Valencia Ventures Inc. (TSX VENTURE:VVI) announces that further its news releases dated May 25, 2010 and October 25, 2010, it has decided to terminate the assumption agreements it had previously entered into with a private Ontario company to acquire OntarioCo's interests in the Diana Project in Quebec and the Carb Lake, Schryburt Lake and Lawashi River Properties in Ontario, respectively.
Upon completion of due diligence, the Company decided not to proceed with the acquisitions.
In connection with the Diana Project acquisition, the Company loaned OntarioCo $700,000 to carry out a comprehensive exploration program on the Diana Property to satisfy the 2010 work commitments in respect of the property.
The Company continues to explore opportunities to acquire properties which will increase shareholder value.
Source: Valencia Ventures Inc.