Metallic Ventures Gold Inc.
TSX : MVG

Metallic Ventures Gold Inc.

March 16, 2009 13:47 ET

Metallic Ventures Gold Inc. 2008 Year-End Reports With Net Income of $2.8 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) -

MVG has filed its annual consolidated financial statements, management's discussion and analysis and annual information form for the year ended December 31, 2008. The Company has set the date of May 13, 2009 to hold its Annual Meeting of the Shareholders.

For the year ended December 31, 2008, MVG reported net income of $2,817,103 which represents earnings per share of $0.05 as compared to net income of $1,634,310 and earnings per share of $0.03 reported for the year ended December 31, 2007. The Company recognized $2,573,113 million in royalty revenue for the year ended December 31, 2008. The Company's 2008 financial statements and management's discussion and analysis as well as the 2008 annual information form are available on the Company's website at www.metallicventuresgold.com and on SEDAR at www.sedar.com.

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 continues to incur exploration expenditures related to the ongoing feasibility study data collection at its Goldfield Project and ongoing metallurgical testing at its Converse Project. MVG is in the process of preparing for the Goldfield Project 2009 planned hydrology and condensation drilling and is completing the ongoing metallurgical testing programs at the Converse Project, which are expected to be completed within the next several weeks.

MVG has a large Nevada gold resource base, is well funded with royalty income and has approximately $13 million in cash and short-term investments.

Qualified Person

The Company's exploration projects are 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.

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