Ventana Gold Corp.
TSX : VEN

Ventana Gold Corp.

March 11, 2009 17:26 ET

Ventana Closes $3.36 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Ventana Gold Corp. (TSX:VEN) ("Ventana" or "the Company") has closed the private placement announced on February 12, 2009. The transaction was a non-brokered private placement of six million units (the "Non-Brokered Units") at a price of $0.56 per unit for total proceeds of $3.36 million. Each Non-Brokered Unit consists of one common share and one transferable share purchase warrant (a "Non-Brokered Warrant"). Each Non-Brokered Warrant entitles the holder to purchase one common share at a price of $0.90 per common share for a period of two years from today's date.

Net proceeds from the transaction will primarily be used to advance exploration at Ventana's La Bodega property in Colombia, including a 3,400-metre drill program announced February 23, 2009. The objective of the drill program is to test the down-dip and along-strike extensions of strong mineralization encountered in previous holes at the La Mascota zone on the La Bodega property.

In accordance with applicable regulations, securities issued under this transaction are subject to a four-month hold period expiring July 12, 2009. Post-transaction, Ventana's share capitalization includes 75,303,731 million shares outstanding plus 15,046,400 million options and warrants, for a fully diluted 90,350,131 million shares.

Peninsula Merchant Syndications Corp. was paid a cash commission of 5% plus Non-Brokered Units equal to 7.5%.

About Ventana

Ventana holds rights to 4,518 hectares of exploration property in the California-Vetas gold district in Colombia, of which 3,710 hectares are wholly owned with the remainder under option to acquire a 100% interest. Ventana has been actively drilling at its flagship La Bodega property since 2006 and by the end of 2008 had completed 105 holes totalling 25,457 metres. The Company has announced results for the first 85 drill holes and is awaiting final results from the last 20 holes, and plans to complete a 43-101 mineral resource estimate in 2009.

Forward-looking Statements

The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Ventana's latest quarterly report and management discussion and analysis. Ventana assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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