Valencia Ventures Inc.
TSX VENTURE : VVI

Valencia Ventures Inc.

December 21, 2010 08:30 ET

Valencia Provides Update on Option in Respect of the Cachinal Property

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2010) - Valencia Ventures Inc. (TSX VENTURE:VVI) ("Valencia" or the "Company") is providing the following update with respect to its agreement with Apogee Minerals Ltd. ("Apogee") whereby Apogee would acquire a 100% interest in the Company's Cachinal silver property in Chile, as previously announced by Valencia on October 5, 2009. Valencia and Apogee continue to negotiate the terms of the definitive agreement with respect to the acquisition. Valencia will issue a further press release once the parties have entered into the definitive agreement.

Completion of the acquisition remains subject to, among other things, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The acquisition is a non-arm's length transaction for the purposes of the TSX Venture Exchange as Apogee and Valencia have a common director, being Mr. Stan Bharti, and a common officer, being Mr. Greg Duras who is the Chief Financial Officer of both Apogee and Valencia.

The Company also announces the resignation of Patrick Reid from the board of directors, effective December 18, 2010. Mr. Reid has tendered his resignation from the Valencia board as he intends to focus on his other endeavors. The management and board of Valencia would like to thank Mr. Reid for his service and the insight he has provided to the Company and wish him well in the future.

About Valencia

Valencia is a Canadian resource company traded under the symbol VVI on the TSX Venture Exchange.

For additional information on this press release or Valencia's projects, please visit www.valenciaventures.com

Forward - Looking Information

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the disposition of the Cachinal property and receipt of regulatory approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE 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

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