Valencia Ventures to Update Mt. Bundy Gold Project Feasibility
TORONTO, ONTARIO–(Marketwire – June 26, 2008) – Valencia Ventures Inc. (TSX VENTURE:VVI) (“Valencia”) today announced that a letter of engagement has been signed with GBM Minerals Engineering Consultants Ltd. (GBM) to conduct an update of the previous feasibility study completed by GBM (in 2006) on the Mt. Bundy (Rustler’s Roost) gold project located in the Northern Territory, Australia. The objective of the original feasibility study was to evaluate the economic viability of the Mt. Bundy project and to identify various development options. (See press release dated May 8, 2006.) The upcoming report is expected to be completed by the beginning of August and will comprise an update of the capital and operating costs, along with an economic analysis of the Mt. Bundy project utilizing the current gold price and exchange rates. “The updated feasibility study will provide management and shareholders with a better understanding of the potential of the Mt. Bundy gold project given today’s market conditions. Based on this analysis, management will be better prepared to execute on a development strategy,” stated John Begeman, President and CEO of Valencia Ventures Inc. In February 2008, Valencia announced that it had signed a letter of intent with Valere Mining Limited to transfer the Mt. Bundy project to a gold company dedicated to gold exploration and development in Australia. Both companies continue to work towards completing this transaction in the near term. About Valencia Ventures Valencia Ventures is a Canadian resource company that is focused on the exploration and development of silver and gold properties, including the Cachinal and Juncal silver projects in Chile. With a focus on silver and gold exploration in the Americas, the Company also has a number of property acquisitions under consideration. Forward-Looking Statements This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements regarding the update of the feasibility study, conclusions thereof and the assumptions and parameters underlying the feasibility study and the completions of the proposed sale of the Mt. Bundy gold project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters, future prices of mineral prices; and risks of the mining industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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