Ventura Gold Corp.

Ventura Gold Corp.

December 18, 2006 12:31 ET

Ventura Terminates Option on Navelgas Property, Spain; Drilling Program Completed at Cottonwood Peak, Nevada

SCOTTSDALE, ARIZONA--(CCNMatthews - Dec. 18, 2006) -

Navelgas Property, Spain

Ventura Gold Corporation ("Ventura") (TSX VENTURE:VGO) announces that it has terminated its option rights under a June 2005 letter agreement (as amended) with the property holder, Rio Narcea Gold Mines Ltd. ("Rio Narcea") for the Navelgas gold property (the "Property") located in the province of Asturias in northwestern Spain.

Under the terms of the letter agreement with Rio Narcea, Ventura had an option to earn a 51% to 66% interest in the Property by incurring certain exploration and related expenditures over time. Rio Narcea was the operator of the Property during the period of Ventura's option.

Ventura's decision to terminate the letter agreement was based primarily on the continuing unfavorable permitting climate for exploration and mining projects in the province of Asturias, where exploration drilling on the Property has been halted over the past year due to issues related to the granting of exploration permits by the regulatory authorities.

Cottonwood Peak Property, Nevada, USA

The Cottonwood Peak gold-silver property (the "Property") is located in northern Nevada, approximately 45 miles northwest of Elko and nine miles west of Queenstake Resources' Jerritt Canyon gold mine.

Ventura has completed a core drilling program comprising 10 drill holes totaling 2,236 meters. This initial drill program tested anomalous gold-silver and trace element geochemical values and geophysical anomalies over an extensive zone of argillic alteration with local zones of silicification (jasperoid), close to the contact of an intrusive and the adjacent volcanics. Initial assay results from the drill program are expected to be available in January 2007.

The Property hosts a low-sulfidation epithermal system containing precious metal values that range from trace amounts up to 10.2 g/t gold and 525 g/t silver in surface rock grab samples, typically from quartz veins or fractured volcanic rocks.

Ventura can earn up to a 70% interest in the Property from Zappa Resources Ltd. ("Zappa") by issuing 350,000 common shares to Zappa over a three year period, by spending a minimum of US$500,000 on exploration or development over the same three year period, and by completing a feasibility study within a six year period.

Ventura's drilling program is being conducted under the supervision of its Qualified Person, consulting geologist Alan Wright, RPG.


Stephen J. Kay, President/CFO

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