VVC Exploration - Default Status Update Report



    TORONTO, Dec. 3 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V)
(V7S: FSE / BBSE) ("VVC" or the "Company") reports that further to the
Company's Notice of Default contained in its news release of June 4, 2007 the
following is the Company's bi-weekly default status report pursuant to
Appendix B of CSA Policy 57-301:

    The Company was originally delinquent for not filing its audited
    financial statements for the year ended January 31st, 2007 (the "Year-End
    Financials") by May 29, 2007. The Year-End Financials were filed on SEDAR
    on November 13th, 2007. The Year-End Financials contain a restatement
    with respect to the year ended January 31st, 2006, which was required on
    account of a restatement for the same period by Beaver Antimony Mines
    Inc. ("BBAM") as was described in the news release of November 13th,
    2007. The Year-End Financials also include the write-off of $2,008,925
    relating to the Company's investment in the Tong Guan Glory joint venture
    in the People's Republic of China, due to the uncertainty of recovering
    such amounts and also include an accounting method change whereby the
    Company ceased proportionately consolidating results and instead recorded
    its investment at cost, net of prior write-offs.

    The Company is still late in filing its interim consolidated financial
    statements for the quarters ending April 30 and July 31, 2007. The
    Company is currently and expeditiously working on the preparation of
    these quarterly statements and the financial statements for the period
    ending October 31st, 2007 (collectively "the Quarterly Financials"), in
    order to incorporate and properly account for all changes made with
    respect to the restatement of January 31st, 2006 and also the accounting
    method change and write-off of the Tong Guan Glory joint venture
    requiring the restatement of the previously filed quarterly financials in
    2006-7. The Quarterly Financials also need to reflect the change of
    percentage ownership in BBAM from 22.5% at January 31st, 2007 to 10% as
    at July 31st, 2007. The Company will file the Quarterly Financials on
    SEDAR as soon as it is practical in order for the Management Cease
    Trading Order to be lifted by the Securities Commissions.

    The cease trade order restricts Directors and Management from trading the
securities of the Company. Persons unrelated to the Company may still trade
their securities. The Company's shares trade on the TSX Venture Exchange under
the symbol "VVC" and on the Frankfurt Stock Exchange and the Berlin-Bremen
Stock Exchange under the symbol "V7S". The Company is continuing its
exploration activities and its search for new property acquisitions. The
Company is also in excellent financial situation.

    About VVC:
    ---------

    VVC Exploration Corporation is a Canadian exploration company with
projects in Canada. VVC also has an indirect participation in the Beaver Brook
Antimony Mine in Newfoundland, Canada. VVC is also aggressively searching for
other projects such as Gold, Base metal, Uranium and Antimony at various
stages of development. Visit our website at www.vvcexploration.com.

    
         The TSXV has not reviewed and does not accept responsibility
             for the adequacy or accuracy of this news release.

                                     On Behalf of the board of Directors

                                     (Signed)

                                     Michel J. Lafrance, Secretary-Treasurer
    




For further information:

For further information: Charles Descary, Manager, Investor Relations,
(514) 631-2727, 1-877-558-2727 ext 222; charles@vvcexploration.com

Organization Profile

VVC EXPLORATION CORPORATION

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