SOURCE: Ventura Gold Corp

November 29, 2007 08:00 ET

Ventura Gold Commences Drilling at Inmaculada Gold Project in Peru

SCOTTSDALE, AZ--(Marketwire - November 29, 2007) - Ventura Gold Corp. (TSX-V: VGO) (the "Company") has commenced a core drilling program at the Inmaculada gold-silver project in Southern Peru. The Inmaculada Project is a joint venture with Compañia Minera Ares S.A.C., a wholly owned subsidiary of Hochschild Mining PLC ("Hochschild"). The terms of the joint venture agreement, under which the Company can acquire up to a 70% interest, were outlined in a news release dated February 22, 2007.

The Company plans to complete a total program of 3,000 meters drilled by early January 2008.The Inmaculada property contains three principal target areas, which were identified by Hochschild during previous exploration campaigns (see attached map).

Quellopata -- hosting over 25km of gold/silver-bearing quartz veins of the low-sulfidation type. Hochschild reported positive drill results from their drilling campaign, which comprised 31 drill holes totaling 7,188m. Drill assay results from five different veins included intercepts of 3.6m at 6.7 g/t gold and 63 g/t silver, 2.1m at 8.1 g/t gold and 151 g/t silver, and 1.5m at 5.9 g/t gold and 272 g/t silver.

Minascucho-San Salvador -- hosting mineralized breccias of the high-sulfidation type. Hochschild's drilling results were positive for this zone, with one of two drill holes (total 440m of drilling) which tested the area reporting a 40m intercept at an average grade of 1.9 g/t gold and 20 g/t silver.

Tararunqui -- hosting disseminated mineralization of the high sulfidation type. Hochschild drilled 11 holes totaling 1,479m in two widely separated portions of the mineralized zone. In one of these areas, three holes were drilled which returned anomalous but sub-economic gold values (in the 100-600 ppb gold range). Much of the mineralized system remains to be tested.

The current drill campaign will focus on the Quellopata target area. Eleven drill holes totaling 3,000 meters will be drilled to test the Martha, Roxana/Angela and Shakira veins at depths of up to 350 meters below surface (see attached map).

Sample preparation and analytical work for Ventura's drilling program will be carried out by SGS in Lima, Peru using industry-standard sampling practices and analytical methods for silver and gold. Ventura's drilling program will be supervised by Qualified Person, Ventura Exploration Manager, Mark Cannuli.

Ventura Gold Corp. is a United States-based precious metals exploration and development company with 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) acquire strategic investments and/or 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. In addition to exploration projects in Peru, Arizona and Nevada, Ventura has over $1 million in strategic investments in emerging exploration companies with exposure to projects in Mexico, China, Africa and Ecuador.

Neither Hochschild Mining plc nor any of its subsidiaries accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

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

Contact Information

  • For additional information, contact
    Eric Edwards
    President and Chief Executive Officer
    Tel: 303-357-4862
    Wendy Yang
    Investor Relations
    Tel: 303-357-4863