VLV Venerable Ventures Ltd

Venerable Ventures Ltd. (TSX VENTURE:VLV) ("Venerable" or the "Company") is
pleased to provide an update on its exploration plans for the Trout Property.
The Company received a revised British Columbia Mines Act exploration permit on
March 23, 2012 that allows for 75km of ground induced polarization ("IP")
surveys, in addition to the previously permitted 5,000 metres of diamond
drilling and trenching. 


SJ Geophysics Ltd. of Delta, British Columbia has been contracted to perform the
75km 3D IP survey and will mobilize to site on May 6, 2012. The anticipated time
to complete the survey is 6 weeks, after which time the data will be modeled and
targets will be outlined for approximately 2,000 metres of Phase 1 drill
testing.


The target is epithermal gold mineralization associated with zones of silica -
sulphide and surrounded by broader clay alteration. The IP survey lines are
spaced 100 metres apart to improve data resolution. The survey is specifically
designed to identify targets with the clearest resolution below a thin 20 to 40
metre post mineral basalt cap that covers most of the survey area along strike
of the original "Trout" gold silver discovery. Collection of soil pH data will
compliment the IP survey.


The work programs conducted on the Trout Property to date by the Company include:



--  In December 2010, Fugro Airborne Surveys completed a 798 line-km
    airborne magnetic, electromagnetic and resistivity survey over the
    entire 7179 hectare Trout Property. 

--  In April 2011, SJ Geophysics of Vancouver completed an interpretation of
    airborne data, which identified Endako basalts (cap rock) and traces of
    magnetic lineaments defining a 3km long graben feature, possibly related
    to Eocene rifting and associated precious metal mineralization. 

--  In July 2011, the Company followed up the April 2011 activities by
    collecting 960 Ah horizon soil samples covering the graben feature.
    Ultra trace geochemical analysis was used to define anomalous zones
    below basalt cover. 

--  In September 2011, Heberlein Consultants identified geochemical targets
    indicative of epithermal mineralization below basalt cap rock.



Proposed Extension of Warrant Expiry Dates

The Company also announces that it has applied for an amendment to terms of
warrants issued pursuant to private placements that closed on May 19, 2011, July
8, 2011 and July 19, 2011. The Company proposes to extend the expiry dates of
the warrants from May 19, 2012, July 8, 2012 and July 19, 2012, respectively, to
November 19, 2012, January 8, 2013 and January 19, 2013, respectively. All other
terms of the warrants, including the exercise price of $0.60, will remain the
same. The extension will not apply to any warrants issued by the Company as
compensation for services. The extension of the expiry dates is subject to the
approval of the TSX Venture Exchange. 


Technical information in this news release has been reviewed and approved by Jim
Cuttle P.Geo a Qualified Person as defined in NI 43-101. For more information
see the Company's technical report entitled "Technical Report: Trout Property"
dated March 23, 2011, available on SEDAR at www.sedar.com. 


About the Company

Venerable is a Canadian natural resource company engaged in the acquisition,
exploration and development of mineral properties, with its primary focus on the
Trout Property. Venerable holds an option to acquire a 100% interest in and to
the Trout Property. The Trout Property is 65km southwest of Vanderhoof, BC on
the Nechako Plateau and covers an area of 7179 Hectares. The Trout Property is
approximately 40km NNE of NewGold's Blackwater Project.


ON BEHALF OF THE BOARD

VENERABLE VENTURES LTD.

Ryan Sharp, President, Chief Executive Officer and Director

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