VenCan Announces Amendment to Proposed Brokered and Non-Brokered Private Placement



    TORONTO, July 31 /CNW/ - VenCan Gold Corporation (VCG-TSXV) announces an
amendment to the proposed brokered and non-brokered private placement
financing, as described in the July 24th press release. The financing will
consist of the sale of up to 13,000,000 units at a price of $0.05 per unit to
be sold on a flow-through basis for gross proceeds of up to $650,000.
    Each flow-through unit will consist of one common share issued on a
flow-through basis and one-half of a non-flow-through share purchase warrant
with a term of 18 months exercisable at $0.12 per share.
    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.

    %SEDAR: 00004007E




For further information:

For further information: 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

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VENCAN GOLD CORPORATION

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