TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - Valencia Ventures Inc. ("Valencia" or the "Company") (TSX VENTURE:VVI) is pleased to provide the following update with respect to its agreement with Apogee Silver Ltd. ("Apogee"). Further to previous news releases issued by the Company (October 5, 2009 and December 21, 2010), the parties have now agreed that Apogee will purchase all of Valencia's participating interest in Compania Minera Valencia Ventures - Chile Limitada ("Compania Minera"). Compania Minera holds Valencia's entire 80% participation interest in each of the Cachinal Property and the Nueva Juncal Silver Property, both located in northern Chile, for an aggregate purchase price of $500,000 in cash and 3,000,000 common shares of Apogee. Completion of this transaction remains subject to receipt of 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, Mr. Stan Bharti.
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.
Cautionary Note Regarding Forward-Looking Information. This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the sale of the Cachinal and Juncal silver properties, future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding exploration prospects. 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although 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 information 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.
To view Figure 1 Location and Regional Setting Cachinal and Juncal Projects, please visit the following link:
http://media3.marketwire.com/docs/vvimap.pdf
| Table 1 Nueva Juncal Property Summary | |||
| Concession | Owner | Area (ha) | Type |
| Barbara 1, 1-60 | Silver Standard | 300 | Exploitation |
| Barbara 2, 1-30 | Silver Standard | 300 | Exploitation |
| Barbara 3, 1-60 | Silver Standard | 300 | Exploitation |
| Barbara 5, 1-30 | Silver Standard | 300 | Exploitation |
| Barbara 6, 1-30 | Silver Standard | 300 | Exploitation |
| Barbara 7, 1-30 | Silver Standard | 300 | Exploitation |
| Barba 4, 1-60 | Silver Standard | 300 | Exploitation |
| Total | 2100 | ||
To view Figure 2 Nueva Juncal Concession Map, please visit the following link:
http://media3.marketwire.com/docs/vvimap2.pdf
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.
Contact Information:
Frederic W.R. Leigh
President and CEO
fleigh@forbesmanhattan.com