Ventana Announces Positive Scoping Study Results for La Bodega Project, Colombia

Ventana Gold Corp. is pleased to announce an initial independent NI 43-101 compliant mineral resource estimate and the scoping study results for its 100% owned La Bodega gold project in the California gold distrig m t vibration mountings south africact of northern Colombia.

The scoping study and initial resource calculation work represent the aggregate technical analysis conducted to-date on a portion of the La Bodega and La Mascota mineralized zones that exist within Ventana’s La Bodega project. All figures are in US Dollars except as otherwise noted.

Highlights of the report include:

• Average annual production for the first six full years of 347,000 gold equivalent (AuEq)* ounces, which is comprised of 301,000 ounces of gold, 1.4 million ounces of silver and 6.9 million pounds of copper


• Average cash costs of $322 per ounce of gold for the first six full years, net of silver and copper byproduct credits


• Pre-tax internal rate of return (IRR)* of 34%


• Estimated start-up capital cost of $297 million


• Pre-tax net present value (NPV)* (5%) of $807 million


• Inferred mineral resource of 3.5 million ounces of gold, 19.2 million ounces of silver and 84.6 million pounds of copper


• Mine life of 14 years at a planned production rate of up to 7,500 tonnes per day
  
  
  
  • Additional opportunities:Resource expansion from ongoing drilling with surface exploration drills focusing on La Baja, Las Mercedes, Aserradero, and the gap area between the La Bodega and La Mascota zones
  
  
  • Resource expansion from underground drilling to explore deep extensions of the ore body past the current depth of the mineral resource
  
  
  • Improved mineral recovery from metallurgical optimization work conducted at a site-based pilot processing plant
  
  
  • Increased production from further exploration and development of the known areas of mineralization
  
  
  
  

* based on $1,000 per ounce gold price, $17 per ounce silver price and $3.00 per pound copper price.

“The scoping study results and resource estimate for La Bodega demonstrate the robust economics and value this project has to offer,” said Stephen Orr, President and Chief Executive Officer of Ventana Gold.

“These results confirm our belief that the La Bodega project is one of the most exciting emerging gold deposits in South America. Concurrent with on-going exploration efforts to upgrade and expand the resource, we will now focus on completion of the feasibility to bring Ventana closer to becoming Colombia’s leading precious metals producer.”