Angus Mining Inc. Common Shares AGMNF

N/R

[allmine]

Ivana signs MOU for CBM production-sharing contract Ivana Ventures Inc (TSX-V:ANA) Shares Issued 15,433,299 Last Close 10/27/2005 $1.35 Thursday October 27 2005 - News Release Mr. J. Lal Gondi reports MEMORANDUM OF UNDERSTANDING FOR COALBED METHANE PROJECT IN CHINA Ivana Ventures Inc. has initiated a memorandum of understanding to enter into a production-sharing contract with China United Coalbed Methane Corp. Ltd. (CUCBM) for the exploitation of coal bed methane (CBM) resources in Huaibei-Suzhou area of Anhui province, China. Formal signing of the production-sharing contract is scheduled for end of November, subject to Ivana raising funds to pursue this project. The Anhui project consists of two adjacent synclines, Nanping and Sunan, and covers 856.912 square kilometres, and is located within close proximity to natural gas pipeline. Ivana has engaged LARA Energy Consulting Inc. services for due diligence on the property for preparing technical reports for CBM resource estimation as per National Instrument (NI) 51-101 guidelines. Dr. Laxmi Chikatamarla, PEng, of LARA, a qualified person as defined by NI 51-101, reports that a full evaluation of the property is under way. Under the terms of the production-sharing contract, Ivana will commit to spend $5.3-million (U.S.) toward drilling exploration and pilot development wells over five years in order to earn 65-per-cent interest in the project area. Established in 1996, CUCBM was granted the exclusive right to explore, develop and produce CBM in co-operation with foreign enterprises and has the exclusive authority to enter into contracts as authorized by the State Council of the People's Republic of China. CUCBM has PetroChina Co. Ltd. and China Coal Energy Group Corp. as its shareholders. The production-sharing contract is subject to acceptance by regulatory authorities in PRC and the TSX Venture Exchange, and Ivana will need to raise additional funds to pursue this project. A finder's fee is payable in connection with the proposed acquisition. © 2005 Canjex Publishing Ltd.