Valencia Provides Update Regarding Discussions to Acquire New Phosphate Asset

Valencia Ventures Inc. (TSX VENTURE:VVI) ("Valencia" or the "Company") is
pleased to update that it is continuing discussions with an arm's length party
to acquire a phosphate project in Africa (the "Proposed Transaction"). As
announced in its press release dated November 29, 2011, Valencia intends to
negotiate and enter into a definitive agreement in respect of the Proposed
Transaction, which will provide for conditions precedent that are standard for a
transaction of this nature, including satisfactory due diligence, receipt of all
regulatory and TSX Venture Exchange (the "TSXV") approvals, and approval by
Valencia's shareholders. 


In accordance with the policies of the TSXV, the common shares of the Company
were halted from trading on November 28, 2011 and will remain halted until
further notice. 


Valencia will provide further details in respect of the Proposed Transaction in
due course by way of news release.


As indicated above, Valencia anticipates that the completion of the Proposed
Transaction, which is expected to be structured as a "reverse takeover", will be
subject to a number of conditions, including shareholder approval. There can be
no assurance that a definitive agreement will be entered into or that the
Proposed Transaction will be completed on the terms contemplated in such
agreement, or at all.


Board Change 

Valencia also announces the resignation of Mr. Stan Bharti from the Board of
Directors, effective as of February 29, 2012. Mr. Bharti's resignation does not
impact Valencia's consulting agreements with Mr. Bharti and Forbes & Manhattan,
Inc. and Valencia remains a member of the Forbes & Manhattan Group of Companies
and continues to receive all of the benefits of such membership, including
access to a world class team of geologists and mining engineers, advice from Mr.
Bharti and other Forbes & Manhattan technical and capital market professionals
and strategic advice from the Forbes & Manhattan Board of Advisors. Valencia is
considering who should replace Mr. Bharti as Chairman of the Board of Directors
and will provide further details in a subsequent news release. 


About Valencia 

Valencia is a Canadian resource company with common shares that trade on the TSX
Venture Exchange under the symbol VVI. 


Forward - Looking Information

Certain information set forth in this press release contains "forward-looking
information" under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking information, including statements regarding the execution of a
definitive agreement, the completion of the Proposed Transaction, the receipt of
regulatory and shareholder approvals, management's assessment of Valencia future
plans and operations, which statements are based on Valencia's current internal
expectations, estimates, projections, assumptions and beliefs, which may prove
to be incorrect. Some of the forward-looking information may be identified by
words such as "expects" "anticipates", "believes", "projects", "plans", and
similar expressions. These statements are not guarantees of future performance
and undue reliance should not be placed on them. Such forward-looking
information necessarily involve known and unknown risks and uncertainties, which
may cause Valencia's actual performance and financial results in future periods
to differ materially from any projections of future performance or results
expressed or implied by such forward-looking information. These risks and
uncertainties include, but are not limited to: liabilities inherent in mine
development and production; geological, mining and processing technical
problems; Valencia's inability to obtain required mine licenses, mine permits
and regulatory approvals required in connection with mining and mineral
processing operations; title matters; foreign operations issues; local community
issues; competition for, among other things, capital, acquisitions of reserves,
undeveloped lands and skilled personnel; incorrect assessments of the value of
acquisitions; changes in commodity prices and exchange rates; currency and
interest rate fluctuations; various events which could disrupt operations and/or
the transportation of mineral products, including labour stoppages and severe
weather conditions; the demand for and availability of rail, port and other
transportation services; and management's ability to anticipate and manage the
foregoing factors and risks. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Valencia undertakes
no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place undue reliance
on forward-looking information.
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