VenCan Gold Corporation Adds Mount Logano Porphyry Property in the Porcupine Gold Camp Near Timmins, Ontario



    TORONTO, June 2 /CNW/ - VenCan Gold ("Vencan" or the "Company") (TSX
VENTURE:VCG) is pleased to announce it has acquired 100% ownership of the
Mount Logano gold property, located approximately 18 kilometres due east of
Timmins Ontario.

    About the Property

    The Mount Logano Porphyry Property consists of 21 claim blocks equalling
212 claim units or 8,480 acres in Whitney, Shaw, Carman and Cody townships of
the Porcupine Mining Division of Northern Ontario.

    
    -   The Mount Logano Property was acquired as part of Vencan's Abitibi
        West Property package agreement from famed prospector Don McKinnon,
        well known for his role in the discovery of the lucrative Hemlo Gold
        Mines.
    

    Good Potential for an Economic Gold Deposit

    The Mount Logano quartz-feldspar porphyry was coeval with the Pearl Lake
porphyry, which played an important role in gold mineralization at two of the
largest gold producers in the Porcupine gold camp; the McIntyre and Hollinger
gold mines. In addition to both porphyry intrusions occurring during the same
time period, both porphyry bodies have intruded Tisdale age mafic and
ultramafic rocks, which host much of the gold mineralization on the McIntyre
and Hollinger properties. Also, there is geological evidence that the Mount
Logano porphyry has undergone considerable deformation and fracturing similar
to that observed within the Pearl Lake porphyry.
    Randall Salo, P.Geo. commented, "The geological setting is as good as it
gets. The Property is in an area with strong gold potential and it has all the
geological attributes that would lead one to believe that there is potential
for an economic gold deposit. A limited amount of previous work has been
carried out over the property and much of this was focused within the
intrusion itself."

    Summer Exploration Program Planned

    A first phase exploration program is currently underway and will consist
of approximately 65 km of line cutting at 100-metre line spacing and
subsequent I.P. and magnetometer surveys at 50 and 12.5-meter intervals
respectively.
    Exploration will focus on the contact of the Mount Logano porphyry
intrusion with Tisdale age mafic/ultramafic rocks and related faults and
fractures. According to the Ontario Geological Survey (OGS), gold bearing
fractures within porphyry bodies in the Porcupine camp are generally not stand
alone ore deposits. The gold tenor and deposit size is greater in the
contacting mafic/ultramafics where quartz veining appears to 'blow out'.
    Phase two will consist of prospecting and mapping in the areas of
anomalous geophysical signatures, closely followed by a 600 meter diamond
drill program to test these anomalies and assess their gold potential.
    Randall Salo, P.Geo. is the Exploration Manager and is overseeing the
overall exploration program on behalf of VenCan, and is the designated
qualified person for the technical information contained in this press
release.

    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.

    %SEDAR: 00004007E




For further information:

For further information: Brent Nykoliation, Director of Business
Development, (416) 364-7024, (416) 364-2753 (FAX), info@vencan.com,
www.vencan.com, or J. A. Kirk McKinnon, President and Chief Executive Officer,
Richard Schler, Vice President & CFO

Organization Profile

VENCAN GOLD CORPORATION

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