Ventura Reports Fiscal Second Quarter Financial Results

• Press Release
• Source: Ventura Gold Corp.
• On 8:30 am EST, Tuesday December 2, 2008

SCOTTSDALE, AZ--(MARKET WIRE)--Dec 2, 2008 -- Ventura Gold Corp. (the "Company") (CDNX:VGO.V - News) finished the fiscal second quarter with $3,887,128 in cash, aggregate working capital of $3,930,577, long-term investments of $1,329,819 and securities held for trading with a market value of $447,740. (All amounts are reported in US dollars except as otherwise indicated.)

Related Quotes

Symbol	Price	Change
VGO.V	0.45	0.00

{"s" : "vgo.v","k" : "c10,l10,p20,t10","o" : "","j" : ""}

VGO continued to make significant progress in implementing its business strategy, including the following highlights for the six month period ended September 30, 2008 and an update through November 17, 2008:

 
--  Completed a third round of core drilling on the Angela Vein at the
    Inmaculada silver-gold project in Southern Peru.  The Angela Vein has now
    been confirmed along a strike length of more than 800 meters ("m"), and to
    a depth of as much as 300m below surface.

--  Commenced preparation of a National Instrument 43-101 technical report
    on the Angela Vein at the Inmaculada Project.  The complete report,
    including initial resource estimates, should be completed by calendar year
    end 2008.

--  Subsequent to the end of the quarter, the Company completed an
    aggregate of 15,050m of drilling-to-date at the Inmaculada Project and has
    satisfied the work commitment obligations under the terms of its earn-in
    agreement to acquire a 51% joint venture interest in the Inmaculada Project
    from the owner Hochschild Mining plc ("Hochschild").  The Company informed
    Hochschild on November 11, 2008 of the completion of the work commitment
    and Hochschild has 30 days to review the detailed evidence provided by the
    Company of the completion of the required 15,000m of drilling.  Upon
    Hochschild's acceptance that the drilling has been completed, Hochschild
    will have a 90-day period during which it can exercise its right to back-in
    to a 60% interest in the project with a payment of three times the
    Company's exploration expenditures (approximately $12 million).  The
    Company expects that the 90-day back-in period will begin in mid-December
    2008.

--  Subsequent to the end of the quarter in late-October 2008 and upon
    completion of the drilling work commitment to earn-in and acquire a 51%
    interest at the Inmaculada Project, the Company reduced exploration
    activities at the Inmaculada Project until the respective partner's back-in
    right periods have elapsed.  The reductions in exploration staff, camp
    support and logistics have been completed and coincide with the usual
    suspension of activity for the January through April rainy season.  Holding
    costs for the Inmaculada Project are minimal and provide for site security
    and the concessions' maintenance.

--  The Company continues to solicit interest from potential joint venture
    partners to advance its Del Oro, Gold Gulch and Cottonwood Peak gold
    exploration properties in Nevada and Arizona.

Net loss for the six month period ended September 30, 2008 was $1,239,985, which was largely the result of a $511,835 unrealized loss on securities held for trading due to the current market conditions and $71,115 in foreign exchange losses as the Company primarily held its cash and cash equivalents in Canadian dollars while the US dollar strengthened against the Canadian dollar.

Outlook

Within the calendar first quarter of 2009, the Company expects to be notified by Hochschild as to whether Hochschild will exercise its back-in right to acquire an additional 11% interest in the Inmaculada project (60% Hochschild in total). Depending on the outcome of the Hochschild back-in right, the Company will evaluate its position and all options available for the Inmaculada project. The Company expects that by April 2009 the various back-in and related rights will have expired and the Company will be in a position to better plan for the future of the project and have some assurance as to its ownership percentage, operatorship responsibilities and the composition of the joint venture with Hochschild.

The Company remains well financed. Monthly cash expenditures throughout the Company have been minimized, specifically to await the expiry of the Hochschild back-in rights period on the Inmaculada Project in April 2009. It is anticipated that the available cash reserves will be sufficient to finance the Company's planned exploration and investment activities for the current fiscal year.

The Company will reassess its financial position following Hochschild's back-in right decision in determining the work needed to advance the Inmaculada Project. In regards to the strategic equity investment part of the Company's business plan, the Company continues to monitor its investments (public and private companies) and does not expect to make any new investments in the current market environment in order to preserve cash to advance its Inmaculada Project. The Company does not anticipate any of its private company holdings to proceed with an Initial Public Offering until the general equity markets improve.

