Ventura Gold Corp.
TSX VENTURE : VGO

Ventura Gold Corp.

October 31, 2006 15:40 ET

Ventura Updates Status of Cdn$6.0 Million Private Placement

SCOTTSDALE, ARIZONA--(CCNMatthews - Oct. 31, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS

Ventura Gold Corp. ("Ventura") (TSX VENTURE:VGO) reports that it expects to close the previously-announced Cdn$6.0 million non-brokered private placement (see news release dated September 18, 2006) within the next two weeks, upon receipt of final documentation from all of the subscribers to the placement. Cdn$5.95 million of the total subscription amount of $6.0 million has already been received.

The transaction has received conditional approval by the TSX Venture Exchange ("TSX-V"), subject to closing of the transaction by November 15, 2006 and the receipt by the TSX-V of the necessary documentation and fees. A news release will be issued by Ventura immediately upon closing.

Under the agreed-upon terms for the private placement, Ventura will issue a total of 24 million units (the "Units") at a price of Cdn$0.25 per Unit. Each Unit consists of one common share (the "Shares") and one half of a share purchase warrant (the "Warrants"), with each whole Warrant entitling the holder to purchase one additional common share at Cdn$0.40 at any time up to two years from the date of closing of the private placement. An arm's length finder's fee of 2% of the gross proceeds will be paid in Units with respect to the placement.

Proceeds from the financing will be used by Ventura for further evaluation (including drilling) of its precious metal properties in the USA and Spain, for new acquisitions, and for working capital for general corporate purposes.

The Units, Shares and Warrants (together with the common shares issuable upon the exercise of the Warrants) have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration under such Act or compliance with an applicable exemption from such registration requirements. This press release is not an offer of, or the solicitation of an offer to buy, the Units, the Shares or the Warrants in the United States.

ON BEHALF OF THE BOARD

Stephen J. Kay, President


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

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