0.314%). The Cu - Mo mineralized material which has now been identified from Holes 2 through 5 spans a potential width below surface in excess of 600 metres and to a depth in excess of 400 metres. This represents the cumulative width of the mineralized west contact zone from the bottom of Hole 2 which is open to the west, through the Aguila porphyry zone, and through to the bottom of Hole 5 which is open to the east in the mineralized transition zone towards the Aguila East Target.



Hole 5 Weighted Averages

Rock FROM TO WIDTH Cu Cu Mo Mo Total Cu
Type (m) (m) (m) ppm % ppm % Equiv. %(1)

Quartzite 3.5 201.0 197.5 1,776 0.178 164 0.016 0.342
Breccia 201.0 222.0 21.0 3,920 0.392 59 0.006 0.451
Porphyry 222.0 273.0 51.0 2,235 0.224 23 0.002 0.247
Quartzite 273.0 396.0 123.0 2,113 0.211 54 0.005 0.265
Porphyry 396.0 401.0 5.0 4,633 0.463 94 0.009 0.558
TOTAL 3.5 401.0 397.5 2,089 0.209 106 0.011 0.314



Summary Data and Section for Holes 1 through 5


Hole # UTM UTM Elevation Azimuth Dip DEPTH Cu % Mo % Total Cu
East North m ASL Equiv. %(1)

1 205583 9050463 3,939 225 -60 250 0.650 0.023 0.880
2 205540 9050445 3,942 250 -60 530 0.338 0.023 0.568
3 205633 9050481 3,944 250 -60 510 0.525 0.043 0.955
4 205700 9050517 3,940 70 -45 371 0.343 0.020 0.543
5 205752 9050520 3,993 70 -45 401 0.209 0.011 0.314

(1) Note: Total Cu Equivalence % is the sum of the Cu % plus 10 times the
Mo % based on an assumed 10:1 economic ratio of Mo to Cu selling prices
(i.e. US$1.50 Cu to US$15. Mo or US$2.50 Cu to US$25. Mo or US$3.50 Cu
to US$35. Mo). Metallurgical recoveries and net smelter returns are
assumed to be 100%. These equivalence grades should not be interpreted
as actual grades since the conversion ratio varies with the volatile
prices of Cu and Mo and the economic recovery of Cu and Mo can vary
significantly in actual extraction and processing.


The Company is very pleased with these results, especially the fact that the last 5 metres of Hole 5 were in a mineralized porphyry body interpreted to be the Aguila East target (5 metres of 0.463% Cu and 0.009% Mo for 0.558% total Cu equivalence). Hole 5 was stopped due to equipment limitations and the company intends to deepen Holes 4 and 5 when they resume drilling on the Aguila and Aguila East targets.

The Aguila and Aguila East Targets combined are but one of two significant targets within the combined Aguila - Pasacancha Property. The Pasacancha Ag/Au and base metal target lies 2 kilometres to the east of the Aguila Target within our land position. The company has previously announced significant silver - gold - lead - zinc mineralized intervals from its sampling of the underground workings in the Pasacancha target and plans a systematic drill test of this area as an integral component of the 5,000 metre Phase 2 drill program which is scheduled for mobilization later this month.

The exploration work as reported has been planned and is being supervised by Mr. Bending, P.Geo.. All samples are delivered to the Lima laboratory of Inspectorate Services Peru SAC (a certified laboratory) for preparation and multi-element ICP analysis followed by AQR/AA assaying for Cu and Mo. The company has a QA/QC protocol in place including the use of duplicate sampling by outside labs, certified standards and blanks and secure care and custody of samples.

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 questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to MMG@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

Please join President and CEO, George A. Brown as he goes "Beyond the Press Release" to provide shareholders with an audio address that further discusses the results described within this press release. The address will be available on the MacMillan Gold Investor Relations Hub at www.agoracom.com/ir/MacMillan on or before October 19, 2007.

MacMillan Gold Corp. is a Canadian resource company listed on the TSX-V Exchange: Symbol "MMG"

Please note: A figure is available on the Marketwire website at the following link: http://www.ccnmatthews.com/docs/mmg1016.jpg

The TSX-V Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.

Contact Information