News Release

Valdez Gold and Ryan Gold Announce Completion of Second Financing

TORONTO, ONTARIO–(Marketwire – Dec. 7, 2010) – Valdez Gold Inc. (TSX VENTURE:VAZ) (“Valdez” or the “Company”) and Ryan Gold Inc. (“Ryan Gold”) are pleased to announce that as initially set forth in the press release of Valdez dated November 22, 2010, Ryan Gold has completed a private placement financing of 2,290,000 units to RBC Global Asset Management Inc. on December 3, 2010 at a price of $0.875 per unit for gross proceeds of $2,003,750. Each Ryan Gold unit consisted of one common share of Ryan Gold and one-half of one share purchase warrant. Each whole share purchase warrant of Ryan Gold will be exercisable to acquire one common share of Ryan Gold at a price of $1.15 per share for a period of three years. Upon completion of the amalgamation transaction involving Ryan Gold and a subsidiary of the Company, the Ryan Gold securities will be exchanged for Valdez post-consolidation shares (with respect to the warrants, upon the due exercise thereof). As previously announced, in connection with the Ryan Gold financing with RBC Global Asset Management Inc., PowerOne Capital Markets Limited (“PowerOne”) will receive a cash commission equal to 5% of the gross proceeds received from the sale of the Ryan Gold units and broker warrants to purchase 114,500 Ryan Gold units. Each broker warrant will be exercisable to acquire one Ryan Gold unit at an exercise price of $0.875 for a period of three years. PowerOne is also acting as advisor to Ryan Gold in connection with the amalgamation.

This private placement is in addition to the private placement financing of 8,000,000 units by Ryan Gold to Osisko Mining Corporation completed on November 19, 2010 and a private placement financing of 1,600,000 units on a post-consolidation basis (5,600,000 units on a pre-consolidation basis) by Valdez to Corona Gold Corp. for gross proceeds of $1.4 million, to be completed immediately prior to its completion of a business combination with Ryan Gold Inc., as set out in Valdez’ press release dated November 22, 2010.

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company’s public disclosure filings may be accessed via and readers are urged to review these materials, including any technical reports filed with respect to the Company’s mineral properties. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Valdez Gold Inc.

Michael Skead

President & CEO