Metallic Ventures Gold Inc.

Metallic Ventures Gold Inc.

October 24, 2007 08:30 ET

Metallic Ventures Gold Inc.'s Converse Core Drill Program Results

Converse Core Drill Program Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) -

A 44,032-foot, 60-hole reverse-circulation and diamond core drilling program was completed at the Converse Project during the first half of 2007. The results of the reverse-circulation program were reported in a press release on May 14, 2007. A table summarizing the results of the 7-hole, 7,332-foot diamond core drilling program is presented below. The HQ-diameter diamond core program was conducted by Boart-Longyear Drilling Services of Salt Lake City, Utah.

"We are extremely encouraged by the positive results of the core drilling program" commented Jeff Ward, President and CEO of MVG. "The drill program has contributed a large amount of critical technical information and revealed three valuable findings for the ongoing development of the Converse Project. First, the drilling confirmed mineralization within the block model. Second, the drilling identified new mineralization lying below the current block model and is open to the west. Third, the drilling suggests the presence of structurally-controlled, high grade gold, silver, and copper in the deposit."

Significant mineralized intercepts encountered in the 2007 diamond core program include:

NK-209C: 508.5 feet of 0.029 ounces per ton gold ("Au") with 0.238 % copper ("Cu");

NK-213C: 640.5 feet of 0.019 ounces per ton gold, including 165.6 feet of 0.032 ounces per ton gold;

NK-226C: 4.0 feet of 0.012 ounces per ton gold, 5.57 ounces per ton silver ("Ag"), and 2.42 % copper;

NK-227C: 1159.0 feet of 0.019 ounces per ton gold, including 665.0 feet of 0.027 ounces per ton gold with 0.145 % copper, deepest hole, bottoming in 1.5 feet of 0.064 ounces per ton gold with 0.361 % copper; and

NK-228C: 473.0 feet of 0.034 ounces per ton gold (100 % oxide), including 5.0 feet of 1.304 ounces per ton gold.

