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

Mill Bay Ventures Inc.

December 21, 2010 16:30 ET

Mill Bay Ventures Provides Valentine Mountain Drilling Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2010) - Further to recent news releases Mill Bay Ventures Inc. (the "Company") (TSX VENTURE:MBV)(PINK SHEETS:MLBVF)(FRANKFURT:M4K) is pleased to provide an update on the 2010 drilling and trench re-excavation program at the Discovery Zone on its 100% owned Valentine Mountain Property on southern Vancouver Island, BC. 

Geochemistry results were received from five select rock grab samples taken from the Discovery Zone trenches in November 2010. Three samples taken from the 'B' and 'C' Veins exposed in the historic north-south crosscut trench yielded elevated gold values between 0.1 and 0.3 g/t over sample widths of 0.2 to 0.25 metres. Two select grab samples taken 2 metres apart from the re-excavated portion of the 'B' Vein trench yielded gold values of 25.7 g/t over 0.23 metres and 57.4 g/t over 0.22 metres.

Drill core from all ten holes has been logged and sampled at the Company's core facility in Sooke, B.C.; and all sample shipments totaling 775 samples have now been sent to ALS Minerals' laboratory in North Vancouver. Initial geochemistry results from the first three holes and part of the fourth hole totaling 294 samples have been received from ALS Minerals, using their ME-MS41 and Au-TL44 methods. Thirteen samples yielded elevated gold values between 0.05 and 1.5 g/t over core lengths of 0.5 to 2.75 metres. In addition, several samples yielded elevated values of accessory and/or indicator elements including silver (>0.5 ppm), arsenic (>100 ppm), molybdenum (>5 ppm) and tungsten (>5 ppm). Eight samples are being re-analyzed for gold using ALS Minerals' Au-SCR24 method, which uses a larger sub-sample to detect possible erratically distributed gold occurring within the core samples. Future drill core geochemistry results will be released after they are received and compiled.

The contents of this news release have been reviewed by Jacques Houle, P.Eng., a qualified person as defined by NI43-101.

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: $0.24

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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