Orsa Announces Amendment to Option Agreement with Seabridge

Orsa Ventures Corp. ("Orsa" or the "Company") (TSX VENTURE:ORN) announced today
that the Company has entered into an amending agreement (the "Amending
Agreement") to the option agreement (the "Option Agreement") in respect of the
Quartz Mountain and Angel's Camp properties, which was originally announced in
the Company's news release of October 24, 2011.


Under the terms of the Amending Agreement among Seabridge Gold Inc.
("Seabridge"), Seabridge Gold Corporation ("Seabridge Sub"), Orsa Ventures Corp.
and Orsa Minerals Ltd. ("Orsa US"), the parties have agreed to amend the Option
Agreement to provide that in lieu of making the $500,000 cash payment to
Seabridge Sub on or before the fifth day following regulatory approval of the
Option Agreement that was required under the original terms of the Option
Agreement, Orsa will instead issue 1,500,000 common shares to Seabridge Sub on
such date. In addition, Orsa has assigned its rights and obligations under the
Option Agreement to Orsa US, its wholly owned U.S. subsidiary. The other
conditions of exercise of the option under the Option Agreement, including the
staged payments of $5,000,000 in cash or shares of Orsa, the delivery of a
feasibility study and the cash payment of $15,000,000 or a 2% NSR, remain
unchanged. The Amending Agreement and the Option Agreement remain subject to the
approval of the TSX Venture Exchange (the "TSX-V").


Under the terms of the Option Agreement, Seabridge Sub has granted Orsa the
exclusive option to earn a 100% interest in the Quartz Mountain gold property
(the "Quartz Mountain Property") and all of Seabridge's undivided 50% beneficial
joint venture interest in the adjacent Angel's Camp gold property (the "Angel's
Camp Property", collectively with Quartz Mountain, the "Properties"). The
Properties are located in Lake County, southern Oregon on the northern extension
of the Basin and Range Province of Nevada. Both properties are subject to
underlying royalties and Angel's Camp is subject to the 50% joint venture
interest of Golden Predator Corp. ("Predator") (TSX:GPF).


Quartz Mountain 

The Quartz Mountain Property, consisting of 86 unpatented lode mining claims, is
a volcanic-hosted, hot-spring gold deposit. Gold mineralization occurs
extensively within late Miocene rhyolite porphyry domes and adjacent basaltic
flows, tuffs and volcaniclastic rocks.


Orsa has commissioned Resource Modeling Incorporated (RMI) and Discovery
Consultants to complete a National Instrument 43-101-compliant technical report
(the "Technical Report") in respect of the Quartz Mountain and the Angel's Camp
Properties. The Technical Report is currently in draft form pending review by
the TSX-V, and will be filed on the Company's profile on SEDAR as soon as it is
finalized. The Technical Report contains an updated mineral resource estimate
for the Quartz Mountain Property, with an undiluted, inferred mineral resource
of 2,848,000 ounces of gold as described below. 


Michael Lechner of RMI, co-author of the Technical Report, has estimated mineral
resources for the Crone Hill and Quartz Butte deposits within the Quartz
Mountain Property. Block gold and silver grades were estimated using drilling
data that were collected primarily during the late 1980s. Approximately 90% of
the data were collected by reverse circulation drilling methods with slightly
less than 10% derived from diamond core drilling methods.


A conceptual pit was generated using a gold price of US $1500 per ounce.
Reasonable mining and processing costs and leach/mill recovery rates were used
in the algorithm to generate the conceptual pit using a constant pit slope angle
of 45 degrees. Inferred Resources were then tabulated inside of the conceptual
pit for oxide and sulphide material using gold cutoff grades of 0.006 and 0.017
ounces per ton, respectively. The table below summarizes Inferred Resources for
the two areas by oxide and sulphide material.


