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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Valterra Resource Corporation (CNSX:VTA)(FRANKFURT:3VA) ("Valterra") has closed the third tranche of its previously announced private placement by issuing 18,124,460 units at a price of $0.05 per unit ("Unit") for gross proceeds of $906,223. Each Unit consists of one common share and one share purchase warrant exerciseable to purchase one additional common share at an exercise price of $0.10 per share for a period of two years.

Valterra also announces that it is conducting, and has now completed, a flow-through private placement of 8,220,000 flow-through units at a price of $0.05 per unit ("Flow-Through Unit") for gross proceeds of $411,000. Each Flow-Through Unit consists of one flow-through common share and one half share purchase warrant, with each whole warrant exercisable to purchase one non-flow-through common share at an exercise price of $0.10 per share for a period of two years.

Proceeds from the private placements will be used to fund future drill programs on Valterra's mineral exploration projects located in the Nelson Mining Division of south-eastern British Columbia and for working capital. The private placements and finders' fees are subject to regulatory approval. Securities issued pursuant to both private placements, including common shares, share purchase warrants, and finders' warrants issued as finders' fees, carry a legend restricting trading of the securities until July 23, 2011.

On behalf of the Board of Directors,

Lawrence Page, Q.C., President and Director, Valterra Resource Corporation

For further information, please visit Valterra's website at [ valterraresource.com ].

The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.