MacMillan Gold Corp.
TSX VENTURE : MMG

MacMillan Gold Corp.

July 08, 2008 12:12 ET

MacMillan Gold Retraction and Clarification

TORONTO, ONTARIO--(Marketwire - July 8, 2008) - George A. Brown, President and CEO of MacMillan Gold Corp. (TSX VENTURE:MMG), announces that MacMillan Gold has been requested to provide a retraction and clarification of information as a result of a review of our continuous disclosure record by the Ontario Securities Commission.

Cary Pothorin, P.Geo. and David Bending, P.Geo., both Vice Presidents of MacMillan Gold, are Qualified Persons as defined in National Policy 43-101 and are responsible for all technical information contained in news releases regarding the Aguila Project in Ancash, Peru.

Mr. George A. Brown conducted a video interview in December 2007 with The Richmond Club in Toronto. No fee was paid by MacMillan Gold for this interview. The interview can be seen and heard at http://www.richmondclub/MCSW/MacMillanGold.asp On January 14, 2008, an unknown third party posted a link on our investor hub at http://www.agoracom.com/ir/MacMillan/messages/696602#message.

The interview link resulted in a high volume of discussion by investors on the MacMillan Hub including numerous questions by investors. Management posted additional information in attempts to explain and support comments made in the interview. These Management Posts were made on Agoracom on January 30, 2008 and on May 22, 2008. The Company had these two management posts removed immediately from the MacMillan Hub on Agoracom the day it received the letter of objection from the OSC.

Although the Richmond Club interview and the management posts indicated that the numbers being discussed were "NOT National Instrument 43-101 compliant and based on estimates and generally industry recognized assumptions", "were pre-43-101 back of envelope estimates", "did not represent a resource or reserve calculation", and were not disseminated in a news release with the required approvals of a Qualified Person as defined in National Instrument 43-101, we have been instructed to issue a retraction in the form of a news release.

The potential quantity and grade described below is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The management estimates in the interview of the potential target size of between 300,000,000 and 400,000,000 tonnes are based strictly on surface work, tunnel sampling, and diamond drill core sampling. The potential target size estimate of the Aguila Target is based on the following management assumptions:

-the potential target is indicated as approximately 430 metres north-south from where we see it begin in the Aguila adit on the south which was cleaned out and sampled (News Release October 18, 2006) and where we observe it in surface rock sampling to the north.

-the potential target is indicated as approximately 800 metres east-west from where we observe it in the most westerly Hole 2 to the most easterly Hole 4A (News Releases October 16, 2007 and April 2, 2008).

-the potential target is indicated as over 600 metres known depth from Hole 6 with the bottom of the hole indicating that the target is still open at depth with a grade in the last 5.5 metres of 0.687% Cu and 0.045% Mo at 626.4 metres vertical depth from collar location or over 675 metres vertical depth projected to surface from bottom of hole (News Release June 3, 2008).

-the volume with dimensions of 430 m x 800 m x 600 m contains 206,400,000 cubic metres of material.

-200,000,000 cubic metres of rock with a density of 2.6 tonnes per cubic metre equals 520,000,000 tonnes.

The management interview comment of the potential target grade range of 0.5% copper or better is based on management calculations from all published drill holes to date ranging from a low of 0.314% Copper Equivalence for the entire Hole 5 to a high of 1.06% Copper Equivalence for the entire RTZ Hole 1. These equal a straight mean average grade of 0.70% copper equivalence. Copper equivalence grades should not be relied upon since they exclude so many factors which must be included in the determination of the economic viability of a mineral deposit to National Instrument 43-101 standards. This management target grade is not to be relied upon as an indication of the potential economics of the target.

The management interview comment of the potential target value per tonne of rock is based upon management calculations of in-situ contained metal values from diamond drill intercepts. These are calculated using a commodity price of $3.50 per pound for copper and a copper equivalence of 10:1 for the contained molybdenum. The straight mean average of the in-situ calculations for all published holes to date was within the range value per tonne disclosed in the interview. Contained metal values do not factor in any capital costs associated with bringing a property into production, adjustments due to recovery percentages, metallurgical issues, availability of infrastructure, mining and taxation laws, reclamation costs and other relevant factors. In-situ contained metal values therefore should not be relied upon in the determination of the potential economic viability of a mineral deposit to National Instrument 43-101 standards.

The management interview comment of the potential target required value per tonne rock to meet breakeven was based upon a comparison to a publicly available report filed on SEDAR on April 18, 2007 by Candente Resource Corp. outlining the economics of the Canariaco Norte Project. The comparisons to capital and operating costs, deposit tonnes and grade, strip ratio and recoverabilities should not be relied upon since so many factors which must be included in the determination of the economic viability of a mineral deposit to National Instrument 43-101 standards are not yet supported by a similar economic study of the Aguila Project.

The Company continues to be very excited about the results generated at the Aguila Project and will continue with the development and advancement of this significant Cu-Mo target.

Investors and interested parties 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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