Ventura Gold Corp.

Ventura Gold Corp.

February 28, 2005 18:33 ET

Ventura Reports Third Quarter Financial Results; Update on Reinstatement as Tier 2 Issuer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VENTURA GOLD CORP.

TSX VENTURE SYMBOL: VGO

FEBRUARY 28, 2005 - 18:33 ET

Ventura Reports Third Quarter Financial Results;
Update on Reinstatement as Tier 2 Issuer

SCOTTSDALE, ARIZONA--(CCNMatthews - Feb. 28, 2005) - Ventura Gold Corp.
(formerly EPICentrix Technologies, Inc.) (the "Company") (TSX
VENTURE:VGO) has filed on SEDAR its interim unaudited financial
statements and management discussion and analysis for its third quarter
ended December 31, 2004. Highlights of these financial statements are
discussed below (all amounts are reported in US Dollars except as
otherwise indicated):

- The consolidated net loss for the current three-month period ended
December 31, 2004 was $23,192 (($0.01) per share) compared to income of
$338,537 ($0.01 per share) for the same period in 2003. During the same
period in 2003, the Company realized a net gain of $339,873 on the sale
of software technology assets and the assumption by the purchaser of
certain liabilities due to a former director, a former officer and
various former employees. Without the inclusion of this gain the net
loss in 2003 would be on a comparable basis to the current period.

The consolidated net loss for the nine-month period ended December 31,
2004 was $243,975 (($0.01) per share) compared to the prior period
income of $173,880 ($0.01 per share) for the reasons explained above.

- Capitalized mineral property expenditures for the current quarter
increased by $31,027 to $52,967 compared to $Nil for the same quarter
and nine-month period last year. The increase in the current quarter is
due to additional expenditures on the recently acquired Vetaspata gold
property in southern Peru under the terms of the earn-in agreement with
International Minerals Corporation ("IMC"). Please see the Company's
news release dated July 22, 2004.

- Cash increased from $Nil at March 31, 2004 to $1,183,984 as of
December 31, 2004 primarily as a result of advanced share subscriptions
in the amount of $1,095,500 related to a non-brokered private placement
financing of Cdn$2.0 million that was closed subsequent to the current
period end, together with additional gross proceeds of $250,000 from an
earlier non-brokered private placement which closed in April 2004.

- The working capital for the nine-month period increased by $1,138,850
from a deficiency of $620,909 at year-end March 31, 2004 to a positive
$517,941 as of December 31, 2004, primarily due to the injection of
funds from the financing activities described above.

On November 1, 2004, the Company was notified by the TSX Venture
Exchange ("TSX-V") that the Company's reinstatement as a Tier 2 issuer
on the TSX-V from its listing on the NEX board of the TSX-V would be
subject to the delivery of a sponsorship report by a Canadian brokerage
house. Integral to the reinstatement as a Tier 2 issuer was the
approval by the TSX-V for a change of business from the technology
sector to the mineral resource sector, completion of the Vetaspata
property acquisition with IMC and the closing of the Cdn$2.0 million
non-brokered private placement. Canaccord Capital of Vancouver was
engaged by the Company on November 9, 2004 and provided the required
sponsorship report to the TSX-V. Regulatory approvals were received for
all of the transactions on January 31, 2005 and the Company's shares
were reinstated on Tier 2 of the TSX-V under the symbol "VGO" on
February 1, 2005.

ON BEHALF OF THE BOARD

Stephen J. Kay, President/CFO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ventura Gold Corp.
    Terri Kasten
    (480) 483-9932
    (480) 483-9926 (FAX)
    skay@globalcrossing.net
    The TSX Venture Exchange neither approves nor disapproves the
    information contained in this News Release.