infoICIENA ENTERS INTO AN AMENDED AGREEMENT TO ACQUIRE DIAMOND PROPERTY IN BRAZIL
Vancouver, B.C., December 11, 2007 - ICIENA VENTURES INC. (TSX-V: IIE) ("Iciena" or the "Company") announces that further to the Company's new releases dated May 11, 2007 and June 26, 2007 that it has entered into an amended and restated property purchase and operating agreement (the "Agreement") to acquire an 80% interest in certain Brazilian mineral exploration concessions which collectively comprise the Botavi Diamond Project (collectively the "Claims"). The Claims are located in north-central Mato Gross State, Brazil and are contiguous to approximately 152,000 hectares of mineral claims that Iciena already holds (the "Project").
Iciena currently owns a 20% interest in the Claims which were acquired in 2002. The remaining interests in the Claims will be acquired from 0787522 BC Ltd. ("07 Ltd."), a private company incorporated in British Columbia and Mineradora Bravo Cavalo Ltda ("Bravo"), a private company incorporated in Brazil. Each of 07 Ltd. and Bravo currently own a 40% beneficial interest in the Claims.
Pursuant to the terms of the Agreement, Iciena is required to issue to each of 07 Ltd. and Bravo 5,000,000 fully paid and non-assessable shares within ten business days of receipt of all regulatory approvals therefor. Such shares are subject to a voting trust agreement (the "Voting Trust Agreement") and each of 07 Ltd. and Bravo are required to vote 2,500,000 of their respective shares as Iciena's Board of Directors may from time to time require. The Voting Trust Agreement terminates on September 30, 2008.
In addition to the share consideration, Iciena is required to spend an aggregate of $2,000,000 in exploration expenditures on or before the second anniversary of the date all regulatory approvals are received.
Iciena has agreed to retain Kel-Ex Development Ltd. ("Kel-Ex"), a company associated with Dr. Charles Fipke, as operator for the Project. In consideration for its obligations as operator, Iciena is required to hold a 10% interest in the mineral claims comprising the Project for Kel-Ex through to commercial production.
This transaction is subject to regulatory approval.
About Iciena Ventures Inc.
The Company is a publicly traded, junior exploration company engaged exclusively in diamond exploration in Brazil.
For further information, please contact:
Harry Lappa
President and Director
Suite 730 - 1111 West Hastings Street
Vancouver, BC V6E 253
Telephone: (604) 638-1255
Iciena Ventures Inc.
"Harry Lappa"
Harry Lappa
President and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.