Metallic Ventures Gold Inc.

Metallic Ventures Gold Inc.

May 15, 2006 09:30 ET

Metallic Ventures Gold Inc. Announces Infill Drilling Program at the Goldfield Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) is pleased to announce a 3,000-foot, reverse circulation infill drill program at the Goldfield Project that will start this week. This drilling program is located within the Gemfield deposit and is intended to clearly define continuity of gold mineralization, in a near surface block. This information will be incorporated in the AMEC E&C scoping study.

MVG has engaged AMEC E&C to conduct scoping studies on its Goldfield and Converse Projects. MVG anticipates the Goldfield Project scoping study to be completed in July 2006 with anticipated completion of the Converse scoping study late in the third quarter. The purposes of the scoping studies are to: a) analyze existing information to provide a basis for the project development strategy, and b) identify areas requiring additional study and/or data with the objective to advance the projects toward prefeasibility.

About The Company

Metallic Ventures Gold Inc. (TSX:MVG) is an Ontario incorporated gold company with its common shares listed and posted for trading on the Toronto Stock Exchange. MVG is focused on major past-producing mining districts in Nevada and controls two advanced projects with considerable near-term production potential: Converse and Goldfield. The Converse property is located in Humboldt County on the northern end of the Battle Mountain/Cortez trend near Newmont's Lone Tree, and Glamis' Marigold Mine. The Converse Project is one of the largest undeveloped gold resources in Nevada. The Goldfield project is located about 270 miles southeast of Reno Nevada in a historic high grade district that produced more than 4,000,000 ounces of gold.

Metallic Ventures Gold Inc. has no debt and is well funded to advance the Goldfield and Converse Projects through prefeasibility. The Company reported working capital of US $19 million and US $19.3 million in cash and short-term investments for the quarter ended March 31, 2006. The Company's complete first quarter 2006 Consolidated Financial Statements and Managements Discussion and Analysis can be viewed on the Company's website and on SEDAR at

MVG Gold Resources

Converse Goldfield Esmeralda Total

Measured 3,444,000 652,000 580,300 4,676,300

Indicated 493,000 415,800 372,400 1,281,200

Measured and Indicated 3,937,000 1,067,800 952,700 5,957,500

Inferred 500,000 105,300 231,500 836,800

Certain information required by National Instrument 43-101 of the Canadian Securities Administrators relating to the disclosure of mineral resource estimates is contained in MVG's Renewal Annual Information Form dated March 30, 2005 and MVG's material change report dated July 18, 2005 (with respect to the resource update at the Goldfield project), both of which are available SEDAR.

MVG also has other exploration projects in the western U.S. and Nevada that are available for joint venture to qualified companies.

Qualified Person

Jeffrey Ward, a mining engineer and Chief Executive Officer of the Company, is the "qualified person" as such term is defined in NI 43-101.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website and in our press releases, such as "measured", "indicated", and "inferred" "resources", that are recognized and required by Canadian regulations, however, the SEC guidelines strictly prohibit U.S. companies from including these terms in their filings with the SEC. We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves or will be economically or legally minable.

Certain statements included herein constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Metallic Ventures Gold or of the gold mining industry to be materially different from future results, performance or achievements expressed or implied by those forward looking statements. These risks, uncertainties and other factors include, but are not limited to, changes in the worldwide price of gold or certain other commodities and currencies and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Metallic Ventures Gold's most recent Annual Information Form and Management's Discussion and Analysis of Financial and Operating Results on file with the Canadian provincial securities regulatory authorities.

Contact Information

  • Metallic Ventures Gold Inc.
    Jeff Ward
    (775) 826-7567
    Metallic Ventures Gold Inc.
    Ed Devenyns
    VP Corporate Development
    (775) 826-7567