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

 
--  Complete all requirements to earn-in a 51% interest on the Inmaculada
    Project.

--  Temporarily suspend investing in new private equities in order to
    focus on the Inmaculada Project in calendar 2009.

--  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.

Ventura Gold Corp. is a TSX Venture Exchange-listed, United States-based, precious metals exploration and development company. In addition to exploration projects in Peru, Arizona and Nevada, Ventura has at the quarter ended September 30, 2008 approximately $1.8 million in strategic investments in emerging exploration companies with exposure to projects in Mexico, Colombia, Ecuador, Panama, Indonesia and Africa.

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

Cautionary Statement:

Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding cash expenditures and financial position, mineral resource additions, timing and findings of a technical report, and any potential for exercise of back-in rights by the partner or further earn-in by the Company. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to risks relating to estimates of mineral resources; risks relating to obtaining mining and environmental permits; mining and development risks; risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties detailed in the Company's most recent Management Discussion and Analysis, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 
VENTURA GOLD CORP.
CONSOLIDATED BALANCE SHEETS
(Expressed in United States Dollars)
(Unaudited - Prepared by Management)

                                              September 30,      March 31,
                                                       2008           2008
                                              -------------  -------------
                                                                  (Audited)

ASSETS

Current
  Cash and cash equivalents                   $   3,887,128  $   7,022,533
  Receivables                                         5,290          9,007
  Securities held for trading                       447,740        959,577
                                              -------------  -------------

                                                  4,340,158      7,991,117

Reclamation bonds                                    25,585         25,585
Mineral properties and deferred exploration
 costs                                            7,053,894      4,797,298
Long-term investments                             1,329,819      1,029,819
                                              -------------  -------------

                                              $  12,749,456  $  13,843,819
                                              =============  =============


LIABILITIES AND SHAREHOLDERS' EQUITY

Current
  Accounts payable and accrued liabilities    $      10,727  $     116,077
  Accounts payable to related parties               149,265         71,277
  Loans payable                                     249,589        245,318
                                              -------------  -------------

                                                    409,581        432,672
                                              -------------  -------------

Shareholders' equity
  Capital stock                                  18,058,656     18,005,765
  Contributed surplus                               938,697        822,875

  Deficit                                        (6,657,478)    (5,417,493)
                                              -------------  -------------

                                                 12,339,875     13,411,147
                                              -------------  -------------

                                              $  12,749,456  $  13,843,819
                                              =============  =============







VENTURA GOLD CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(Expressed in United States Dollars)
(Unaudited - Prepared by Management)

                     Three Month   Three Month     Six Month     Six Month
                    Period Ended  Period Ended  Period Ended  Period Ended
                    September 30, September 30, September 30, September 30,
                            2008          2007          2008          2007
                    ------------  ------------  ------------  ------------

EXPENSES
  Administration
   and management
   services         $     93,987  $     58,027  $    162,483  $     92,886
  Bank charges and
   interest                5,555        38,085         8,991        38,864
  Consulting               2,368         1,500        37,553        20,632
  Exploration costs       15,017         6,480        19,846        14,686
  Interest on loans
   payable                 2,129         3,487         4,270         6,963
  Investor
   relations               2,488             -         9,294             -
  Office and
   miscellaneous           4,772         9,708        14,363        11,235
  Professional fees       36,128        35,128        59,541        47,118
  Rent and
   utilities              18,123        22,369        35,514        25,285
  Salaries               133,985        74,375       210,514       108,886
  Shareholder
   information             3,718         4,578         5,007         4,578
  Stock-based
   compensation           58,106        58,112       116,213       134,379
  Transfer,
   exchange and
   filing fees             3,721         5,155         6,025         9,156
  Travel and
   related                12,763        16,003        19,801        20,111
                    ------------  ------------  ------------  ------------

                        (392,860)     (333,007)     (709,415)     (534,779)
                    ------------  ------------  ------------  ------------

OTHER ITEMS
  Foreign exchange
   gain (loss)          (338,687)      220,098       (71,115)      544,179
  Interest income         24,590        61,717        52,380        86,671
  Unrealized gain
   (loss) on
   securities held
   for trading          (440,890)      118,935      (511,835)      245,298
                    ------------  ------------  ------------  ------------

