Ventana Gold Corp.

Ventana Gold Corp.

October 01, 2009 15:06 ET

Ventana Announces Initiation of La Mascota Scoping Study

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2009) - Ventana Gold Corp. (TSX:VEN) ("Ventana" or "the Company") (TSX VENTURE:VEN) has initiated a scoping study on its La Bodega project in the California–Vetas district of Colombia. The study will focus on the high-grade, northeast trending La Mascota zone within the La Bodega project.

Exploration drilling has identified two distinct deposits at the La Bodega project: the La Bodega and La Mascota zones. The La Bodega zone is a porphyry style near-surface deposit on the northeastern property boundary and appears to be an extension of the Angostura deposit. The La Mascota zone is an epithermal deposit that dips northwest at 70 to 85 degrees and is along strike to the southwest.

The La Mascota zone has been defined to a strike length of 800 metres and to a depth of up to 400 metres down-dip, and remains open for expansion in all directions. Recent property acquisitions have added 1,300 metres of potential strike length to extend the La Mascota zone to the southwest.

Work to date has demonstrated the grade tenor at La Mascota to be higher and the deposit to be much larger than the La Bodega zone. Initial metallurgical work indicates the ore chemistry at La Mascota is less complex than at the La Bodega zone and more amenable to conventional cyanide leach recovery. As part of this work, an audit was conducted on the project assay data and determined that all QA/QC protocols meet acceptable industry standards. Metallurgical test work is ongoing to refine and optimize the recovery process.

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The La Mascota scoping study will be managed by MTB Project Management Professionals located in Greenwood Village, Colorado. Metallurgical test work has been awarded to SGS Lakefield under the direction of consultants Mike Ounpuu and Nelson King of Pincock, Allen & Holt. Mineralogy test work will be conducted by Giovanni Di Prisco, and Vector Engineering will do environmental assessment and location design for future operational facilities. Norm Norrish of Wylie & Norrish will conduct the geotechnical analysis on the deposit and Neil Prenn of Mine Development Associates has been retained to do the initial underground mine design. Geologic modeling, resource calculation and QA/QC review work has been started on both the La Mascota and La Bodega zones under the direction of consultants Rob Sim of Sim Geological Inc. and Bruce Davis of BD Resource Consulting Inc. As part of this study, Ventana intends to publish an initial NI 43-101 resource statement for the drilled portion of both zones by the end of the first quarter of 2010.

Ventana President and CEO Steve Orr said the Company plans to accelerate development of the La Mascota zone. "We are maintaining an aggressive step-out exploration program to further define the strike extent of mineralization, concurrent with infill drilling and engineering design. The La Mascota scoping study will be completed in the third quarter of 2010 and we then plan to progress to a full project feasibility study."

Review by Qualified Person, Quality Control and Reports

The results of Ventana's drilling program have been reviewed, verified and compiled by Jon Lehmann, L.P.G., a qualified person as defined by NI 43-101. Mr. Lehmann has over 25 years of mineral exploration experience, is a Licensed Professional Geologist in the State of Washington and a member in good standing of the Canadian Institute of Mining and Metallurgy.

To ensure reliable sample results Ventana has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent local laboratory established by a joint effort between the regional environmental permitting agency ("CDMB") and the German Geological Survey, and at the Colombian preparation laboratory of Inspectorate Laboratories, a worldwide ISO 9001:2001 certified laboratory. Prepared samples are direct-shipped to ACME Analytical Laboratories in Vancouver, B.C., an ISO 9001:2000 certified laboratory, for analysis. Pulp splits of mineralized intervals are re-assayed at an independent referee laboratory, Inspectorate America Corp. in Reno, Nevada.

Independent NI 43-101 technical reports have been prepared by EurGeol Miller O'Prey, P.Geo., for the La Bodega project and the nearby California-Vetas project to provide an updated review of the exploration activities that have occurred on the projects. These reports, dated June 14, 2008, are posted on Ventana's website at

About Ventana

Ventana is a Vancouver-based mineral exploration and development company with mineral rights to 4,573 hectares of exploration property in northeastern Colombia. Ventana is currently drilling at the La Bodega property with a focus on expanding the high-grade La Mascota zone. The Company's shares trade on the Toronto Stock Exchange under the symbol VEN.

Cautionary Statement Regarding Forward-looking Information

Certain of the statements made and information contained in this press release may constitute forward-looking information within the meaning of applicable securities legislation. All information and statements which are not historical fact constitute forward-looking information and, in many cases, can be identified by words such as "may", "will", "expect", "plan", "anticipate", "believe", "estimate", "potential", or other similar terminology. The forward-looking information contained in this press release is based on the reasonable expectations and beliefs of management as at the date of this press release and involves numerous assumptions, known and unknown risks and uncertainties, both general and specific to Ventana and the industry in which the Company operates. Such assumptions, risks and uncertainties include, but are not limited to future prices of gold, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated as well as those factors disclosed in Ventana's documents filed from time to time with the securities regulators in the provinces of British Columbia, Alberta and Ontario. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Company, or industry results, may vary materially from those described in this press release. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as otherwise required by law, Ventana does not intend to and assumes no obligation to update or revise forward-looking information, whether as a result of new information, plans, events or otherwise.

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