Summary of Results for the 2007 Converse Project Diamond Core Drill Program
Assays (weighted average)
Hole ID From To Interval
Total Depth (ft) (ft) (ft) (ft) Au Opt(i) Ag Opt Cu %
NK-181C 572.3 600.0 27.7 0.007(i)
633.0 TD 616.2 618.3 2.1 0.006 0.055 0.010
NK-184C No significant gold intercepts in alluvium
(0-467.5 ft. less than 0.006 Au opt)
556.2TD 491.0 495.5 4.5 0.007 0.170 0.010
NK-209C No significant gold intercepts in alluvium
(0-110.5 ft. less than 0.006 Au opt)
1005.0 TD 118.0 626.5 508.5 0.029 0.104 0.238
incl. 204.5 626.5 422.0 0.034 0.109 0.243
incl. 211.7 213.8 2.1 0.172 2.250 0.020
incl. 250.5 397.0 146.5 0.045 0.078 0.340
incl. 333.4 334.8 1.4 0.167 0.150 0.790
incl. 454.5 626.5 172.0 0.036 0.116 0.358
incl. 471.0 475.0 4.0 0.119 0.410 0.410
incl. 571.6 577.3 5.7 0.194 0.260 0.980
955.3 958.4 3.1 0.260 0.700 0.010
NK-213C 309.5 950.0 640.5 0.019 0.040 0.050
1200.0 TD incl. 309.5 337.0 27.5 0.023 0.040 0.030
incl. 414.4 459.3 44.9 0.027 0.030 0.060
incl. 530.0 695.6 165.6 0.032 0.040 0.060
incl. 542.0 545.0 3.0 0.103 0.060 0.050
incl. 585.0 695.6 110.6 0.037 0.030 0.060
incl. 592.8 596.0 3.2 0.103 0.090 0.110
incl. 610.5 614.3 3.8 0.146 0.000 0.010
incl. 857.4 940.0 82.6 0.025 0.023 0.070
1008.7 1011.7 3.0 0.214 0.060 0.010
1153.5 1156.0 2.5 0.056 0.060 0.010
NK-226C No significant gold intercepts in alluvium
(0-84.0 ft. less than 0.006 Au opt)
1250.0 TD 145.0 198.5 53.5 0.016 0.154 0.145
298.0 364.2 66.2 0.010 0.064 0.032
1145.0 1149.0 4.0 0.012 5.571 2.420
NK-227C-A 184.0 201.0 17.0 0.023(i)
269.0 TD incl. 199.0 201.0 2.0 0.046(i)
201.0 204.0 3.0 0.020 0.117 0.073
224.0 234.0 10.0 0.012 0.044 0.072
249.0 269.0 20.0 0.008 0.066 0.082
NK-227C Alluvium not sampled in this hole
1394.0 TD 235.0 1394.0 1159.0 0.019 0.074 0.094
incl. 235.0 379.0 144.0 0.006 0.114 0.091
incl. 239.0 244.0 5.0 0.023 0.029 0.093
incl. 453.7 554.0 100.3 0.018 0.124 0.082
incl. 458.0 460.4 2.4 0.120 0.204 0.405
incl. 621.0 643.0 22.0 0.017 0.173 0.107
incl. 691.4 700.3 8.9 0.018 0.569 0.485
incl. 729.0 1394.0 665.0 0.027 0.054 0.111
incl. 924.8 1334.0 409.2 0.033 0.052 0.145
incl. 928.4 932.0 3.6 0.108 0.146 0.724
incl. 987.7 992.0 4.3 0.112 0.058 0.169
incl. 1089.0 1093.0 4.0 0.133 0.058 0.445
incl. 1113.0 1119.2 6.2 0.159 0.117 0.908
incl. 1204.0 1217.0 13.0 0.094 0.033 0.102
incl. 1204.0 1209.0 5.0 0.134 0.058 0.195
incl. 1212.5 1217.0 4.5 0.111 0.029 0.065
incl. 1392.5 1394.0 1.5 0.064 0.087 0.361
Note: Hole drilled with a rock bit from 0 to 235 ft. Core
samples begin at 235 ft.
NK-228C 160.0 165.0 5.0 0.008(i)
1025.0 TD 180.4 182.5 2.1 0.005(i)
182.5 655.5 473.0 0.034 0.081 0.070
incl. 365.0 370.0 5.0 0.180 0.467 0.247
incl. 568.0 570.0 2.0 0.287 0.350 0.533
incl. 645.0 650.0 5.0 1.304 0.117 0.051
749.5 760.0 10.5 0.017 0.086 0.105
821.4 826.7 5.3 0.056 0.058 0.008
920.0 927.8 7.8 0.071 0.098 0.008
Note: Hole abandoned before reaching the planned depth of
1200 ft. due to poor drilling conditions.
(i) Gold intercepts in alluvium e.g. 0.046

Note: Core samples of alluvium were prepared and analyzed by ALS Chemex (labs in Elko, Winnemucca and Reno, Nevada; and Vancouver, Canada). Gold analyses have been completed using the one assay ton-fire assay and atomic absorption spectroscopy ("AAS") method. Bedrock core samples are prepared by McClelland Labs for metallurgical testing. Representative sample splits are sent by McClelland to ALS Chemex (Reno, Nevada) for gold assay (fire assay and AAS) and 33 element, multi-element analysis (Inductively Coupled Plasma-Atomic Emission Spectroscopy (ICP-AES, ALS Chemex, Vancouver, Canada).

