VCG Vencan Gold (Tier2)

VenCan Gold Corporation (TSX VENTURE:VCG) ("Vencan") announces the closing of a
brokered and non-brokered financing of $1,375,000 and $305,000 respectively
through the sale of 16,800,000 flow through units ("FT Unit") at $0.10 per unit
for gross proceeds of $1,680,000. Each FT Unit consisted of one common share of
VenCan issued as a "flow-through share" and one-half of one non-flow-through
common share purchase warrant. Each common share purchase warrant entitles the
holder thereof to purchase one common share of the capital stock of VenCan that
is not a "flow-through share" at an exercise price of $0.13 per common share for
a period of eighteen months after closing. In conjunction with the financing,
finders received fees of $91,250 and broker options to acquire 962,500 Units
exercisable at $0.10 per Unit for a period of eighteen months after closing.


Mineral Fields Group subscribed 10,000,000 flow through units and insiders of
the Company subscribed for 2,750,000 flow through units respectively.


All securities issued under the private placement are subject to a hold period
of four months plus a day from closing.


The proceeds from the private placement will be used by VenCan for exploration
work on the Atikokan property.


"We are very pleased to be entering into this relationship with MineralFields
Group," said Kirk McKinnon, President and CEO of VenCan. "This is an important
milestone in the growth of VenCan and we look forward to working with
MineralFields Group as we develop our holdings in the Atikokan region."


Following the issuance of the common shares pursuant to the private placement,
85,388,641 common shares are issued and outstanding and with 108,729,141 common
shares on a fully diluted basis.


About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based
mining fund with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors throughout
Canada during most of the calendar year, as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset Management also
specializes in the manufacturing and distribution of structured products and
mutual funds. Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities(R), a division of Limited
Market Dealer Inc., is active in leading resource financings (both flow-through
and hard dollar PIPE financings) on competitive, effective and service-friendly
terms, with investors both within, and outside of MineralFields Group.


WARNING: The statements made in this news release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from expectations and projections set out
herein.

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