VENTANA UPDATES CAPITAL STRUCTURE AND ANNOUNCES
DISCOVERY OF NEW ZONE
Vancouver, B.C., July 8,
2009 �Ventana Gold Corp. (TSX: VEN) (Ventana or the Company) has
received proceeds of $10 million from the exercise of warrants in the last month,
increasing the Company�s cash position to approximately $17 million. Ventana
now has 86.2 million shares outstanding.
In addition, Ventana has
initiated drilling with three new rigs at the La Bodega property this week, for
a total of six rigs on site.
The Company has also
discovered a new area on the La Bodega property called Aserredero, located
approximately 500 metres southeast of the La Mascota zone. Aserredero has been
defined by a 200 metre long by 50 to 75 metre wide mobile metal ion (MMI) soil
anomaly. The same soil anomaly also contains a coincident IP-resistivity
geophysical anomaly which further enhances the interest in this area. Initial
rock sampling from the limited outcroppings also returned encouraging values of
gold mineralization with the results of 19 samples ranging up to 4.22 grams per
tonne gold.
The La Bodega property
hosts the La Bodega zone, which covers a strike length of 350 meters and has
been drilled to 250 meters depth. Mineralized intercepts on the La Bodega zone
range from 60 to 140 metres in width. The La Bodega property also hosts the La
Mascota zone, a higher-grade system lying 250 metres southwest of the La Bodega
zone. La Mascota has been defined to a depth of 100 metres down-dip along a
strike length of 725 metres, with estimated true composite widths of 20 to 80
metres, and remains open for expansion in all directions. Ventana has acquired
two additional blocks of land that together provide an additional 1.3
kilometres of land immediately on strike to the existing mineralized zone.
Ventana CEO Richard Warke
said: Ventana has a strong cash position and is in an excellent position to
complete our current round of drilling, which is focused on expanding the
boundaries of the high-grade La Mascota zone. Our focus is on infill and deeper
drilling within the limits of the existing area, as well as step-out drilling
on the newly acquired Coloro land package that lies immediately adjacent to the
southwest of the La Mascota zone.
Review by Qualified
Person, Quality Control and Reports
Results of the Company�s
drilling program have been reviewed, verified, and compiled by Ventana�s VP of
Exploration Jon Lehmann, L.P.G., a Qualified Person for the purpose of National
Instrument 43-101 (NI 43-101). Mr. Lehmann has over 25 years of mineral
exploration experience, is a Licensed Professional Geologist in the state of
Washington and a member in good standing of the Canadian Institute of Mining
and Metallurgy.
To ensure reliable sample
results Ventana has a rigorous QA/QC program in place that monitors the
chain-of-custody of samples and includes the insertion of blanks, duplicates,
and certified reference standards in each batch of samples. Core is
photographed and sawed in half with one half retained in a secured facility for
verification purposes. Sample preparation (crushing and pulverizing) is
performed at an independent local laboratory established by a joint effort
between the regional environmental permitting agency (CDMB) and the German
Geological Survey, and at the Colombian preparation laboratory of Inspectorate
Laboratories, a worldwide ISO 9001:2001 certified laboratory. Prepared samples
are direct-shipped to ACME Analytical Laboratories in Vancouver, B.C., an ISO
9001:2000 certified laboratory, for analysis. Pulp splits of mineralized
intervals are re-assayed at an independent referee laboratory, Inspectorate
America Corp. in Reno, Nevada.
Updated, independent NI
43-101 technical reports were prepared in June 2008 by EurGeol Miller Prey,
PGeo, for the La Bodega property and the nearby California-Vetas property to
provide a current review of exploration activities.
About Ventana
Ventana is a
Vancouver-based mineral exploration and development company with rights to
4,573 hectares of exploration property in northeastern Colombia. Ventana is
currently drilling at the La Bodega property with a focus on expanding the
high-grade La Mascota zone. The Company�s shares trade on the Toronto Stock
Exchange under the symbol VEN.
For additional information
please visit http://www.ventanagold.com/ or contact:
Meghan Brown, Investor
Relations Manager
tel: (604) 638-2002
email:
mbrown@ventanagold.com
Cautionary
Note Regarding Forward-looking Statements
Certain of
the statements and information in this news release constitute
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws relating to the Company and its properties.
All statements, other than statements of historical fact, are forward-looking
statements when used in this news release, including information relating to:
the estimated recovery of gold from mineralized material extracted and
processed from the Company’s property; the receipt of initial results from
the metallurgical testing program to be commenced on ore from the La Bodega
project; and engineering programs on the La Bodega project. These statements
reflect Ventana’s current views with respect to future events and are
necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant
uncertainties and contingencies, including geological and technical results
from the Company’s property. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements. Although Ventana has attempted to
identify important factors that could cause actual results to differ materially,
there may be other factors that cause results not to be as anticipated,
estimated, described or intended. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in circumstances or
any other events affecting such statements or information, other than as
required by applicable law.