Metallic Ventures Gold Inc.

Metallic Ventures Gold Inc.

November 17, 2008 08:46 ET

Metallic Ventures Gold Appoints Strategic Advisors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) announced today that the Board of Directors has decided to commence a formal review of the Company's strategic alternatives in order to maximize shareholder value.

The Board of Directors has appointed a Special Committee of the Board to oversee the strategic review process. Blair Franklin Capital Partners Inc. of Toronto, Ontario has been retained to provide independent strategic advice to the Special Committee and Fasken Martineau DuMoulin LLP of Toronto has been retained to provide the Committee with independent legal advice.

The strategic review will encompass a thorough analysis and evaluation of the prospects and options available to the Company, including the sale of the Company or its assets or other alternatives that may be identified by the Company's advisers or the Special Committee to maximize shareholder value.

The Company also today announced the resignation of Mr. Timothy J. Ryan as a director of the Company. Mr. Ryan has been a director since 2002 prior to the time the Company became a public company. The board of directors of the Company would like to thank Mr. Ryan for his years of service to and outstanding support of the Company.

About The Company

MVG is an Ontario incorporated exploration stage gold company with its common shares listed and posted for trading on the Toronto Stock Exchange. MVG is currently focused on its two advanced stage exploration gold projects, being the projects referred to as the "Converse Project" and the "Goldfield Project". MVG Project resource information is available on the Company's website.

Metallic Ventures Gold Inc. has a large Nevada gold resource base, and is well funded with royalty income, no debt, no hedging and a low burn rate.

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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