VVC Exploration Corp. has finalized a non-brokered private placement, at 30 cents per unit, with total subscriptions amounting to $507,000 for 1.69 million units. Each unit consists of one common share and one share purchase warrant to purchase an additional share at 50 cents until Dec. 7, 2008. The net proceeds after will be used for working capital, reduction of accounts payable, exploration of properties in Canada, search for new properties in Canada and abroad and engaging an independent qualified person to review new projects under consideration. The shares will be subject to resale restrictions for four months. The private placement has not yet been accepted for filing by the TSX Venture Exchange. Insiders of the company subscribed to this private placement for a total of 280,000 units at a cost of $84,000, representing 16.6 per cent of the total placement. A total of $32,259 in cash and 33,470 shares will be paid as finder's fees to persons instrumental in arranging the placement.

The company is continuing to search for and evaluate new resource projects in and around China. VVC is currently evaluating several different world-class projects in western China. Pierre Thibault, vice-president, exploration, has been in the field for the last two months evaluating appropriate properties for VVC and its shareholders. The well-renowned geological and mining consulting firm, Scott Wilson Roscoe Postle & Associates, is assisting VVC in accessing the merits of such properties. Any developments on this front will be announced on a timely basis.

VVC has signed sale and purchase agreements to acquire 100-per-cent interest in two grassroots exploration properties in the townships of Playfair and Grenfell, located about 80 kilometres east-southeast of Timmins, Ont., in the Abitibi greenstone belt of Northern Ontario. The consideration for the purchase is the issuance of 225,000 common shares of the company and the retention by the vendor of a 3-per-cent net smelter return. The company intends to carry out preliminary exploration on the properties this winter at an estimated cost of about $30,000. In addition, the company has also signed property option agreements, whereby the company could acquire, in the same area, three other grassroots exploration properties in Playfair, Black, Benoit and Maisonville townships, in consideration for 200,000 common shares of the company per property, a commitment to carry out within the year, sufficient exploration work for an additional year of assessment work and the retention by the vendor of a 3-per-cent net smelter return. The property acquisitions and the property options have not yet been accepted for filing by the TSX Venture Exchange.