Ryan Gold Corp.

Ryan Gold Corp.

February 10, 2010 17:00 ET

Valdez Gold Inc. Announces Non-Brokered Private Placement of Flow-Through Common Shares


Valdez Gold Inc. (the "Company") (TSX VENTURE:VAZ) is pleased to announce that, subject to regulatory approval, it has arranged a non-brokered private placement with accredited investors of up to 7,500,000 flow-through common shares at a price of $0.12 per flow-through common share for aggregate gross proceeds of up to $900,000 (the "Offering"). The common shares will have a hold period of four months from closing. The Company is expecting the closing date to occur on or about March 7, 2010.

The proceeds of the Offering will be used to fund the Company's exploration program on the Flume Property in Yukon, Canada.

Company management, directors, and insiders propose to subscribe for up to 7,000,000 flow-through common shares, in which event the private placement will be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction, however, will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any common shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Valdez Gold Inc.
    Michael Skead
    President & CEO