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Gold/Mining/Energy : Vantage Enterprises Inc - VEC on Vancouver -- Ignore unavailable to you. Want to Upgrade?

To: Jidamo who wrote (1395)	1/11/1998 9:01:00 PM
From: kfdkfd	Read Replies (1) \| Respond to of 1476

news January 8, 1998 VANTAGE GRANTED LICENSE TO TOURMALINE PROPERTY Vantage Enterprises Corp. ("Vantage") is pleased to announce that it has been granted a gemstone license by the Government of Zambia for the development of a new tourmaline mining property known as Kalunga Wbeba deposit located in the Eastern Province of Zambia. The Kalunga Wbeba alluvial deposit contains gem quality tourmaline which occur in a variety of colors - pink, green, colorless and multicolor known as "watermelon" - having a green rind around a pink centre. The pink tourmalines occur in a number of crystal shapes and multicolor tourmalines typically occurs in the form of lenticular nodules. Most of the watermelon variety has no fractures or inclusions and bear very distinct zoning, giving multiple colors, and is very popular in the designer jewelry industry selling at a premium price. The typical green tourmaline from Kalunga Wbeba deposit is highly transparent and clean, show brilliant mint green on one axis and olive green on the other. Both varieties of tourmalines, watermelon and green, are ideal for faceting and expected to yield high carat weight. In addition to tourmalines, the Kalunga Wbeba also contains some gem quality spessaratine garnet and aquamarine, which are suitable for faceting smaller cut and polished stones. Over the past year, Vantage has acquired several kilograms of rough tourmaline from this area and has completed cutting and polishing of this material to determine cut, color and carat yields. The price of gem quality rough tourmaline ranges from approximately US$2,000 to US$3,000 per kilogram. The Company's technical team is currently developing a detailed prospecting and exploration program. The first phase work program will involve surveying, conducting geological and geophysical investigations and the development of pits and trenches based on a grid pattern to determine quantifiable reserves and grade distribution. Vantage has initiated discussions with potential buyers of tourmaline in USA and Asia and has agreed to provide samples recovered during the initial work program for evaluation to establish price structure. Gem Stone Marketing Operations Vantage recently completed an Asian marketing campaign which resulted in a number of orders for beading quality, amethyst crystals and facet quality rough amethyst. The total value of the outstanding orders as of December 1997 is estimated at US$200,000. Vantage has entered into discussions with a faceted stone manufacturing company in Asia for the sale of facet grade rough amethyst. The Asian company has proposed to purchase large quantities of facet grade on a monthly basis and has placed an initial order of 30 kg rough facet grade amethyst to determine the grade, quality and yields of final cut and polished stones. The long term supply contract and price structure shall be established based on the results of the initial order. Vantage is in the process of developing a promotional campaign in USA for the marketing of its final cut and polished stones which were produced by Vantage Gems India Private Limited., a wholly owned Indian subsidiary of the Company. Accordingly, Vantage will announce the availability of cut and polished stones of amethyst, aquamarine, tourmaline, citrine and garnet for USA market at the major International Gem Stone show, scheduled during the first week of February in Tucson, Arizona. Vantage has also entered into negotiations with rough stone dealers, suppliers and agents in USA to market its Zambian facet quality rough semi-precious stones on a long term basis. Management believes that the acquisition of the new tourmaline property further enhances its goal to become a major player in the colored stone industry. ON BEHALF OF THE BOARD OF DIRECTORS _______________________ Bala Pratap Reddy Udumala Director The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release..