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The San Jose Mercury News reports the horse is less than a week old and is recovering after its ordeal.
The colt, dubbed Valentine because it was rescued on the holiday, was stranded in a pool of water when animal control officers and firefighters fished him out Sunday.
Valentine will be taken to the University California at Davis for surgery. The operation will cost about $10,000 and the Tri-City Animal Shelter is taking donations to cover the cost.
Police are investigating how the colt got down the ravine.