SOURCE: Ventura Gold Corp.

September 08, 2008 09:00 ET

Ventura Reports Extension of Inmaculada's Angela Vein to > 800-Meter Strike Length, Including Drill Intercept of 2.2 Meters at 16 gpt Gold and 447 gpt Silver

SCOTTSDALE, AZ--(Marketwire - September 8, 2008) - Ventura Gold Corp. ("Ventura" or the "Company") (TSX-V: VGO) has completed a third round of core drilling on the Angela vein at the Inmaculada project in Southern Peru and continues to realize positive results in vein width, continuity and grade. The Angela vein has now been confirmed along a strike length of more than 800 meters ("m"), and to a depth of as much as 300m below surface.

Ventura has completed approximately 10,000m of drilling to date at Inmaculada and expects to complete an additional 5,000m of drilling, using two drill rigs, by the end of 2008. Upon completion of 15,000m of drilling, Ventura will have met the requirements to earn in and acquire a 51% joint venture interest in the Inmaculada project from the owner Hochschild Mining plc ("Hochschild"). The Inmaculada project is located approximately 30km southwest of Hochschild's Selene silver mine.

Angela Vein, Inmaculada Project

The recently completed third round of drilling at the Angela vein comprised 13 core holes, totaling 3,837m. This drilling followed up on encouraging results from a previous drilling campaign, which included an intersection of 7.2m (true width) of 16.7 grams per tonne ("gpt") gold and 294 gpt silver (see News Release dated June 7, 2008).

A complete list of results for the 13 holes recently completed at the Angela Vein is shown in Appendix 1, a drill hole location map is shown in Appendix 2, and a longitudinal section along the Angela Vein is Appendix 3. A selection of the best drill intersections (all estimated true widths and average uncut grades) include:

--  2.2m at 16.2 gpt gold and 447 gpt silver in drill hole Inma-29
--  7.5m at 6.5 gpt gold and 121 gpt silver in drill hole Inma-31
--  6.5m at 6.3 gpt gold and 226 gpt silver in drill hole Inma-32
--  9.0m at 4.4 gpt gold and 121 gpt silver in drill hole Inma-33
--  6.5m at 3.9 gpt gold and 344 gpt silver in drill hole Inma-36

The Company expects to complete an additional 4,500m of drilling on the Angela Vein, using two drill rigs, by the end of 2008.

Minascucho Breccia, Inmaculada Project

At the Minascucho breccia, a bulk-mineable target approximately 5km north of the Angela Vein on part of the Inmaculada property, five drill holes were completed in the recent program. An additional two holes were drilled on the Central Zone, another exploration target adjacent to the Minascuscho breccia. A complete list of results for seven holes completed at the Minascuscho breccia is shown in Appendix 4. Positive results were obtained from the Minascucho breccia, and a selection of the best intersections (all estimated true widths and average uncut grades) include:

--  32.0m at 2.0 gpt gold and 8 gpt silver in drill hole Min-01
--  18.0m at 3.6 gpt gold and 45 gpt silver in drill hole Min-02
    (including 8.0m at 7.5 gpt gold and 104 gpt silver)
--  20.0m at 0.9 gpt gold and 3 gpt silver in drill hole Min-04

The two holes drilled at the Central Zone returned no significant assay intervals.

Continuing Drilling at Inmaculada

A second drill rig is being mobilized to the Inmaculada Project during the first week of September. An initial series of three holes totaling approximately 500m are planned to test the San Salvador target, a breccia body similar to the Minascucho breccia, located approximately 2km northwest. Following the San Salvador drilling, the rig will be moved to the Angela Vein and the two rigs will continue to drill through the end of the 2008.

Agreement with Hochschild

The Inmaculada project is a joint venture with Compañia Minera Ares S.A.C., a wholly-owned subsidiary of Hochschild. The Company can acquire up to a 70% interest in the Inmaculada project by completing a total of 15,000m of drilling over a 3 year period and issuing 3 million shares of the Company to Hochschild over an 8 year period (300,000 shares have been issued to date). The detailed terms of the joint venture agreement were outlined in a news release dated February 12, 2007.