Undiluted Inferred Mineral Resource 



----------------------------------------------------------------------------
                      Imperial Units                  Metric Units          
----------------------------------------------------------------------------
                   Au                     Au      Au                      Au
               Cutoff    Tons    Au      Ozs  Cutoff  Tonnes     Au      Ozs
Area/Material   (opt)   (000) (opt) (000)(1)   (g/t)   (000)  (g/t) (000)(1)
----------------------------------------------------------------------------
Crone Hill                                                                  
 Oxide          0.006  46,345 0.018      834    0.21  42,044   0.62      834
----------------------------------------------------------------------------
Crone Hill                                                                  
 Sulfide        0.017  41,320 0.030    1,240    0.58  37,486   1.03    1,240
----------------------------------------------------------------------------
Total Crone                                                                 
 Hill             n/a  87,665 0.024    2,074     n/a  79,530   0.81    2,074
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                      Imperial Units                  Metric Units          
----------------------------------------------------------------------------
                   Au                     Au      Au                      Au
               Cutoff    Tons    Au      Ozs  Cutoff  Tonnes     Au      Ozs
Area/Material   (opt)   (000) (opt) (000)(1)   (g/t)   (000)  (g/t) (000)(1)
----------------------------------------------------------------------------
Quartz Butte                                                                
 Oxide          0.006  24,365 0.019      463    0.21  22,104   0.65      463
----------------------------------------------------------------------------
Quartz Butte                                                                
 Sulfide        0.017   9,716 0.032      311    0.58   8,814   1.10      311
----------------------------------------------------------------------------
Total Quartz                                                                
 Butte            n/a  34,081 0.023      774     n/a  30,918   0.78      774
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                      Imperial Units                  Metric Units          
----------------------------------------------------------------------------
                   Au                     Au      Au                      Au
               Cutoff    Tons    Au      Ozs  Cutoff  Tonnes     Au      Ozs
Area/Material   (opt)   (000) (opt) (000)(1)   (g/t)   (000)  (g/t) (000)(1)
----------------------------------------------------------------------------
Total Oxide     0.006  70,710 0.018    1,297    0.21  64,148   0.63    1,297
----------------------------------------------------------------------------
Total Sulfide   0.017  51,036 0.030    1,551    0.58  46,300   1.04    1,551
----------------------------------------------------------------------------
Total Project     n/a 121,746 0.023    2,848     n/a 110,448   0.80    2,848
----------------------------------------------------------------------------
                                                                            
Notes:                                                                      
(1) Contained gold ounces - not recovered ounces                            
Short ton conversion to metric tonnes (ton x 0.9072 = metric tonne)         
Ounces per ton to grams per tonne conversion (opt/0.0292 = g/t)             



Note: Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability. Inferred Mineral Resources have a high degree of uncertainty
as to their existence, and a great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Resource
will ever be upgraded to a higher category. 


Angel's Camp 

The Angel's Camp Property consists of 158 unpatented lode mining claims and is
contiguous with the Quartz Mountain Property. Mineralization at the Angel's Camp
Property is part of the large, district-scale epithermal mineralizing system
associated with Tertiary volcanic activity.


Drilling at Angel's Camp to date has focused on high grade veins hosted within
late Miocene, rhyolite, porphyry domes and adjacent tuffs and volcaniclastic
rocks. Both 2004 and 2009 drill programs confirmed the existence of
bonanza-style gold mineralization within broad intercepts of lower, potentially
bulk mineable, grades within surrounding volcanic and volcaniclastic rocks such
as occurs at Quartz Mountain. There are other unexplored rhyolite dome
structures on the property.


The Angel's Camp Property will be operated under a joint venture agreement (the
"JV Agreement") between Predator and Seabridge. Under the terms of the Option
Agreement, Orsa is responsible for Seabridge's obligations under the JV
Agreement, and is required to maintain Seabridge's percentage interest in the
joint venture during the term of Orsa's option in respect of the Angel's Camp
property. Under the terms of the JV Agreement, Predator is the operator on the
Angel's Camp Property.


Orsa's management believes that the Properties have significant exploration
upside potential for both high grade vein systems and lower grade bulk mineable
mineralization.


About Orsa 

Orsa Ventures Corp. is a junior company focused on the exploration for, and
development of, gold-silver-copper properties in the western United States. In
addition to the Quartz Mountain and Angel's Camp properties, Orsa has options to
earn a 51% interest in the Ashby Gold Property, Nevada through an agreement with
Bridgeport Ventures Inc. and has an option to earn a 100% interest in the Coal
Canyon Gold Property in Nevada. The Company continues to actively seek new
acquisitions to expand its precious metal holdings.


On behalf of the Board of Directors,

Linda Thorstad, President and Chief Executive Officer

Linda Thorstad, P. Geo., a Qualified Person as defined by National Instrument
43-101 and President and Chief Executive Officer of the Company, has read and
approved the technical information in this news release. 


FORWARD LOOKING STATEMENTS 

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or "will" occur, and
include, without limitation, statements regarding the Company's plans with
respect to the closing of the Financing and the use of proceeds thereof. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in such
forward-looking statements. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events
or results or otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements
due to the inherent uncertainty therein.