Valencia Ventures Inc. (TSX VENTURE: VVI) is pleased to advise shareholders and prospective investors that diamond drilling has been completed at its Cachinal Silver Project in Chile. The program was designed to confirm twin high grade silver intersections previously indicated by reverse circulation drilling. This additional data will assist with completion of the resource estimation and NI43-101 report due shortly. It will also provide a guide for our 2007 exploration program, which includes further drilling to evaluate deeper high grade mineralization.

Mr Ralph Gonzalez, P. Eng., P. Geol., of Archean Ingenieria International Ltd. Co., Burnaby, B.C. has been contracted to complete a Mineral Resource estimation and to prepare a NI43-101 compliant Technical Report. This work is well advanced and results of the diamond drilling and mineral resource estimation are expected early in February 2007.

Late October, Valencia released results of its Reverse Circulation (RC) drilling program at the Company’s Cachinal Silver Project in northern Chile, which included the following high grade silver intersections (see Press Release dated October 31, 2006):

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