Madalena Ventures has successfully completed negotiations for the extensions on all three of its exploration blocks in the Neuquén Province in Argentina.

On the Coiron Amargo and Curamhuele blocks, the Corporation has received extension periods totaling three years on each block commencing from the end of their initial three year exploration periods on November 9th, 2010. The first extension period is a one year continuation to the existing exploration period to be followed by a new two year exploration period. There will be no requirement to relinquish non-commercial or non-prospective acreage on either block until the end of the one year continuation. The subsequent new two year exploration periods for Coiron Amargo and Curamhuele will require additional work commitments the equivalent of $US 3.1 million (Madalena share - $US 2.4 million) and $US 2.0 million (Madalena share - $US 1.6 million), respectively, which will include the drilling of at least one well on each block. These drilling commitments will be fulfilled by Madalena's upcoming drilling programs commencing this summer. The expenditures made by Madalena for the upcoming drilling program will be credited towards the new work commitments by virtue of Madalena having already satisfied the majority of its outstanding work commitments for the first exploration period on each block.

At Cortadera the Corporation has received a second three year exploration period commencing on October 26th, 2010. The new three year exploration period will require an additional work commitment the equivalent of $US 2.0 million (Madalena share - $US 2.0 million) which may be fulfilled through conducting additional seismic or the drilling of a well. The Corporation is scheduled to relinquish a portion of the non-prospective acreage at the end of the first exploration period. All three exploration blocks qualify for an additional one year extension period at the end of their second exploration periods in the fourth quarter of 2013.

Dwayne Warkentin, Senior Vice President and COO of Madalena remarks, 'the extensions to the exploration terms of our core assets in Argentina provides us with the opportunity to fully explore and develop our highly prospective blocks in the Neuquén Province. Preparations for our 2010 summer drilling programs for Coiron Amargo and Curamhuele are rapidly progressing and we anticipate drilling operations will commence within the next sixty days'.

Tags: Madalena Ventures Inc.