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Ventana updates capital structure and annouces discovery of new zone

Thursday, July 9th, 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 O’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.

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