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News 2008

Final Drill Assay Results Tabulated and Airborne DIGHEM Geophysical Survey Completed at Swift Katie Project in South-eastern BC

May 27, 2008

Valterra Resource Corp. reported today the final diamond drill assay results and the receipt of the completed data for the Airborne DIGHEM EM / Resistivity/ Magnetic geophysical survey that were conducted concurrently in late 2007. The programs were focused on the Swift Katie copper-gold porphyry and shear-hosted gold property located in south-eastern British Columbia. The property holding is favourably located only seven kilometres southwest of the village of Salmo and covers over 70 square kilometres that is host to five known copper-gold and/or gold mineral systems that occur within a seven kilometre long fertile trend. Valterra can earn up to a 100% interest (subject to a 3% NSR) on the property through a scheduled combination of cash payments, share issuance and work commitments.

A total of 1,126 metres of drilling was completed in three holes that tested two different mineralized zones on the property. Drill holes VKT07-059 and VKT07-060, were successful in extending copper and gold mineralization to the northeast in the Katie Main Zone. The third drill hole VKT07-061, demonstrated continuity of a well mineralized horizon that was previously intercepted between two historical “higher grade” holes on the 17 Zone; located approximately 700 metres south of the main zone. Highlights from the recent drilling are summarized below:

• 47.06 metres grading 0.22% Cu and 0.16 g/t Au in hole VKT07-059
• 148.78 metres grading 0.18% Cu and 0.16 g/t Au in hole VKT07-060
Includes two zones of: 45.41 metres grading 0.23% Cu and 0.27 g/t Au
 43.33 metres grading 0.21% Cu and 0.15 g/t Au
• 112.50 metres grading 0.10% Cu and 0.12 g/t Au in hole VKT07-061
Includes: 4.68 metres grading 0.27% Cu and 0.91 g/t Au

The Swift Katie claims are within a highly metallogenic area of British Columbia that historically has hosted several important mining districts including the Rossland gold-copper camp, located 50 kilometres to the southwest and the adjacent Ymir gold-silver camp that is currently being explored by Duncastle Gold Corp. The property is underlain by rocks of the Rossland Group and is considered very favourable for the discovery of polymetallic mineralization.

The property is described as primarily an alkaline porphyry, copper-gold target-type with more peripheral shear zone-hosted gold mineralizing systems. Bulk-tonnage copper and gold grade mineralization is hosted primarily by andesitic volcanic breccias spatially associated with monzonite porphyry intrusions. Previous exploratory work includes: numerous geological, geochemical and geophysical surveys; and the drilling of 65 core holes for a total of 14,866 metres that resulted in the identification of several exploration targets, with the most significant being the Katie, the 17 and the Swift zones.

At the Katie Zone, historical surface work defined copper geochemical and IP chargeability targets over an area measuring 1.2 kilometres by 0.4 kilometres. Historical drill holes partially defined an open ended, copper-gold system with drill hole grades to 0.22% Cu and 0.24 g/t Au over 130.0 metres in hole NKT-91-13 along with higher grade portions intersected in the system such as hole NKT-91-41 that graded 0.30% Cu and 0.47 g/t Au over 51.0 metres. Much of the historic drill tested target lies within the propylitic altered portion of the zone. Work to date has not fully defined the area of a central potassic core that commonly hosts higher grade copper-gold values and will be the focus of the company’s 2008 exploration program.

At the nearby 17 Zone, porphyry style mineralization has been identified through historical drilling with reported values such as hole NKT-91-17 that graded 0.32% Cu and 0.30 g/t Au over 67.50 metres. Intercepts of this grade and tenor will require follow-up drilling by the company.

At the Swift Zone, previous surface work has defined a trend of gold enriched soil anomalies along an open ended length of 1.2 kilometres that mirror the trend of shear-hosted gold mineralization. Surface sampling outlined values of 100.40 g/t Au over 2.0 metres. Historic drilling of eight holes intersected lower grade values with intersections to 1.80 g/t Au over 10.0 metres that included intervals to 6.40 g/t Au over 1.0 metre.

Additional composited assay results from the 2007 drill program are tabled below and illustrations outlining the drill holes in plan view and cross-section are available on the company website @: www.valterraresource.com.
An independent geological report summarizing the historical exploration and technical merits of the project was completed in 2007. The Swift Katie Copper-Gold Property Technical Report dated July 23, 2007 by David K. Makepeace, B.Sc., M.Eng., P.Eng., and Barry Price, M.Sc., P.Geo., was prepared in compliance with National Instrument 43-101 and is available for viewing on SEDAR at www.sedar.com.

Table of 2007 Drill Assay Composites for the Swift Katie Project

 Drill Hole
No. 

 From
(m) 

 To
(m) 

 Interval
(m) 

 Cu
(%)

  Au
(g/t)

 VKT07-059  

133.20 

140.70  

 7.50

 0.17

 0.06

 

155.12 

170.12 

15.00 

 0.11

 0.04

 

183.62 

193.55 

 9.93 

0.13

0.06

 

237.62 

284.68 

47.06 

0.22 

0.16

 

401.00

408.50 

7.50 

0.14 

 0.04

 VKT07-060 

65.00

70.90

5.90 

0.48

 0.11

 

127.85

137.14

9.29

0.14

 0.05

 

169.78 

318.56 

148.78 

0.18

 0.16

 includes 

209.90

255.31 

45.41

0.23

 0.27

 and   

209.90

224.88

14.98

0.39

 0.60

 and 

275.23 

318.56 

 43.33 

0.21

 0.15

 VKT07-061 

110.00

222.50 

112.50 

0.10 

 0.12

 includes 

162.02 

166.70 

 4.68 

0.27

0.91

A total of 700 samples, collected from the 2007 drilling program were forwarded to Assayers Canada laboratories in Vancouver for assay. Each sample was analyzed for Au, Pt-Pd, Cu and 30 additional elements by Fire Assay (FA) / Atomic Absorption Spectroscopy (AAS) and Inductively Coupled Plasma-Atomic Emission Spectroscopy (ICP-AES) using appropriate calibration standards. Established QA/QC quality protocols were followed during all core sampling. Certified standards purchased from WCM Minerals Ltd. in Burnaby, were both randomly and “blindly” inserted into the sample stream for every 20 to 30 samples taken, or approximately 5% of the total assays. The results of these samples were carefully monitored in order to verify the assaying quality.

At this time, the company also reported that the airborne geophysics data associated with over 505 line-kilometres of DIGHEM EM / Resistivity/ Mag surveying has been received from Fugro Airborne Surveys. The data outlines several areas of interest that are now the focus of ongoing interpretation and are expected to become an integral component of the company’s exploration planning for 2008.

Valterra is currently planning an aggressive diamond drill program on the Swift Katie project for 2008. Approximately 5,000 metres of diamond drilling is anticipated; targeting the Katie, the 17 and the Swift zones where prioritization of the drill targets is ongoing. The drill contract for the coming exploration season has been secured and drill mobilization to the property is anticipated for mid to late June 2008.

Click here to view the Executive Summary, PDF file

B. McGrath, B.Sc., 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 Corp.

For further information visit the company’s website at www.valterraresource.com or please contact Jay Oness at either 1-888-456-1112 or 604-684-9384; email at corpdev@mnxltd.com.

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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