Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

December 06, 2007 09:13 ET

Adventure Gold Signs a Letter of Intent to Acquire the Past Producing Lucien Beliveau Mine - Near the Producing Beaufor Gold Mine in the Val D'Or Region of Quebec

MONTREAL, QUEBEC--(Marketwire - Dec. 6, 2007) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company"), a junior mining exploration company with strategic properties in the Val d'Or region of Quebec, announces the signing of a Letter of Intent (LOI) with IAMGOLD Corp. (TSX:IMG and NYSE:IAG) (IAMGOLD), for the acquisition of 100% of IAMGOLD's rights, titles and interests in the Pascalis - Colombiere gold property (the "Property") located 25 kilometers north-east of Val d'Or, Quebec. This property is historically known as the Lucien Beliveau Mine (New Pascalis gold deposit) and was mined from 1989 to 1993, where a total of 1.8 million tonnes of ore was extracted at a grade of 3.2 g/t Au (total of 167,000 Au oz). This property is strategically adjacent to Adventure Gold's 100%-owned Beaufor North property.

"We are very excited about this acquisition as it will significantly increase our land position in the Val d'Or region," stated Marco Gagnon, President & CEO of Adventure Gold. "We believe the Pascalis - Colombiere property has a strong potential for the discovery of other gold rich structures given their proximity to the currently producing Beaufor Mine and the former gold producing Lucien Beliveau Mine" added Mr. Gagnon.

The Property

The Property consists of 33 mining claims totalling 637 hectares and is located in the eastern portion of the highly productive Val-d'Or mining camp. The Property lies in an easily workable location and is free of any environmental issues. In 2003, Ministere des resources naturelles et de la faune delivered a certificate of release following the complete rehabilitation of the past producing Lucien Beliveau Mine.

At the regional scale, the geological situation of the Property appears very favourable for the identification of new high-grade gold-bearing veins and structures or bulk style ore shoots. Past exploration work did not fully test the numerous occurrences of gold located in the N-S extensions of the Lucien Beliveau Mine dyke set or in other parallel dykes, nor in the extension of E-W trending shear zones. Due to the anticipated closure of the Mine in October 1993, several intercepts with gold values up to 18.9 g/t Au over 1.7m (diamond drill hole COL-92-36) were not followed-up. No further exploration work has been completed on the Property since 1993.

Adventure Gold is planning the 2008 exploration program that may include the diamond drilling of these new targets in the first half of the year.

The details of the LOI

- In exchange for 100% of the mineral rights on the Property, Adventure Gold will issue 250,000 common shares to IAMGOLD.

- Adventure Gold will grant a 2% Net Smelter Return (NSR) to IAMGOLD. At any time, the Company has the right to buy back 1% of the NSR for $1 million.

The agreement is subject to the approval of the TSX Venture Exchange.

Adventure Gold is an emerging junior mining exploration company with a property portfolio in the historic gold producing Val d'Or region of Quebec. The Company's strategic Beaufor West property is adjacent to the Beaufor Mine, a producing gold mine jointly operated by Richmont Mines (TSX:RIC) & Louvem Mines (TSX VENTURE:LOV).

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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