Vannessa Ventures

Vannessa Ventures Profile and History

Vannessa is pleased to announce that it and its JV-Partner, Americana Gold and Diamond Holdings Ltd. (Nasdaq – AGDM) have entered into a Letter Agreement with Aureus International Mining (B.V.I.) Limited ("Aureus"), a private company incorporated in Ontario, Canada, which will be followed by a formal agreement, to develop the El Foco project, Bolivar State, Venezuela. Pursuant to the terms of the agreement Aureus will acquire a 50% interest in the project, by financing exploration and development programs and paying all costs of maintaining the property - totalling US$2,850,000 over three years. Aureus also has the option to acquire a further 20% by financing a bankable feasibility study. Vannessa and Americana have the right to buy back the 20% interest by paying to Aureus their respective portion of the cost of the feasibility study financing.