Mill Bay Ventures Inc.
TSX VENTURE : MBV
PINK SHEETS : MLBVF
FRANKFURT : M4K

Mill Bay Ventures Inc.

February 24, 2011 17:03 ET

Mill Bay Ventures Inc. Results From Geochemical Survey on Valentine Mountain BN Gold Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Mill Bay Ventures Inc. (TSX VENTURE:MBV)(PINK SHEETS:MLBVF)(FRANKFURT:M4K) - Management is pleased to announce results from a geochemical sampling program carried out on their 100% owned Valentine Mountain Gold Project in January, 2011. The soil/rock chip samples were taken in a 300 X 700 meter area referred as the BN Zone. The BN Zone is located approximately 4 km west of the Discovery Zone. The following table summarizes significant gold values in rock chip & soil samples from the BN Zone:

BN ZONE ROCK CHIP SAMPLES (values >0.05 g/t Au)

Rock chip Sample no Grid easting Grid northing Elevation (meters) Sample length Au g/t As ppm
75962 1610 5054 785 0.5 meters 0.480 10,870
75966 1348 5103 661 0.3 meters 0.061 603
75969 1479 4777 641 float 0.075 524
75973 0715 5155 452 float 0.425 66
75975 1400 4850 602 0.2 meters 0.230 10

BN ZONE SOIL SAMPLES (Au values >50 ppb)

Grid easting Grid northing Elevation
(meters)
Sample depth Cu ppm Au ppb As ppm
0950 5025 470 30-50 cm 20 54 103
1000 5100 503 30-50 cm 9 65 74
1050 5000 527 30-50 cm 5 60 32
1050 5150 530 30-50 cm 18 225 247
1100 5000 547 30-50 cm 4 56 19
1100 5025 549 30-50 cm 9 60 42
1150 4900 562 30-50 cm 19 445 7
1150 5125 567 30-50 cm 31 68 49
1150 5175 569 30-50 cm 14 610 151
1200 4975 582 30-50 cm 6 665 46
1200 5050 586 30-50 cm 25 90 142
1200 5075 588 30-50 cm 16 375 128
1250 5000 603 30-50 cm 14 75 51
1250 5075 610 30-50 cm 19 70 8
1300 4875 625 30-50 cm 3 50 22
1300 4900 627 30-50 cm 20 56 53
1300 4950 630 30-50 cm 8 120 63
1300 5075 634 30-50 cm 11 235 209
1300 5100 637 30-50 cm 8 230 55
1350 4850 660 30-50 cm 14 81 22
1350 4875 662 30-50 cm 3 65 25
1350 5025 664 30-50 cm 8 1,020 111
1350 5050 670 30-50 cm 9 130 141
1350 5075 672 30-50 cm 10 52 63
1350 5100 675 30-50 cm 11 80 105
1400 4800 690 30-50 cm 50 59 64
1400 4950 694 30-50 cm 28 80 161
1400 5100 698 30-50 cm 9 50 23
1450 5000 711 30-50 cm 8 110 123
1450 5025 713 30-50 cm 7 51 43
1700 4700 790 30-50 cm 23 225 8

Note- 1 g/t = 1 ppm = 1,000 ppb. Geochemical analysis by Pioneer Labs, certificate number 2110946.

Anomalous gold bearing mineral zones are present in the BN Zone. The middle portion of the BN zone (L1150 E to 1350 E), exhibits widespread gold values in soil that are concentrated near the amphibolite-gneiss lithological contact. Arsenopyrite, which is present in the BN Zone, is a pathfinder mineral for gold. BN Zone geochemical anomalies listed follow an east-west trend (dipping steeply north), that traces the amphibolite-gneiss lithological contact. The BN Zone is characterized by silicification (quartz-carbonate vein/replacement), and shearing/faulting. Mineralization consists of minor amounts of pyrite, pyrrhotite (0.1-2%), with trace-1% arsenopyrite that is hosted in chloritized, silicified and carbonate altered amphibolite (metavolcanic) and gneiss (metasandstone). Pyrite and pyrrhotite occur as disseminations and veinlets, and in quartz vein/replacement. 

Management plans to explore Valentine Mountain with several diamond drill holes in the vicinity of the Discovery Zone and BN Zones, in order to follow-up on gold-bearing sample results. The east extension of the Discovery Zone, and the lower, middle and upper BN Zone are targets for drilling and detailed geological mapping. Andris Kikauka, P.Geo., is the qualified person (under the guidelines of NI-43-101) responsible for reporting Valentine Mountain Gold Project geochemical survey results and technical reports.

For further information please contact Darryl Glasier at e-mail: darrylg@shaw.ca

ON BEHALF OF THE BOARD

William Glasier, President

This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Shares issued: 12,186,539

Last Trading Price: $0.235

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

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