Ventura Reports First Quarter Financial Results

• Press Release
• Source: Ventura Gold Corp.
• On 6:57 pm EDT, Tuesday September 1, 2009

SCOTTSDALE, Az.--(BUSINESS WIRE)--Ventura Gold Corp. (“Ventura” or the “Company”)(TSX-V: VGO - News) completed its fiscal first quarter ended June 30, 2009, with $1.4 million in cash and aggregate working capital of $0.6 million.

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The following are some highlights for the first quarter and subsequently for Ventura:

• The Company realized a net loss for the quarter of $11,498 as general and administrative expenses of $241,578 were mostly offset with a foreign exchange gain, an unrealized gain on securities held-for-trading and interest income.

• On April 20, 2009, the Company announced that it has elected to earn an additional 19% participating interest in the Inmaculada gold-silver project in Peru and increase its aggregate interest from 51% up to 70% by solely funding and completing a feasibility study. The Company notified its joint venture partner, Hochschild, that it intends to deliver a feasibility study on the project by September 27, 2013, in order to exercise its option to earn the additional 19% interest.
• Subsequent to the end of the quarter on July 2, 2009, the Company announced that it commenced the 2009 drill program on Inmaculada. The Company further announced that it had budgeted $1.6 million to complete a 7,000-meter (“m”), 22 core hole drill program and had, as of that date, completed the first of two drill holes on the Angela Vein. At the Angela Vein, the Company is conducting a 5,000 m drill program to expand the known mineral resource estimate, extend the vein laterally as well as to further define some of the feeder zones that are open at depth. As of June 30, 2009, the Company had expended cash of approximately $300,000 for the drilling completed as of that date.
• Subsequent to the end of the quarter on August 27, 2009, the Company announced that Angela Vein drilling on the Inmaculada Project was completed for eight core holes totalling 3,590m. Highlights of the best drill intersections from the first seven holes, all representing estimated true widths and average uncut grades, include:
  • 11.0 m at 4.1 gpt gold and 324 gpt silver in drill hole Inma-61including 4.5m at 6.7 gpt gold and 554 gpt silver;
  • 3.0m at 4.0 gpt gold and 230 gpt silver in drill hole Inma-56.

Assay results for the final holes are still pending. The drill results have extended the Angela Vein’s strike length by an additional 200m to more than 1,100m and by 160m to a depth of as much as 460m below surface. The deposit remains open at depth and along strike to the northeast. These drill results, which are outside of the boundary for the current inferred resource estimate, are expected to be used in the calculation of an updated mineral resource estimate anticipated for early 2010 following the completion of 2009 drilling. (See the Company’s news release of August 27, 2009 for the updated longitudinal section and appendix of summary assay results.)

• The Company issued 400,000 common shares on April 15, 2009, to Hochschild with a value of $89,600 as required under the terms of the earn-in-agreement to complete the acquisition of a 51% joint venture interest in the Inmaculada Project.

Net loss for the quarter ended June 30, 2009, was $11,498 (2008-$92,138). The largest components of the quarterly loss are salaries, administrative and management services fees, non-cash stock based compensation expenses and professional fees. The expenses for the quarter were largely offset by a foreign exchange gain, unrealized gain on securities held-for-trading and interest income. (Please refer to the Company’s financial statements, notes and filings on www.sedar.com for further details.)

Table 1: Summary of Quarterly Results (unaudited except for periods ending March 31)

Outlook

The Company completed the first quarter with $1.4 million in cash and cash equivalents, aggregate working capital of $0.6 million and securities held-for-trading with an aggregate market value of $0.1 million as of June 30, 2009. The Company has commenced the 2009 drill program on Inmaculada with a 7,000m drill program budgeted at $1.6 million funded by working capital. The Company is exploring financing alternatives sufficient in size to allow completion of the 2009 drilling program and provide working capital. It is likely that additional financing in the form of equity or a line of credit will be required within the next six months in order to further advance the Inmaculada property.

The Company continues to monitor its investments (public and private companies) and will be highly selective in making any significant new investments in the current environment, in order to preserve cash. The Company does not anticipate any of its private company holdings will proceed with an Initial Public Offering (“IPO”) until the general equity markets improve.

The objectives of the Company for the immediate future are to:

• Complete the 7,000m core drilling program at Inmaculada and produce a new NI 43-101 resource estimate by calendar year end, subject to arranging required financing.
• Actively seek partners to pursue potential business combinations that involve gold-silver projects and that provide diversification in properties, country risk, exploration/production stage, etc. to complement the Company’s staff, assets and shareholder base.
• Locate potential joint venture partners and complete farm out or joint venture arrangements for the Gold Gulch copper-gold project, the Cottonwood Peak gold project and the Del Oro gold project, all in the USA.
• Pursue new exploration project acquisitions to expand the exploration pipeline.
• Continue to develop relationships with those companies and management groups that have unique capabilities that are complementary to those of the Company.
• Seek additional new financing for the Company to further advance the Inmaculada property and to provide corporate working capital.

About Ventura

Ventura is an exploration and development company focused on expanding the NI 43-101 compliant initial resource estimate at its 51%-owned Inmaculada gold-silver project in Peru and advancing it towards a feasibility study. Ventura also uses its business alliances through its strategic investments with pre-IPO exploration companies and listed junior companies with exploration properties in some of the major gold belts around the world (currently holding nine equity investments.)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.

Ventura Gold Corp.
Wendy Yang, 303-357-4863
Investor Relations
www.venturagold.com