Note: "True width" data are not provided in the table. The "true width" of mineralized zones in the Converse gold deposit can be dependent on several factors including (1) the geometry (strike and dip) of the host rock stratigraphy, (2) structure, and (3) proximity of the mineralized zone to the central intrusive. In general, favorable host rock stratigraphy dips gently to the west northwest. The primary structural trend strikes northeasterly and dips steeply to the west northwest. The contacts of the main intrusive body are generally steeply dipping, and contact metamorphism and retrograde alteration exhibit a concentric lateral zonation around the central intrusive. Large intervals of gold-copper mineralization are common throughout the Converse deposit, but the true width for individual intercepts cannot be precisely determined due to the complexity of the geologic controls and wide-spaced distribution (200-400 ft.) of the drill holes completed to date. A general perception of the geometry of mineralization in the Converse deposit can be gained by reviewing the cross sections showing the resource block model provided on the Metallic Ventures Gold website

Note: Bedrock surface depths are listed for those gold intercepts hosted in alluvium. The gold in these intercepts is interpreted to be alluvial and derived from the upper portions of the Converse gold deposit previously removed by erosion. Gold intercepts in alluvium e.g. 0.046 ounces per ton gold.

The diamond core portion of the 2007 Converse drilling program has contributed a large amount of critical technical information including geological, geochemical, geotechnical, metallurgical, and engineering data to be used in future feasibility studies, permitting, and mine planning. Gold assays, multi-element analyses, and acid-base-accounting ("ABA") testing are being done by ALS Chemex of Reno, Nevada. Detailed geotechnical evaluation is being done by Call & Nicholas, Inc. of Tucson, Arizona, and metallurgical testing is being conducted by McClelland Labs, Inc. of Reno, Nevada.

Core holes NK-181C (South Redline) and NK-184C (North Redline) were collared beyond the limits of the Converse gold resource defined in the Technical Report NI 43-101 prepared by Watts, Griffis and McOuat Limited (WGM, October 26, 2004). These holes were specifically designed to provide geotechnical data for pit wall stability studies of the alluvium that overlies the Converse gold deposit. Gold, ABA tests, and bulk density determinations were also conducted on samples of alluvium, and bedrock core samples were analyzed for gold and a suite of 33 other major and metallic elements.

NK-209C (North Redline), NK-213C (South Redline), and NK-226C (South Redline) were also designed for geotechnical data collection using oriented core drilling procedures once the bedrock surface had been reached. All samples of alluvium and bedrock were analyzed for gold. Bedrock samples were also analyzed for the 33 multi-element suite. ABA testing was done on a representative suite of samples of alluvium for holes NK-209C and NK-213C. No ABA testing has been completed on samples from NK-226C.

NK-226C (South Redline), an oriented core/geotechnical hole, was designed to test material in the southwest pit wall. The hole was drilled to the west and above the bulk of the resource blocks defined in that part of the Converse gold deposit. The hole only encountered a few mineralized resource blocks near the bedrock surface as predicted by the block model.

NK-227C-A (South Redline), NK-227C (South Redline), and NK-228C (North Redline) were designed specifically to provide samples of mineralized bedrock for metallurgical testing. NK-227C-A was abandoned at a depth of 269 feet due to problems with drill casing. NK-227C was offset 10 feet to the north of NK-227C-A and then drilled with a rock bit to a depth of 235 feet where core sampling began. Basic geotechnical data was collected for these holes, but the holes were drilled vertically and the oriented core drilling method was not utilized. Gold analyses were conducted on all samples of alluvium and bedrock from these drill holes. Multi-element analyses were performed on all core samples of bedrock, and ABA testing was completed on a representative number of samples of alluvium from NK-227C-A and NK-228C.

McClelland Labs of Reno is conducting an extensive metallurgical test program to clearly define the milling and leaching characteristics of the mineralization. In addition, MVG plans to remodel the deposit to better understand the geometallurgy. This modeling will include gold, silver, copper and oxidation levels of the resource.

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. The Goldfield Project is in the pre feasibility stage of development.

Metallic Ventures Gold Inc. is well funded with royalty income, no debt, no hedging and a low burn rate.

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

Qualified Person

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 19, 2007 which is available on SEDAR. 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 above gold resource information.

The drill results reported in this release have been prepared under the guidance of Robert E. Bennett Jr., Certified Professional Geologist and Vice President Exploration of the Company, who is designated as the "Qualified Person" as such term is defined in NI 43-101 with the ability and authority to verify the authenticity and validity of the drill data.

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.

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