Metallic Ventures Gold Inc.
TSX : MVG

Metallic Ventures Gold Inc.

January 23, 2008 08:30 ET

Metallic Ventures Gold Inc. Retains SRK for Permitting and Feasibility Study at Goldfield Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) -

MVG Retains SRK Consulting for Permitting and Feasibilty Study

MVG has engaged SRK Consulting (U.S.), Inc. to perform a National Instrument 43-101 Compliant Feasibility Study, Environmental Baseline Data Collection and Permitting for the Gemfield and McMahon Ridge deposits at the Company's Goldfield Project in Nevada.

SRK is based in Colorado and is a multi-disciplinary consulting firm, providing comprehensive engineering and environmental services to the mining industry worldwide for mining projects. SRK offers services from exploration through feasibility, mine planning, and production to mine closure.

MVG's Goldfield property is the largest land package ever controlled in the historical Goldfield mining district. The land holdings consist of more than 32 square miles of wholly owned or controlled, patented and unpatented mining claims. Three gold resource areas have been defined on the property that includes Gemfield, McMahon Ridge, and the Goldfield Main district. Goldfield gold ores are of the high sulfidation-type and generally occur in bonanza-grade epithermal vein-like bodies that are locally referred to as "siliceous ledges".

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 and is in the scoping study stage of development. 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. is well funded with royalty income, no debt, no hedging and a low burn rate.

MVG Gold Resources



Converse Project Resources

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Resource Grade Grade Ounces Ounces
Category Tons (oz Au/ton) (oz Ag/ton) Gold Silver
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Measured 226,000,000 0.0152 0.0592 3,444,000 13,379,200
Indicated 37,000,000 0.0133 0.0522 493,000 1,931,400
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Measured +
Indicated 263,000,000 0.0150 0.0582 3,937,000 15,310,600
--------------------------------------------------------------------------
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Inferred 35,000,000 0.0143 0.0524 500,000 1,834,000

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Mineral Resources (using a 0.008 oz(i) Au/T(ii) cutoff and 0.400 oz Au/T
top cut)
(i) oz equals Troy ounce, (ii) T equals Short ton.
Prepared by MVG - Audited by Watts, Griffis and McOuat Limited
(September 2004)


Goldfield Project

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Grade Ounces
Resource Category Tons (oz Au/ton) Gold
--------------------------------------------------------------------------

Measured
Gemfield 12,782,000 0.0372 475,000
McMahon Ridge 4,087,000 0.0433 177,000
Goldfield Main 0 0
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Total Measured 16,869,000 0.0387 652,000

Indicated
Gemfield 4,071,000 0.0162 66,000
McMahon Ridge 4,113,000 0.0263 108,000
Goldfield Main 6,651,000 0.0364 241,800
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Total Indicated 14,835,000 0.0280 415,800

Measured + Indicated 31,704,000 0.0337 1,067,800
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Inferred
Gemfield 1,001,000 0.0220 22,000
McMahon Ridge 171,000 0.0190 3,000
Goldfield Main 2,129,000 0.0377 80,300
--------------------------------------------------------------------------
Total Inferred 3,301,000 0.0319 105,300

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Mineral Resources Gemfield, McMahon Ridge (using a 0.010 oz(i) Au/T(ii)
cutoff and 3.00 oz Au/T top cut)
Mineral Resources Goldfield Main (using a 0.01 oz(i) Au/T(ii) cutoff)
(i) oz equals Troy ounce, (ii) T equals Short ton
Gemfield and McMahon Ridge prepared by MVG - Audited by Watts, Griffis and
McOuat Limited (April 2005)
Goldfield Main prepared by Mine Development Associates (2002)


Esmeralda Project Resources

--------------------------------------------------------------------------
Grade Ounces
Resource Category Tons (oz Au/ton) Gold
--------------------------------------------------------------------------

Measured 17,439,000 0.0333 580,300
Indicated 13,271,500 0.0281 372,400
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Measured + Indicated 30,710,500 0.0310 952,700
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Inferred 9,206,300 0.0251 231,500

--------------------------------------------------------------------------
Mineral Resources (using a 0.01 oz(i) Au/T(ii) cutoff)
(i) oz equals Troy ounce, (ii) T equals Short ton
Prepared by Mine Development Associates (2002)


Cautionary Note Pertaining to Resource Classifications

Mineral Resources have been categorized in accordance with classifications defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Measured and Indicated Mineral Resources are that part of a Mineral Resource for which quantity, grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified.

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 for the gold resource information.

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
    CEO
    (775) 826-7567
    or
    Metallic Ventures Gold Inc.
    Miles Bachman
    CFO
    (775) 826-7567
    Website: www.metallicventuresgold.com