Ventura Elects to Increase Interest in Inmaculada Gold-Silver Project, Peru to 70%
Mon Apr 20, 8:44 AM
ca.news.finance.yahoo.com
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Ventura Gold Corp. (“the Company”)(TSX-V: VGO.V) announces that it has elected to earn an additional 19% participating interest in the Inmaculada gold-silver project and increase its aggregate interest from 51% up to 70% by completing a feasibility study.
The Company has notified its joint venture partner, Hochschild Mining PLC, (“Hochschild”), that it intends to solely fund and deliver a feasibility study on the project by October 23, 2013 in order to exercise its option to earn the additional 19% interest. The detailed terms of the joint venture agreement are outlined in the Company’s February 12, 2007 news release.
The Company estimates that a feasibility study on the Inmaculada Project may include up to 45,000 meters of additional drilling in order to provide sufficient information and drill density to expand and upgrade the existing inferred resource estimate to include a significant proportion of measured and indicated resources, and to support the estimation of economic mineral reserves. The feasibility study will also include estimated costs and cash flows in order to determine the economic viability of the project. The Company estimates that the feasibility study may cost up to US$11.0 million over the next 4½-year period and, while the Company has sufficient funding to commence feasibility drilling, it will require additional financing to complete the full feasibility study.
Ventura is the operator of Inmaculada, with a controlling interest, having recently issued an additional 400,000 shares to Hochschild to complete all requirements to earn its initial 51% joint venture interest in Inmaculada.
Inmaculada Gold-Silver Resource Estimate
On January 20, 2009, the Company announced a National Instrument (“NI”) 43-101 compliant, initial inferred mineral resource estimate of 483,000 ounces of gold and 16.6 million ounces of silver in the Angela Vein at the Inmaculada Project, which are contained within an estimated 3.7 million tonnes at an average grade of 4.0 grams per tonne (“gpt”) gold and 139 gpt silver, using a cut-off grade of 3 gpt gold equivalent (using a silver to gold ratio 80:1). The currently defined Angela Vein mineralized zone has a strike length extending more than 900m, reaches a depth of over 300m, and remains open at depth and down-plunge to the northeast.
A technical report on Inmaculada was filed on SEDAR on March 6, 2009 and is also available on the Company web site at www.venturagold.com.
The Angela Vein mineral resources are classified in accordance with CIM guidelines, as required by NI 43-101, by Micon’s Qualified Person B. Terrence Hennessey (P.Geo.), and the estimate has an effective date of January 5, 2009. The resources are reported on a 100% project basis.
The Angela Vein is only one of more than seven known significant vein systems on the Inmaculada Project, which are relatively under-explored and crop-out for more than 25 kilometers. A plan map showing the principal quartz vein targets on the Property is shown in the Company’s December 3, 2008 news release.
Award of Stock Options
On March 27th, 2009, the Board of Directors of Ventura awarded 1,795,000 stock options to employees, officers and directors of the Company under the Company’s 20% rolling Stock Option Plan (the “Plan”), which was approved by shareholders on September 26th, 2002. Subject to regulatory approval, the options will vest over an eighteen month period, have an exercise price of C$ 0.28 and may be exercised for a period of five years.
The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.
For additional information, contact Eric Edwards, President and Chief Executive Officer at Tel: 303-35..., or Wendy Yang, Investor Relations, at Tel: 303-35.... Internet site: www.venturagold.com.
Cautionary Statement:
Some of the statements contained in this release are “forward-looking statements” within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements include the potential of an additional earn-in interest. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties relating to conducting mineral exploration and feasibility studies and mineral resource estimates. Other risks and uncertainties are detailed in the Company’s Management Discussion and Analysis for the year ended March 31, 2008, which is available at www.sedar.com under the Company’s name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Ventura Gold Corp.
Eric Edwards, 303-357-4862
President and Chief Executive Officer
or
Wendy Yang, 303-357-4863
Investor Relations |
