SOURCE: Ventura Gold Corp.

April 24, 2008 08:30 ET

Ventura Begins Second Drilling Program at Inmaculada Gold-Silver Project in Peru

SCOTTSDALE, AZ--(Marketwire - April 24, 2008) - Ventura Gold Corp. (TSX-V: VGO) has begun a second drilling program at the Inmaculada project in southern Peru, following a three-month pause for the rainy season.

A total of 3,500 meters of core drilling is planned for this second phase of drilling at the Inmaculada project, including 2,000 meters to continue testing the Quellopata veins and 1,500 meters to test the Minascucho breccia. The Company has also commenced a program of ground magnetic and Induced Polarization on the Inmaculada project to test the continuity and extent of the Minascucho breccia.

In the first drill campaign, the most promising mineralization was encountered in four contiguous drill holes of 10 completed, which intersected the Angela vein. The best hole intersected 6.3 grams per tonne (gpt) gold and 166 gpt silver over 5.0m (true width). The drill campaign at Angela will follow up on these encouraging results with step-out drilling along 300m of strike and a further 100m down-dip.

The Minascucho mineral occurrence consists of a silicified breccia up to 50m in width and exposed in an outcrop along an identified strike length of 350 meters. Two holes, 250 meters apart, were previously drilled at Minascucho by Groupo Mauricio Hochschild with encouraging results for follow-up drilling. Each hole intersected the mineralized breccia and returned the following results:

--  MC-1: 4.6m at 2.1 gpt gold and 5 gpt silver
--  MC-2: 40.85m at 1.7 gpt gold and 18 gpt silver (including 16.25m at
    3.3 gpt gold and 37 gpt silver)

Ventura's drilling program is supervised by Qualified Person, Ventura Exploration Manager Mark Cannuli.

Joint Venture

The Inmaculada Project is a joint venture with Compañia Minera Ares S.A.C., a wholly owned subsidiary of Hochschild. The Company can acquire up to a 70% interest in the Inmaculada project by completing a total of 15,000m of drilling over a three-year period and issuing three million shares of the Company to Hochschild over an eight-year period (100,000 shares have been issued to date). Hochschild retains certain back-in rights when the Company has earned an initial 51% interest in the project. The detailed terms of the joint venture agreement were outlined in a news release dated February 12, 2007.

About Ventura

Ventura Gold Corp. is a United States-based precious metals exploration and development company with a business plan to a) acquire, evaluate and develop high-grade, low-cost gold-silver and base-metal deposits with a view to establishing strategic alliances and/or joint ventures with larger companies, and b) acquire strategic investments and/or alliances with pre-IPO exploration companies and listed junior companies where Ventura believes those companies and management have the resources and expertise to optimize the potential value of their asset bases. In addition to exploration projects in Peru, Arizona and Nevada, Ventura has over $1 million in strategic investments in emerging exploration companies with exposure to projects in Mexico, China, Africa and Ecuador.

Neither Hochschild Mining plc nor any of its subsidiaries accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

The TSX Venture Exchange neither approves nor disapproves of the information contained in this News Release.

Contact Information

  • For more information, contact:

    Wendy Yang
    Vice President of Investor Relations
    (303) 357-4863

    Eric Edwards
    President and CEO
    (303) 357-4862