VenCan Announces Proposed Brokered and Non-Brokered Private Placement

TORONTO, July 24 /CNW/ - VenCan Gold Corporation (VCG-TSXV) announces a proposed brokered and non-brokered private placement financing of up to $650,000 comprising a total of up to 13,000,000 common shares to be sold at $0.05 per share and issued on a flow-through basis. No warrants are being issued. All securities issued in conjunction with the offering are subject to a hold period, which expires four months after closing.

Proceeds of the financing will be used for exploration, property acquisition and general working capital.

VenCan Gold Corporation's current exploration focus is Ontario where it has three properties - Abitibi West, Moffatt and Mt. Logano. VenCan Gold maintains its website http://www.vencan.com with corporate information, reports and images of its exploration projects.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Contacts

Brent Nykoliation
Director of Business Development
Ph: (416) 364-4986
bnykoliation@macdonaldmines.com

Richard Schler
Vice President & CFO
Ph: (416) 364-4986
rschler@macdonaldmines.com