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Vancouver, BC V6E 3T5

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News 2010

Valterra Expands Toughnut Zone by Drilling 10.86m of 1.12 g/t Au & 4.24 g/t Ag, Phase II Program Planned

October 12, 2010
Valterra Resource Corporation (“Valterra”) reported that intercepts from two of the remaining drill holes on the Toughnut zone continues to expand the occurrences width and lateral dimensions based on the recent 2010 diamond drill exploration program at the Au-Ag-Cu porphyry/shear-hosted “Star Project” (Star and Toughnut claims) located in southeast British Columbia.

Drill intercept highlights at the Toughnut zone:
  • VTN10-004 :    1.12 g/t Au & 4.24 g/t Ag over 10.86 metres
  • VTN10-002 :    1.71 g/t Au & 0.35 g/t Ag over 2.0 metres
President Lawrence Page, Q.C. commented, “We are very pleased with how our exploration investment is being rewarded and the Company’s technical effort (airborne geophysics, geologic compilation, and drilling) has started to unlock the potential of this metallogenic-enriched region whose exploration history dates to the mid-1800s.”

The Company completed a total of 1,438 metres in seven NQ2/BTW-sized drill holes. The drilling centred on three of the five-known gold-silver +/- copper zones that are contained within a prospective 3.5 kilometre-long polymetallic mineral trend transecting the claim blocks. The initial phase of Toughnut zone drilling was highlighted by an intercept of 4.05 g/t Au and 0.88 g/t Ag over 8.0m in hole VTN10-005 (see NR-07-10). Drilling by Valterra has defined an open-ended mineral body at Toughnut measuring approximately 200 metres of strike length that is located more than 3.0 kilometres southeast of the Eureka zone.

The signature of the rocks intercepted in the drilling are consistent with a zoned porphyry model subjected to shear-fault/hydrothermal activity that generated focused zones of higher-grade. Zone targeting was aided by several recent technical programs implemented by Valterra in Q2 2010. Firstly, a geological consultant was retained to prepare a technical (compilation) report on the Star-Toughnut dataset which outlines several geophysical, geological and reverse circulation/diamond drilling programs spanning a 25-year period. Secondly, a 30 square kilometre airborne EM-MAG survey was flown by Aeroquest Ltd. over the entire +1,900 hectare claim block (see NR-03-10). Lastly, the airborne data was subjected to detailed processing analyses by a geophysical consultant whose work refined and sharpened numerous airborne anomalies warranting follow-up.

Valterra has recently received permit approval and anticipates undertaking a Phase II exploratory drill program on several anomalies in the area during Q3/Q4 of 2010 including:
  • Toughnut - additional drill fences are proposed, especially south of holes VTN10-003 and -005 to test the extension of the multiple zones returned in those holes where gold assays graded up to 6.95 g/t.
  • Gold Eagle - select drilling is anticipated in this on-strike region favourably juxtaposed approximately 900m northwest of the Toughnut zone and roughly 1.2km southeast of the Alma N zone. Historical (unverified) high-grade assays for drilling conducted in 1988 at the Gold Eagle included 90.0 g/t Au and 80.9 g/t Ag over 1.52m in hole S88-43. Additionally in 2010, Valterra field geologists collected a grab sample from a strongly brecciated and altered outcrop located nearby that returned 4.73 g/t Au and 8.2 g/t Ag.
  • Other targets potentially subject to drilling in this Phase II proposal are the Eureka Trend + 450 Trend (poorly-tested, parallel-trending, resistivity anomalies measuring 2.3km and 1.6km in length, respectively), Alma N, and Atlas zones.
Table of results nr 10_10_12

Core samples were analyzed at Acme Analytical Laboratories Ltd. located in Vancouver BC, for Au + 41 elements by Fire Assay (FA)/Inductively Coupled Plasma (ICP)/Emission Spectroscopy (ES) and Four-Acid Digestion/ Inductively Coupled Plasma (ICP)/Mass Spectroscopy (MS) using appropriate calibration standards. Additionally, any samples assaying >10.0 g/t Au are re-analyzed using a Gravimetric finish.

Valterra implemented established QA/QC quality protocols throughout the core sampling process comprising “blind” insertions of a variety of standard pulps, blanks and field duplicated samples. Certified analytical standards were utilized from suppliers CDN Resource Laboratories Ltd. and WCM Minerals Limited and overall approximately 10% of the total assays were QA/QC-related; the results of which were carefully monitored in order to verify the assaying quality.

About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The Group provides expertise in exploration, administration, and corporate development services for the Company’s mineral properties located in the Kootenay Region of BC.

This region of the province has produced several million ounces of gold and precious metals from numerous past producers. The BC MINFILE records lists such operations as the Rossland Camp (past production estimate of 3.5M ounces of gold), and the Silver King mine - BC’s first lode mine ca. 1888 (reportedly produced 4.4M ounces of silver(1)). Valterra’s claims are centrally located on the Silver King Shear Zone, to the east is the Kena Gold project (1.0M ounce NI43-101 compliant gold resource(2) - Sultan Minerals Inc.), and to the northwest is the Kenville Mine (386,000 ounce NI43-101 compliant gold resource(3) - Anglo Swiss Resources Inc.).

The Company has interests in approximately 11,100 hectares in southeast BC that currently focuses on four primary projects: The Star gold-silver-copper claims, located southwest of Nelson BC and the Toughnut gold-silver-copper-lead-zinc claim block adjoins the Company’s Star claims (“Star Project”). In January 2010, Valterra acquired the Rozan gold-silver-lead-zinc property situated just south of the Toughnut. Collectively, the Company has a strong foothold in this part of the belt with over 3,800 hectares under tenure.

Furthermore, the company has optioned the Swift Katie copper-gold porphyry/shear-hosted project located near Salmo BC, to Tosca Mining Corp. The project was drill targeted in August 2010 with Valterra acting as operator. A total of 786 metres was completed in two NQ2-sized holes collared on geophysical anomalies identified at the 17 and Roaring zones; assays are pending.

Since 2007, Valterra has aggressively explored and expanded its claim blocks within the gold-enriched “Rossland Volcanic Belt” by completing over 8,450 metres of diamond drilling, conducting 810 line-kilometres of heli-borne geophysics, undertaking a variety of mapping-sampling and staking programs, as well as acquiring new properties and joint venturing.

Brian McGrath, P.Geo., is the Qualified Person responsible for reviewing the technical results reported in this release.

On behalf of the Board of Directors,
“Lawrence Page, Q.C.”
Lawrence Page, Q.C., President, Director, Valterra Resource Corporation

For further information, please visit the Company’s website at valterraresource.com or contact Liana Shahinian at 1.888.456.1112 or 604.641.2773 or by email at liana@mnxltd.com.

(1) Historical production/inventory statistics for mines at Rossland and Silver King were obtained from public documents available from the BC Government Mineral Inventory File (MINFILE) database. The reporting standards used in this specific file were obtained prior to the establishment of NI43-101 regulations. Valterra Resource Corporation has not independently verified this historical data. Valterra Resource Corporation has no reason to believe that these results are not representative of mineralization associated with the mining activity.
(2) Resource information gathered from the Kena Property Technical Report dated June 3, 2004.
(3) Resource information gathered from the Kenville Gold Mine - 257 Level Technical Report dated July 22, 2009.
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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. Valterra Resource Corporation relies upon litigation protection for forward looking statements.
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