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TORONTO, ONTARIO--(Marketwire - May 31, 2010) - Valdez Gold Inc. (TSX VENTURE:VAZ)( "Valdez" or the "Company") is pleased to announce it has commenced its summer exploration programme on the Flume Property, Yukon Territory, Canada, by flying a detailed helicopter-borne magnetic gradiometer and VLF-EM survey. Valdez entered into a joint venture with Valley High Ventures Ltd. ("Valley High") on January 23^rd, 2010 (see Press Release dated January 26th, 2010 for terms of the option agreement).

The detailed helicopter-borne magnetic gradiometer and VLF-EM survey was flown at a 50 m line spacing for a total of 1,358 line kilometres. The data is currently being processed. Geophysical targets arising from this survey and especially those co-incident with the previously defined, wide spaced, soil geochemical targets will be followed up with a detailed soil geochemical sampling and mapping programme. Field crews are to be mobilized in the first week of June, 2010.

The Flume Property lies approximately 60 km south west of Dawson City and is located at the headwaters of Ten Mile Creek, a well known placer mining location as well as the headwater of Sestak Creek. Phelps Dodge Corporation of Canada completed property wide, wide spaced soil sampling, geological mapping, prospecting and limited trenching that defined two main targets, Sestak Creek and Flume Creek, primarily characterized by elevated gold and arsenic soil anomalies with minor anomalous antimony and molybdenum.

Michael Skead, MAusIMM, President and Chief Executive Officer for Valdez, and a qualified person as defined by NI 43-101, reviewed the technical content of this press release on behalf of Valdez prior to distribution.

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 [ www.sedar.com ] 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.