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| January 26, 2010 Valley High Ventures Options The Flume Property In Yukon Territory To Valdez Gold | |
| January 26, 2009, Valley High Ventures Ltd. ("Valley High" or the "Company") (TSX-V Symbol VHV.V) is pleased to announce that it has signed an option agreement with Valdez Gold Inc. (VAZ-TSXV, or "Valdez"), whereby Valdez has been granted the right to earn a potential 75% interest in Valley High's Flume property located in the White Gold District of Yukon Territory, Canada. Under the terms of the agreement, Valley High grants Valdez the right to earn a 51% interest in the Flume property by incurring $1.5 million in qualified expenditures over a four year period (with a minimum commitment of $200,000 of qualified expenditures by June 24th, 2011) with cash payments to Valley High of $25,000 on signing, $25,000 after the first six months, $50,000 on June 24, 2011, $75,000 on June 24, 2012 and $325,000 on June 24, 2013. If the earn-in is achieved, Valdez would further have the option to increase its share to 65% by spending an additional $5 million and making further staged cash payments totaling $500,000 by the end of year seven. Valdez would then have the option of increasing its share to 75% by the end of year nine by completing a feasibility study and making a cash payment of $1 million. The Flume property is located 60 km southwest of Dawson City, Yukon and 30 km northwest of Underworld Resources Ltd.'s White Gold discovery and comprises 191 mineral claims totaling approximately 3,900 hectares. The claims cover the headwaters of Ten Mile Creek, a well known placer mining location, as well as the headwaters of Sestak Creek. On June 24, 2009, Valley High entered into an option agreement with Phelps Dodge Corporation of Canada, Limited ("PDC"), a wholly owned subsidiary of Freeport-McMoRan Copper & Gold Inc. to acquire a 100% interest in the Flume Property. PDC retains a 2% net smelter return royalty of which one half can be repurchased by Valley High for $1 million. PDC also retains the right to share in the proceeds derived from the sale or option of the property to a third party in the amount of 50% of proceeds received during the first year and 25% of the proceeds in any subsequent year. The Flume property was staked by PDC in 1998 to cover drainages with anomalous gold and arsenic in government stream sediment samples. PDC subsequently completed property wide soil sampling, geological mapping, prospecting and limited trenching that defined two main target areas primarily characterized by elevated gold and arsenic soil anomalies with minor anomalous antimony and molybdenum. The most recent exploration done on the property was a small mechanical augur program completed in 2007 by Goliath Resources Inc. Completion of the transaction contemplated in the release is subject to certain conditions including, without limitation, receipt of all necessary regulatory and third party approvals. Robert Cameron, P.Geo, who is a qualified person within the context of National Instrument 43-101 has read and takes responsibility for this news release. About Valley High Ventures Ltd.: Valley High is a Canadian based precious and base metal exploration company with projects located in Mexico, British Columbia and Yukon. The Company's Cordero property in Mexico is being evaluated for large bulk mineable silver, gold, zinc and lead deposits geologically similar to the large Peñasquito deposit currently being developed by Goldcorp Inc. Recent drill results from Cordero include the discovery of a new zone at Pozo de Plata wherein drill hole C09-5 returned 152 metres grading 80.64 g/T Ag, 0.61 g/T Au, 1.41 % Zinc and 1.22% lead. Levon Resources Ltd. has an option to earn a 51% interest in the project by funding exploration work totaling Cdn. $1,250,000 plus their proportion of the underlying option and property maintenance costs. The Company's Mount Polley project is located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine. Valley High also has a production royalty on the Boundary Property, with Imperial. Valley High also has an option to acquire a 100% interest in the Flume gold property in the Yukon which is located within the newly recognized White Gold District some 30 kilometres from the new Golden Saddle discovery of Underworld Resources Inc. | |
You can view the Next News Releases item: Wed Jan 27, 2010, Drilling Commences At The Cordero Project, Mexico; Surface Work Expands Target A Further 2 Kilometres You can view the Previous News Releases item: Wed Jan 6, 2010, Valley High Receives Final Option Payment For The Boundary Zone You can return to the main News Releases page, or press the Back button on your browser. |