Trading Symbol: TSXV: VVV
CALGARY, Feb. 4 /CNW/ - Industrias Infinito S.A. ("Infinito"), a wholly
owned subsidiary of Vannessa Ventures Ltd. (the "Company"), has received
approval from the Environmental Protection Agency of Costa Rica (SETENA) to
modifications to its existing and approved Environmental Impact Statement
(EIS) for the Crucitas gold project, including changes to the mining and
processing plan in the EIS to bring mining of the hard-rock material
underlying the saprolite into the plan.
The original EIS, which was initially approved in December of 2005, set
forth the environmental plan for mining, and processing saprolite ore at the
Crucitas project located in north central Costa Rica. The modifications that
have been approved by SETENA, in the form of (Resolucisn No. 170-2008-SETENA)
dated February 4, 2008, include:
- Approval to mine the hard-rock material underlying the saprolite or
weathered clay material which overlies the deposit.
- A significant reduction in the total mining area disturbed due in
part to the fact that the planned pits will now be extended to
penetrate through the saprolite cap into the hard-rock material which
will result in a reduced disturbance area.
- The purchase of additional surface rights since the filing of the
original submission which will allow for a larger area of land to be
returned to native forest cover from its current use which is
plantation forestry and grazing.
With this approval the Company now has the major environmental approvals
in place to develop the Crucitas deposit in accordance with the Feasibility
Study announced on January 12, 2007 and subsequently filed on SEDAR on
February 26, 2007. The Company has also posted the environmental bond required
by SETENA as a condition of the initial approval.
Since the initial approval in late 2005 the Company has continued with
social, educational, and community development in the communities in the
project area and has constructed a new bridge and road into the site and
improved existing roads leading to the Crucitas camp. The Company already owns
a SAG and ball mill, which are being stored in California, pending transport
to the site, which will process 5,000 tonnes of hard-rock ore per day with
greater productivity in the softer saprolite material.
With this approval in place the Company looks forward to moving forward
with development of the Crucitas Project. Prior to proceeding with full
development of the project the Company requires clarification of the status of
its Exploitation Concession, as discussed in the Company's news release of
December 5, 2006 and its subsequent disclosure documents. The Company believes
that the required confirmation will be provided as the Company has complied
with all of the applicable legislation and requirements. This belief is
supported by qualified local counsel who has reviewed the issue in detail and
has confirmed that the Company has satisfied applicable legislation and
regulations. Following final clarification of the concession status, and with
the approval of the modified EIS in hand, the Company anticipates moving
forward with project development.
John Morgan, President
VANNESSA VENTURES LTD.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Vannessa Ventures Ltd., Suite 220, 1010 - 1st
Street S.W., Calgary, AB, T2R 1K4, Tel: (403) 444-5191