                        (754,987)      400,750      (530,570)      876,148
                    ------------  ------------  ------------  ------------

Income (loss) for
 the period           (1,147,847)       67,743    (1,239,985)      341,369

Deficit, beginning
 of period            (5,509,631)   (4,012,914)   (5,417,493)   (4,286,540)
                    ------------  ------------  ------------  ------------

Deficit, end of
 period             $ (6,657,478) $ (3,945,171) $ (6,657,478) $ (3,945,171)
                    ============  ============  ============  ============

Basic and diluted
 earnings (loss)
 per common share   $      (0.01) $       0.01  $      (0.01) $       0.03
                    ============  ============  ============  ============

Weighted average
 number of common
 shares outstanding  136,424,296   118,453,791   136,407,443   118,435,261
                    ============  ============  ============  ============







VENTURA GOLD CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in United States Dollars)
(Unaudited - Prepared by Management)

                     Three Month   Three Month     Six Month     Six Month
                    Period Ended  Period Ended  Period Ended  Period Ended
                    September 30, September 30, September 30, September 30,
                            2008          2007          2008          2007
                    ------------  ------------  ------------  ------------

CASH FLOWS FROM
 OPERATING
 ACTIVITIES
  Income (loss) for
   the period       $ (1,147,847) $     67,743  $ (1,239,985) $    341,369
  Items not
   affecting cash:
    Interest
     accrued on
     loans payable         2,129         3,486         4,270         6,963
    Stock-based
     compensation         58,106        58,112       116,213       134,379
    Unrealized gain
     on warrants          (1,628)            -       (71,402)            -
    Unrealized
     (gain) loss on
     securities
     held for
     trading             442,520      (118,935)      583,239      (245,298)

  Changes in
   non-cash working
   capital items:
    Increase in
     receivables          (3,919)          954         3,717         2,533
    (Increase)
     decrease in
     advances                  -        76,497             -        19,093
    Increase
     (decrease) in
     payables and
     accrued
     liabilities         (48,613)        7,607       (91,877)       36,957
    Increase
     (decrease) in
     payables to
     related
     parties             (22,023)      103,501       (23,225)       41,067
                    ------------  ------------  ------------  ------------

  Cash provided by
   (used in)
   operating
   activities           (721,275)      198,965      (719,050)      337,063
                    ------------  ------------  ------------  ------------

CASH FLOWS FROM
 FINANCING
 ACTIVITIES
  Issuance of
   capital stock               -         2,380         2,500         7,074
                    ------------  ------------  ------------  ------------

  Cash provided by
   financing
   activities                  -         2,380         2,500         7,074
                    ------------  ------------  ------------  ------------

CASH FLOWS FROM
 INVESTING
 ACTIVITIES
  Long-term
   investments                 -             -      (300,000)     (614,516)
  Mineral property
   reclamation bond            -             -             -        (3,639)
  Mineral
   properties and
   deferred
   exploration
   costs              (1,177,263)     (720,065)   (2,118,855)     (197,278)
                    ------------  ------------  ------------  ------------

  Cash used in
   investing
   activities         (1,177,263)     (720,065)   (2,418,855)   (1,535,499)
                    ------------  ------------  ------------  ------------

Decrease in cash
 and cash
 equivalents during
 the period           (1,898,538)     (518,720)   (3,135,405)   (1,191,362)

Cash and cash
 equivalents,
 beginning of
 period                5,785,666     4,441,463     7,022,533     5,114,105
                    ------------  ------------  ------------  ------------

Cash and cash
 equivalents, end
 of period          $  3,887,128  $  3,922,743  $  3,887,128  $  3,922,743
                    ============  ============  ============  ============
Cash and
 equivalents is
 comprised of:
  Cash              $  1,087,616  $  3,919,250  $  1,087,616  $  3,919,250
  Short-term
   commercial paper    2,799,512         3,493     2,799,512         3,493
                    ------------  ------------  ------------  ------------
                       3,887,128     3,922,743     3,887,128     3,922,743
                    ============  ============  ============  ============

     For additional information, contact
     Investor Relations:
     Wendy Yang
     Tel: (303) 357-4863
      
     Eric Edwards
     President and CEO
     Tel: (303) 357-4861