Volta not to proceed with Predictive Discovery Proprietary Limited (PDPL) BUI Framework Agreement on specified BUI Belt licenses in Ghana



    TSX: VTR

    TORONTO, Oct. 20 /CNW/ - Volta Resources Inc. ("Volta" or the "Company")
(TSX:VTR) announces that the Company's wholly-owned subsidiary, Birim
Goldfields Ghana Ltd. ("BGG") will not be proceeding with the Bui Framework
Agreement with Predictive Discovery Proprietary Limited ("PDPL") as announced
in a previous Volta press release dated September 8, 2008.
    The agreement pertained to the historical Bui Reconnaissance License and
specifically included the Akrobi-Kakum, Tainso West, Chechewere, Bui East,
Brohani, Nasana, Banda Nkwanta, Wewa, portions of the Cluster and Parabu
Prospecting Licenses. The agreement also covered the Kalebu Reconnaissance
License which was acquired in 2007. BGG continues to be the registered holder
and beneficial 100% owner of all of the licences mentioned above.
    The agreement provided for PDPL to earn up to a 60% interest in the
Licenses by spending approximately US$8 million on exploration, over five
years. The agreement was subject to certain terms and conditions including
obtaining standard regulatory approvals from the relevant authorities in Ghana
and any requisite regulatory approvals and PDPL successfully concluding an
A$2 million financing.
    Due to adverse market conditions, PDPL was unable to meet the condition
of successfully concluding the A$2 million financing by the agreed upon
deadline.

    Volta is a mineral exploration company primarily focused on becoming the
leader in the identification, acquisition and exploration of gold properties
in West Africa. The Company is committed to West African exploration and is
Canadian-based with its head office in Toronto, Ontario and operations offices
in Accra, Ghana and Ouagadougou, Burkina Faso.

    
    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this news release.
    

    Forward Looking Information Caution:

    This press release presents "forward-looking statements" within the
meaning of Canadian securities legislation that involve inherent risks and
uncertainties. Forward-looking statements include, but are not limited to,
statements with respect to the future price of gold and other minerals and
metals, the estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the capital expenditures, costs and timing of the
resources, the realization of mineral reserve estimates, the capital
expenditures, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, currency exchange rate
fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. Generally,
these forward-looking statements can be identified by the use of forward
looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Volta to be materially different from
those expressed or implied by such forward looking statements, including but
not limited to: risks related to international operations, risks related to
the integration of acquisitions; risks related to joint venture operations;
actual results of current exploration activities; actual results of current or
future reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold and
other minerals and metals; possible variations in ore reserves, grade or
recovery rates; failure of equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; and delays
in obtaining governmental approvals or financing or in the completion of
development or construction activities. Although the management and officers
of Volta believe that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and have attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may be
other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Volta Resources does not
undertake to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.

    %SEDAR: 00026749E




For further information:

For further information: Kevin Bullock, P.Eng., President & CEO, Tel:
(416) 867-2299, Fax: (416) 867-2298, Email: kbullock@voltaresources.com;
Investor Relations: Vancouver, Farah Alibhai, Tel: (604) 731-7340, Email:
falibhai@voltaresources.com

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Volta Resources Inc.

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