TORONTO , ONTARIO--VenCan Gold ("Vencan") (TSX VENTURE:VCG) is pleased to announce that test drilling on the Fern Elizabeth Property, located in the Atikokan area of Northern Ontario, has demonstrated some significant gold values.  Drill hole VC-08-01 intersected 12.2 grams/tonne over 1.5 meters, averaging 7.6 grams/tonne over 3.0 meters.

The initial phase of this diamond drill test program consisted of eight holes, totaling 1,490 meters and focused, initially, in the area of the old mine workings on the Fern Elizabeth Property.  

The purpose of this initial phase of drilling was to test a tonalite intrusive - volcanic contact in the vicinity of the old Fern Elizabeth mine workings which, in the past, had displayed significant gold values associated with distinct alteration, quartz veining and commonly visible gold.

Highlights

• VenCan intersected 12.2 grams/tonne over 1.5 meters in VC-08-01, averaging 7.6 grams/tonne of gold over 3.0 meters

The initial six holes targeted, and intersected the well-defined contact zone, which can be traced from hole to hole. The lack of consistent gold assays is interpreted to not being able to intersect a relatively steep plunging gold bearing structure associated with the contact zone.

New Zone

The eighth hole of the program tested an arsenic in-soil geochemical anomaly in an area that had seen little if any exploration work in the past. The hole intersected a zone of highly sheared rocks containing abundant multi-generation quartz veins. This included chloritized meta-volcanic rocks, serecite schists and narrow zones of bedded pyrite along with quartz. Fuchsite was a common constituent of the rocks. Although, no gold mineralization of economic consequence was defined, many of these features are reminiscent of major structural breaks that are associated with major gold deposits. The Company is ardently planning further work in this area to explore this favorable geological environment.

2008 Exploration Program

Ground geophysical surveys, additional soil sampling, geological mapping and prospecting are planned for the late spring/early summer of 2008.

A full-scale diamond drill program will follow after analysis of the data, and will test several remaining and new high-priority targets within the Fern Elizabeth Property.

Technical Summary
A summary of assays from the test drilling is listed in the table below:

Au = Gold         g/t = grams per tonne      NSV = No Significant Values

A seventh hole drilled 800 meters to the NNE of the old mine site did not intersect any gold values of interest.

An appropriate QAQC program was in place, which consisted of inserting standards, duplicates and blanks randomly within the sample stream. This program ensured accuracy of analytical and assay data from the commercial laboratory. ALS Chemex in Thunder Bay was contracted to complete all the assay and analytical work.

The drill program was managed by Doug Cruickshank, P. Geo. of Taiga Consultants.
Drilling was conducted by Cartwright Drilling based out of Goose Bay, Labrador.

About the Fern Elizabeth Property

The Fern Elizabeth Property totals 17.8 km� in size, containing 26 claim blocks and leases with excellent infrastructure, including both boat and all-weather road access. The Property also benefits from a very close proximity to The Valerie Falls Power Generating Plant.

The Fern Elizabeth Property is located 9 kilometers northwest of the town of Atikokan, which is approximately 200 kilometers west of Thunder Bay. The area has a rich mining and exploration heritage and was a major iron-mining center in Northern Ontario through the mid 1970's. This historic gold property contains very high-grade samples of visible gold (to see these visuals, please visit the Company's website at www.vencan.com).

Bill Nielsen, P.Geo., Director, is the designated qualified person for the technical information contained in this press release.

WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.

For further information: please contact
Brent Nykoliation, Director of Business Development
(416) 364-7024, (416) 364-2753 (FAX)
bnykoliation@vencan.com;
Website: www.vencan.com

or

J. A. Kirk McKinnon, President and Chief Executive Officer
Richard Schler, Vice President  & CFO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.