Ventana Gold Corp.

Ventana Gold Corp.

June 23, 2010 15:43 ET

Ventana Drills 1.9 Metres of 541.8 Grams Per Tonne Gold and 1,089 Grams Per Tonne Silver at La Bodega and Announces Resource Statement and Scoping Study to Be Released Q4 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2010) - Ventana Gold Corp. (TSX:VEN) ("Ventana" or the "Company") is pleased to announce drill results from six additional holes on the La Bodega zone, part of the La Bodega gold project in Colombia.

The Company also reports that a National Instrument 43-101 Resource Statement and Scoping Study will be completed by the fourth quarter of this year. The study is being compiled by Samuel Engineering, Inc. based on geotechnical work from Wylie and Norrish, resource calculation from Rob Sim of Sim Geological Inc. and Bruce Davis of BD Resource Consulting Inc., environmental baseline studies from Vector Engineering, mine design from Mine Design Associates, mineralogy from Giovanni Di Prisco and metallurgy from Mike Ounpuu and SGS Lakefield.

The La Bodega zone is where Ventana's initial high-grade discovery was made in 2006. The zone has been defined along a strike length of 350 metres, to a depth of 250 metres and remains open to the southwest and at depth.

Of note among the new drill results is hole 215, which intercepted 1.9 metres grading 541.8 grams per tonne gold with a section of 17 metres grading 61.36 grams per tonne gold. Hole 215 is located 65 metres northeast of the previously announced hole 203, which returned 4.8 metres grading 443.8 grams per tonne gold within 151 metres grading 16.8 grams per tonne gold (see Ventana's news release dated May 19, 2010, available on the Company's website at Hole 203 contained the highest grade intercepts encountered to date anywhere within the La Bodega project.

Ventana President and CEO Steve Orr said: "These results indicate the presence of a very high-grade pocket of mineralization in the far southwest area of the La Bodega zone, and support our theory that high grade mineralization exists at depth in this area., This will continue to be one of the key target areas in our 2010 drilling program as we work to understand whether the depth extensions at the La Bodega zone connect with La Mascota."

Select drill hole intercepts are reported below:

NO. (metres) (metres) (metres) (grams/tonne) (grams/tonne) (%)
DDH-09-LB-215 34.00 41.00 7.00 2.95 8.64 0.21
  76.00 79.00 3.00 3.97 13.58 0.05
  127.00 129.00 2.00 23.59 7.09 0.01
  178.30 190.00 11.70 3.06 15.78 0.06
Includes 236.60 248.00 11.40 4.37 29.74 0.07
  287.00 304.00 17.00 61.36 130.75 0.11
Includes 288.03 290.00 1.87 541.81 1,089.00 0.73
DDH-09-LB-223 145.00 153.00 8.00 2.23 100 0.01
  180.00 188.00 8.00 15.52 71.85 0.46
  239.00 249.50 10.50 2.40 2.18 0.02
  396.00 399.00 3.00 2.80 2.68 0.04
DDH-09-LB-229 149.00 152.00 3.00 6.08 5.19 0.05
  170.00 171.00 1.00 6.63 14.1 0.01
  323.20 358.66 35.46 2.72 7.59 0.06
DDH-09-LB-231 56.00 57.00 1.00 3.52 1.71 -
  76.00 83.00 7.00 2.01 4.81 0.02
  162.00 166.00 4.00 4.85 52.2 0.41
  217.62 219.60 1.98 11.00 33.4 0.10
  342.00 372.00 30.00 1.30 3.89 0.05
DDH-09-LB-234 11.70 17.00 5.30 0.67 3.33 -
  22.00 27.00 5.00 0.62 8.4 0.09
  163.00 177.00 14.00 1.52 11.25 0.11
  192.00 196.20 4.20 1.03 2.47 0.04
  261.00 271.70 10.70 1.60 4.08 0.06
  450.00 454.00 4.00 1.79 0.27 -
DDH-09-LB-236 169.00 171.00 2.00 11.67 111 0.82
  510.00 526.00 16.00 1.93 34 0.01

Drill intercepts are based on a 0.5 gram/tonne gold cut-off with no upper cut. Drill intercept lengths are down-hole lengths of mineralization with true widths ranging between 20%-90% of the reported down-hole lengths depending on hole angle.

The cross sections are attached and a complete listing of drill intercepts reported to date is available at

To view cross sections please click on the following link:

Review by Qualified Person, Quality Control and Reports
The results of Ventana's drilling program have been reviewed, verified and compiled by Jon Lehmann, L.P.G., a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Lehmann has over 25 years of mineral exploration experience, is a Licensed Professional Geologist in the State of Washington and a member in good standing of the Canadian Institute of Mining and Metallurgy.

To ensure reliable sample results Ventana has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent local laboratory established by a joint effort between the regional environmental permitting agency and the German Geological Survey, and at the Colombian preparation laboratory of ALS Chemex Laboratories. Prepared samples are direct-shipped to ALS Chemex Laboratories in Lima, Peru, an ISO 9001:2000 certified laboratory, for analysis.

Independent NI 43-101 technical reports have been prepared by EurGeol Miller O'Prey, P.Geo., for the La Bodega project and the nearby California-Vetas project to provide an updated review of the exploration activities that have occurred on the projects. These reports, dated June 14, 2008, are posted on Ventana's website at

About Ventana
Ventana is a Vancouver-based mineral exploration and development company with mineral rights to 4,573 hectares of exploration property in northeastern Colombia. The Company's flagship La Bodega gold-silver project is located in northeastern Columbia immediately adjacent to the Angostura gold-silver project. The La Bodega project contains multiple high-grade zones of gold, silver and copper mineralization occurring in north-northwest dipping parallel-sheeted vein zones, breccias and mineralized faults within a broad, northeast trending regional fault zone.

Ventana recently announced an agreement to acquire the La Baja land and mineral rights, which are strategically located immediately to the southwest of the La Bodega tenements, consolidating Ventana's ownership along 2.1 kilometres within this prolific gold district.

The La Bodega project has excellent road access and is close to existing infrastructure including power and water. The Company is conducting an aggressive exploration program and progressing engineering studies to develop the deposit. Ventana's shares trade on the Toronto Stock Exchange under the symbol VEN.

Cautionary Statement Regarding Forward-looking Information
Certain of the statements made and information contained in this press release may constitute forward-looking information within the meaning of applicable securities legislation. All information and statements which are not historical fact constitute forward-looking information and, in many cases, can be identified by words such as "may", "will", "expect", "plan", "anticipate", "believe", "estimate", "potential", or other similar terminology. The forward-looking information contained in this press release is based on the reasonable expectations and beliefs of management as at the date of this press release and involves numerous assumptions, known and unknown risks and uncertainties, both general and specific to Ventana and the industry in which the Company operates. Such assumptions, risks and uncertainties include, but are not limited to future prices of gold, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated as well as those factors disclosed in Ventana's documents filed from time to time with the securities regulators in the provinces of British Columbia, Alberta and Ontario. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Company, or industry results, may vary materially from those described in this press release. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as otherwise required by law, Ventana does not intend to and assumes no obligation to update or revise forward-looking information, whether as a result of new information, plans, events or otherwise.

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