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| | | |  Metallic Ventures Gold Inc. ("MVG") (TSX: MVG) has established itself in the mineral exploration industry with an impressive inventory of gold assets primarily within the State of Nevada. MVG controls two advanced projects, Converse and Goldfield. In addition, MVG is the owner of a royalty on Barrick Gold Corporation's Ruby Hill Mine. On November 2, 2009, MVG entered into an agreement with International Minerals Corporation ("IMC"), whereby IMC will acquire, in a cash and share transaction, all of the issued and outstanding shares of Metallic by way of a statutory plan of arrangement. Under the proposed transaction, assuming no currently outstanding options are exercised, each common share of Metallic Ventures Gold Inc. will be exchanged for cash consideration of $24 million and a share component of 8.5 million IMC shares. MVG has been carrying out economic scoping studies for completion of a feasibility study and data collection for environmental permitting at its Goldfield Project. SRK Consulting (U.S.), Inc. ("SRK") of Lakewood, Colorado, has conducted feasibility study and baseline environmental data collection for the project. Phase 1 of the feasibility study consisting of a scoping level economic evaluation of the project has been completed. Phase 2 consisting of feasibility data collection is in process. In early 2009, MVG completed Converse Project scoping study level metallurgical test work at its Converse Project. The metallurgical test work indicated that recoveries are sensitive to crush size and the mineralized envelope is more complex than previous metallurgical work had indicated. This information suggests that two higher grade areas within the mineralized envelope should be considered for selective mining and processing and an evaluation of processing of the higher grade ores blended with crushed lower grade ores be performed. Due to the distribution of copper and silver within the mineralized area of the project, additional information will be required to be collected and analyzed before evaluation of a preliminary economic model takes place. Additional work to better understand the geological characteristics of the mineralized area and additional drilling of the higher grade mineralized areas could be warranted. MVG's royalty on Barrick's Ruby Hill Mine continues to provide MVG a steady cash flow stream from a top quality Nevada gold mine. MVG is intentionally focused in Nevada. Nevada offers a US dollar cost base, asset security, established infrastructure, a favorable permitting environment, and a skilled mining workforce. In addition, Nevada is the largest gold producer in the US. Mineral Resources have been categorized in accordance with classifications defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Measured and Indicated Mineral Resources are that part of a Mineral Resource for which quantity, grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. | | | |  Jan 26, 2010 : Related Reports : MVG INFORMATION CIRCULAR Nov 10, 2009 : Financial Statements : THIRD QUARTER FINANCIAL STATEMENT 2009 Nov 02, 2009 : News Releases : INTERNATIONAL MINERALS TO ACQUIRE METALLIC VENTURE... Oct 29, 2009 : News Releases : METALLIC VENTURES DETERMINES THAT OFFER FROM INTER... Oct 13, 2009 : News Releases : SOLITARIO EXPLORATION & ROYALTY AND METALLIC VENTU... | | | |
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