Trading Symbol: TSXV: VVV
CALGARY, March 28 /CNW/ - Vannessa Ventures Ltd. (the "Company") - The
Company is pleased to announce that it has executed the Agreements with
Shoreham Resources Ltd. of Toronto ("Shoreham") for the acceleration of the
exploration and development of the Marudi Mountain and Paint Mountain
prospects in Guyana.
Under the terms of the agreement, the Company grants Shoreham the option
to earn an initial 50% working interest in the Marudi Mountain Gold project by
completing US$2,000,000 in exploration and qualified project management
expenditures during a period of three years or less. Shoreham may earn a
further 25% by completing an additional US$2,000,000 in exploration and
development work prior to the fourth anniversary of the Agreement. The Company
has the option to retain a 25% interest in the property going forward.
Under Shoreham's direction and supervision, exploration will focus on
expanding known gold occurrences at both the Marudi and Paint Mountain
prospects with a view to identifying additional mining opportunities in this
large under-explored gold producing area. The Company is of the view that this
course of action provides the best opportunity for early expansion, definition
and development of the Marudi and Paint Mountain gold projects and looks
forward to working with Shoreham to continue development in this gold
The Potaro Purchase Agreement with Shoreham for the sale of 100% of the
Company's Potaro assets was also executed which involves the payment to the
Company of an aggregate sum of US$ 1.2 million over four years.
These transactions afford the Company the opportunity to focus on near
term growth through the continuing development of its Crucitas gold mining
project in Costa Rica.
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., 220, 1010 - 1st S.W.,
Calgary, Alberta, T2R 1K4, Telephone: (403) 444-5191