SOURCE: Ventura Gold Corp.

June 12, 2008 08:30 ET

Ventura Reports Significant Drill Results From Inmaculada Project, Including Intercept of 7.2m at 16.7 gpt Gold & 294 gpt Silver

SCOTTSDALE, AZ--(Marketwire - June 12, 2008) - Ventura Gold Corp. (TSX-V: VGO) ("Ventura," the "Company") has completed a second round of core drilling with positive drill results at the Angela vein, which forms a part of the Inmaculada gold-silver project located in southern Peru, approximately 30km southwest of joint venture partner Hochschild Mining plc's ("Hochschild") Selene silver mine.

The drill program at the Angela vein comprised 8 core holes, totaling approximately 1,766 meters ("m"), and followed up on encouraging results from a previous drilling campaign, which included an intersection of 3.9m (true width) with an average grade of 9.3 grams per tonne ("gpt") gold and 476 gpt silver (see News Release dated January 8, 2008). The existence of a well mineralized shoot within the Angela vein has now been confirmed along a strike length of 500m, and to a depth of as much as 200m below surface.

A complete list of significant drill hole results for both drill campaigns is shown in Appendix 1. A selection of the best drill intersections, all representing estimated true widths and average uncut grades, included:

--  5.0m at 6.3 gpt gold and 166 gpt silver in drill hole Inma-04
--  5.0m at 6.0 gpt gold and 158 gpt silver in drill hole Inma-15
--  4.3m at 8.6 gpt gold and 206 gpt silver in drill hole Inma-16
--  7.2m at 16.7 gpt gold and 294 gpt silver in drill hole Inma-19
--  7.0m at 4.7 gpt gold and 87 gpt silver in drill hole Inma-23

An additional 4,000m of drilling is planned to commence this month to further evaluate the Angela vein at depth and along strike. The additional drilling will be funded from existing working capital.

In addition, core drilling at the Inmaculada project is continuing at the Minascucho breccia target, approximately 5km northwest of the Angela vein. The breccia is a potentially bulk-mineable gold target which has been traced on surface along a strike length of 350m. Six drill holes, totaling 2,010m, have been completed to date, as part of a seven drill hole program. Assay results are not yet available.

Target Areas

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

Quellopata - hosting over 25km of gold/silver-bearing quartz veins of the low-sulfidation type. Drilling is currently focused on the well-mineralized Angela vein, discussed above.

Minascucho-San Salvador - hosting mineralized breccias of the high-sulfidation type. A seven drill hole program is currently underway.

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 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 Qualified Person, Ventura Exploration Manager Mark Cannuli, who reviewed the technical disclosure in this release.

Joint Venture

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 and funding 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). Hochschild retains certain back-in rights when the Company has earned an initial 51% interest in the project. The detailed terms of the joint venture agreement were outlined in a news release dated February 12, 2007.

About Ventura

Ventura Gold Corp. is a TSX Venture Exchange-listed, United States-based, precious metals exploration and development company. In addition to exploration properties in Peru, Arizona and Nevada, Ventura has approximately $2 million invested in strategic investments in emerging exploration companies with exposure to early stage precious and base metal projects in Mexico, Colombia, Ecuador, China, 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 Drill Results - Angela Vein (All Values Uncut)

                       Intersection             Estimated   Gold    Silver
                         from - to    Interval  True Width  Grade   Grade
Drill Hole (Depth -m)    (meters)     (meters)   (meters)   (gpt)   (gpt)
                       -------------  --------  ----------  ------  ------
Inma-16 (290.0 m)      212.75-217.15      4.40        4.30     8.6     237
                       -------------  --------  ----------  ------  ------
Inma-17 (270.2 m)       226.4-229.0       2.60        2.20     1.1      39
                       -------------  --------  ----------  ------  ------
Inma-18 (173.25 m)      104.7-107.1       2.40        2.10    12.0     115
                       -------------  --------  ----------  ------  ------
Inma-19 (230.05 m)      156.0-163.75      7.75        7.20    16.7     294
                       -------------  --------  ----------  ------  ------
Inma-20 (165.10 m)     127.65-132.0       4.35        4.00     3.6      48
                       -------------  --------  ----------  ------  ------
Inma-21 (230.10 m)     161.55-164.70      3.15        3.00     1.2       8
                       -------------  --------  ----------  ------  ------
Inma-22 (180.0 m)      104.60-110.55      5.95        5.50     2.7      41
                       -------------  --------  ----------  ------  ------
Inma-23 (227.25 m)      155.0-162.85      7.85        7.00     4.7      87
     and                155.0-159.0       4.00        3.60     7.3     123
                       -------------  --------  ----------  ------  ------

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