Ventura Gold Corp.
TSX VENTURE : VGO

Ventura Gold Corp.

November 03, 2006 18:12 ET

Ventura Closes Cdn$6.0 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS

Ventura Gold Corp. ("Ventura") (TSX VENTURE:VGO) is pleased to announce that it has closed the previously-announced Cdn$6.0 million (approximately US$5.3 million) non-brokered private placement (see news releases dated September 18 and October 31, 2006).

Under the terms of the financing, a total of 24.0 million units (the "Units") at a price of Cdn$0.25 per Unit were issued by Ventura. Each Unit consists of one common share (the "Shares") and one half of a share purchase warrant (the "Warrants"), with each whole Warrant entitling the holder to purchase one additional common share at Cdn$0.40 at any time up to two years from the date of closing of the private placement. Ventura also issued 480,000 Units (with the same terms and conditions as the placement Units) as an arm's length finder's fee, representing 2% of the gross proceeds with respect to the placement.

The Shares (together with any common shares issued upon exercise of the Warrants) are subject to a four month hold period expiring on March 4, 2007.

Proceeds from the financing will be used by Ventura for further evaluation (including drilling) of its precious metal properties in the USA and Spain, for new acquisitions, and for working capital for general corporate purposes.

The Units, Shares and Warrants (together with the common shares issuable upon the exercise of the Warrants) have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration under such Act or compliance with an applicable exemption from such registration requirements. This press release is not an offer of, or the solicitation of an offer to buy, the Units, the Shares or the Warrants in the United States.

ON BEHALF OF THE BOARD

Stephen J. Kay, President


The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.

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