TORONTO, Nov. 24 /CNW/ - Valdez Gold Inc. ("Valdez" or the "Company")
(TSX-V - VAZ) is pleased to provide an update on its exploration program on
the Los Jarros Property claims in the Sierra Madre region of Chihuahua State,
Mexico.
    The re-establishment of the Los Jarros soil grid surveyed in 1999 was
completed during the third quarter of 2008. An orientation soil sampling
survey was conducted over the 1999 gold-in-soil anomaly in order to determine
the optimum mesh fraction that would outline the gold-in-soil anomaly. Four
mesh sizes were used during the orientation survey: -2 mm, -1 mm, -20 (micro)m
and -80 (micro)m. Results for approximately 95% of the samples submitted to
laboratories have been received. The initial interpretation of the results
shows that the -20 (micro)m mesh size is the optimal fraction for outlining
gold-in-soil anomalies.
    The gold-in-soil anomaly (greater than 150 ppb) trends north-northwest,
is 600 m long and open ended, and varies between 300 m and 500 m in width.
Within the broad, greater than 150 ppb gold-in-soil anomaly, there are four
distinct zones with greater than 450 ppb Au. Two of these zones trend
north-northwest, one northeast and the other north-northeast. The soil
sampling grid has been extended to the north and west in order to determine
the full extent of the gold-in-soil anomaly.
    In addition to the soil sampling programme, a detailed mapping programme
has been initiated over the Los Jarros anomaly focusing on structure,
alteration and lithology variations. In order to help quantify and qualify the
alteration, a detailed PIMA study has been initiated on all rock grab samples
collected as well as on the core from the 1999 diamond drilling campaign. It
is envisaged that this work will be completed by the end of the fourth quarter
of 2008.
    The Company had planned to start drilling toward the end of the third
quarter. However due to the slow turnaround time of assays at the
laboratories, as well as the economic meltdown and resultant market turmoil,
drilling has been delayed until 2009 in order to preserve cash.
    In the current economic climate the Company believes that there will be
significant opportunities in acquiring and/or investing in properties that
have a good potential for developing into major assets for the Company. As
such management has actively been seeking additional investment opportunities
in Mexico and in exploration-friendly countries with stable political
climates.
    The Company is planning to continue low cost exploration activities on
the Los Jarros claim. This will predominantly include compilation of all the
geological data collected during the mapping and sampling programme conducted
in the third quarter.
    With respect to the Jarros Norte claims, further detailed stream sediment
sampling will be conducted in those areas on the claims with coincident
gold-in-stream anomalies, as defined in the regional stream sampling programme
from late 2007 and ASTER alteration anomalies. Those areas considered
geologically favourable to hosting gold and silver mineralization will be
covered by a soil geochemical grid for further detailed geological evaluation.
    All samples are now submitted to the Inspectorate sample preparation
facility in Hermosillo, Mexico for drying, crushing and pulverizing.
Inspectorate then forwards the prepared pulps by air-freight to the
Inspectorate laboratory in Reno, Nevada, USA for analysis. Gold analysis is
done by fire assay on a 30g charge with an AAS finish with the multi-element
analysis conducted using an ICP-AES method. Certified standards and blanks are
routinely submitted with each batch of samples for quality control purposes.
    Exploration field work is supervised by Colin Carey, MAusIMM, and
over-seen by Michael Skead, MAusIMM, President & CEO of the Company. Michael
Skead and Colin Carey are qualified persons (as defined by National Instrument
43-101).
    Information on the Company is available on the Company's website:
www.valdezgold.ca.

    <<
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    >>

    %SEDAR: 00001127E