Metallic Ventures Gold Inc.

Metallic Ventures Gold Inc.

November 10, 2008 17:34 ET

Metallic Ventures Gold Inc. Reports Third Quarter Financial Information

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2008) - Metallic Ventures Gold Inc. ("MVG") (TSX:MVG) -

MVG reported net income of $96,813 for the three month period ended September 30, 2008 and a net loss of $36,136 for the nine month period ended September 30, 2008. Royalty income reported for three month period ended September 30, 2008 was $705,643. Royalty income reported for the nine month period ended September 30, 2008 was $1,918,579.

For the three month period ended September 30, 2008, the Company reported working capital of $11,570,023 and cash and short-term investments of $11,019,801.

The Company's third quarter financial statements and management's discussion and analysis will be available tomorrow once they have been filed on the Company's website at and on SEDAR.


As a result of the recent decline in junior exploration company stocks and overall declining market liquidity conditions worldwide, the Company is currently proceeding cautiously forward with its feasibility study work at its Goldfield and Converse projects and tailoring its project work plans based upon royalty income received and intends to evaluate any other opportunities made available to it.

The Company has made no changes to its current project work plans and continues to incur exploration expenditures related to the feasibility study data collection and economic modeling at its Goldfield Project and expenditures for the ongoing geotechnical evaluation and metallurgical testing programs and feasibility study data collection at its Converse Project.

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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