Upon completion of a total 15,000m of drilling at the Inmaculada property, the Company will have met the requirements to earn-in and acquire a 51% joint venture interest in the Inmaculada gold-silver project. At completion of the Company's earn-in, Hochschild has a one-time "back in" right for 90 days to acquire an additional 11% interest in the project (60% Hochschild in total) by paying to the Company three times the Company's accumulated exploration expenditures. If Hochschild exercises the back-in option, the project will go forward with the Company owning a 40% joint venture interest. If Hochschild does not elect to exercise the back-in option, the project will go forward with the Company owning a 51% interest and a right to acquire up to a 70% interest upon completion of certain feasibility study and financing criteria.

Target Areas

As previously reported in a news release dated February 12, 2007, the approximately 15,000 hectare Inmaculada property contains three principal target areas:

Quellopata - hosting over 25km of gold/silver-bearing quartz veins of the low-sulfidation type. The most important, to date, is the Angela vein, where drilling is on-going.

Minascucho-Central-San Salvador - hosting mineralized breccias of the high-sulfidation type. Drill-testing of the San Salvador breccia will begin in September.

Tararunqui - hosting disseminated mineralization of the high sulfidation type. This area has not yet been drill tested.


Sample preparation and analytical work for Ventura's drilling program were carried out by SGS Mineral Services in Lima, Peru using industry-standard sampling practices and analytical methods for silver and gold. As part of Ventura´s quality assurance/quality control protocol, standard samples and blanks are inserted in the sample stream at a rate of one per 10 samples. Duplicate and alternate laboratory check samples also form part of this protocol. Ventura's drilling program is supervised by its Qualified Person, Ventura Exploration Manager Mark Cannuli.

About Ventura

Ventura Gold Corp. is a TSX Venture Exchange-listed, United States-based, precious metals exploration and development company In addition to exploration projects in Peru, Arizona and Nevada, Ventura has approximately $2.2 million in strategic investments in emerging exploration companies with exposure to projects in Mexico, Colombia, Ecuador, Panama, Indonesia and Africa.

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.

Appendix 1:  Inmaculada Project - Angela Vein - Drill Results

Vein     Section    DDH    Intersection    Inter-    True      Au      Ag
                               from       section    Width    (gpt)   (gpt)
                            to (meters)   (meters)  (meters)

Angela    10300N   Inma-24     218.3 -      7.75      7.5      2.6     65
Angela    10300N   Inma-25     274.35 -     1.25      1.0      6.0     82
Angela    10400N   Inma-26     226.8 -      6.45      6.2      2.4     73
Angela    10400N   Inma-27     254.1 -      7.75      6.5      3.2    139
         including             258.4 -      3.35      2.8      4.5    161
Angela    10500N   Inma-28     192.15 -     4.25      4.0      4.3     87
         including             193.4 -      2.00      1.9      7.2    136
Angela    10500N   Inma-29     202.75 -     2.35      2.2     16.2    447
Angela    10500N   Inma-30     313.75 -    10.35      9.0      2.2     92
Angela    10600N   Inma-31     159.3 -      7.90      7.5      6.5    121
Angela    10600N   Inma-32     290.4 -      6.80      6.5      6.3    226
Angela    10700N   Inma-33     172.6 -      9.45      9.0      4.4    121
Angela    10700N   Inma-34     286.05 -     1.55      1.4      1.1     53
Angela    10700N   Inma-34     333.4 -      3.00    unknown    3.7     10
 Splay                         336.4
Angela    10800N   Inma-35     199.15 -     4.55      4.0      1.2     91
Angela    10800N   Inma-36     274.75 -     6.50      6.5      3.9    344

Appendix 4:  Inmaculada Project -  Minascucho and Central Zones - Drill

  Target   Section   DDH     Intersection  Inter-    True      Au      Ag
                               from to    section    Width    (gpt)   (gpt)
                               (meters)   (meters)  (meters)

Minascucho  4740N   MIN-01      70.65 -     36.40    32.00     2.0     8.0
Minascucho  4740N   MIN-01      70.65 -      2.60     2.30     8.4     8.0
Minascucho  4740N   MIN-02     118.6 -      24.45    18.00     3.6    45.0
Minascucho  4740N   MIN-02     126.25 -      9.05     8.00     7.5   104.0
Minascucho  4680N   MIN-03               No Significant Values
Minascucho  4900N   MIN-04     104.9 -      22.05    20.00     0.9     3.0
Minascucho  4900N   MIN-05               No Significant Values

 Central            MIN-06               No Significant Values
 Central            MIN-07               No Significant Values

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