Ventana Gold Corp.

Ventana Gold Corp.

July 29, 2010 01:31 ET

Ventana Completes Acquisition of La Bodega and La Baja Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2010) - Ventana Gold Corp. (TSX:VEN) ("Ventana" or "the Company") has completed the acquisition of the La Bodega and La Baja properties and now owns 100% of all mineral rights, key surface rights, easements, equipment and facilities, and related intangible assets on both properties.

Ventana President and CEO Steve Orr said: "We are extremely pleased to have completed this transaction as it means we now have an expanded land package for continued exploration and development. We now plan to mobilize two exploration drills onto La Baja to conduct infill and extension drilling on the La Mascota and Las Mercedes zones that continue onto the La Baja tenements."

La Baja comprises 16.5 hectares between the La Bodega and El Cuatro properties and contains an operating mine and processing plant. The property is strategically located on strike with the La Mascota zone and provides Ventana with contiguous mineral rights for a distance of 2.1 kilometres. Recent drill results indicate that La Mascota mineralization extends across the northern portion of the La Baja property. In addition, it is apparent that the recently discovered Las Mercedes parallel zone trends onto La Baja. Acquisition of this strategic property consolidates Ventana's land position in the California district and the Company's land holdings now total 4,590 hectares.

Concurrent with the activation of exploration drilling on La Baja, Ventana will have 10 drills active on the La Bodega project testing the following areas:

  • La Mascota – drilling will be focused on the southwest extension of the mineralization and continue to test the depth extension;
  • Las Mercedes – identified in 2008 and has been partially defined along 700 metres of strike length; remains open in all directions;
  • Aserredero target – discovered in 2009, runs parallel to La Mascota and southeast of Las Mercedes. No drilling has occurred to date on this target;
  • La Bodega – step-out drilling from the La Bodega zone toward La Mascota to infill the gap between these two structures.

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About Ventana
Ventana is a Vancouver-based mineral exploration and development company with mineral rights to 4,590 hectares of exploration property in northeastern Colombia. The Company's flagship La Bodega project in northeastern Columbia contains multiple high-grade zones of gold, silver and copper mineralization occurring in north-northwest dipping parallel-sheeted vein zones, breccias and mineralized faults within a broad, northeast trending regional fault zone. The La Bodega project has excellent road access and is close to existing infrastructure including power and water. The Company is conducting an aggressive exploration program and is advancing engineering studies to develop the deposit.

Ventana'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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