Ventura Gold Corp.

Ventura Gold Corp.

August 14, 2007 09:00 ET

Ventura Gold Commences Drilling at Gold Gulch Property in Arizona

SCOTTSDALE, ARIZONA--(Marketwire - Aug. 14, 2007) - Ventura Gold Corp. (TSX Venture:VGO) (the "Company") today announced that it has commenced a core drilling program at the 100% held Gold Gulch gold property (the "Property") located in southern Arizona approximately two miles southwest of Phelps Dodge's Morenci Copper Mine. One core drill rig has been mobilized to site and has completed the first hole to a depth of 1,195 feet. The Company plans to complete 6 to 8 drill-holes for a total of up to 10,000 feet of drilling by the end of October 2007.

The drilling program is aimed at testing multiple targets identified by the Company based on a combination of exploration work completed by its geological consultants, Minemappers LLC, and a review of historical exploration data generated by Phelps Dodge, Bear Creek (Kennecott) and others during previous exploration work on the Property dating back to the 1960's. The Company plans to spend approximately $0.6 million in exploration expenditures on the Property this year (all amounts are reported in US Dollars except as otherwise indicated).

Although the Property has been principally explored in the past for porphyry copper style mineralization, the Company believes that it shows excellent potential for multiple copper-gold targets, including skarns, sheeted quartz-veins and stockworks, breccias pipes, and deep porphyry-style mineralization.

The Company considers that the geologic setting and characteristics of the Property are similar to the former Echo Bay McCoy mine in Nevada (with reported historical production of approximately 880,000 ounces of gold and 2.3 million ounces of silver) and to the copper-rich magnetite skarns at the nearby Morenci copper mine.

Property Agreement

The Property was acquired by the Company in January, 2006 and comprises two state prospecting permits for a total of 1,130 acres (see the Company's press release of January 11, 2006). An additional state prospecting permit consisting of 160 acres was acquired and added to the project in June, 2007.

The Company has a long-term (minimum 30 years) mineral lease with a consortium of three private Arizona companies for a 100% operating interest in Gold Gulch. The lease entered into in 2006 requires that the Company spend $1.2 million in exploration and related expenditures over a four year period (approximately $253,000 spent to date), issue a total of 1,125,000 common shares of the Company over a five year period (225,000 shares issued to date), and make annual cash payments beginning at $25,000 and escalating to $55,000 over a four year period (an aggregate of $45,000 has been paid to date). Beginning in year five the payments continue annually as the greater of $65,000 or a net smelter royalty.

The lease provides for a 2.0% net smelter return (NSR) royalty to the Property owners on all commercial production from the Property, subject to certain buy-back rights available to the Company. The State of Arizona may also assess a royalty based on an independent economic appraisal, but this royalty cannot be quantified at this time.

The technical information provided in this news release was reviewed by the Company's Qualified Person, geological consultant, Alan Wright, RPG.

About Ventura Gold Corp.

Ventura Gold Corp. is a Canadian listed precious and base-metals exploration and development company implementing a business plan to a) acquire, evaluate and develop high-grade, low-cost gold-silver and base-metal deposits with a view to establishing strategic alliances and/or joint ventures with larger companies, and b) invest in strategic partners and/or form strategic alliances with pre-IPO exploration companies and listed junior companies where Ventura believes those companies and management have the resources and expertise to optimize the potential value of their asset bases.


Eric Edwards, President/CEO

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

Contact Information