Post by
myllow1 on May 11, 2007 9:09am
News...Iciena Ventures Acquires the Botavi Di
Iciena Ventures Acquires the Botavi Diamond Property in Brazil
VANCOUVER, BRITISH COLUMBIA, May 11 /CNW/ - Mr. Richard Bachman, CEO of
Iciena Ventures Inc. (TSX-V:IIE) ("Iciena" or the "Company") announces that
the Company has entered into a property option agreement to acquire an 80%
interest in certain Brazilian mineral exploration concessions which
collectively comprise the Botavi Diamond Project. Iciena currently owns a 20%
interest in the Botavi Diamond Project which was acquired in 2002. The
remaining interests in the Botavi Diamond Project were acquired from 0787522
BC Ltd., a wholly owned subsidiary of Consolidated AGX Resources Corp. ("AGX")
and Mineradora Ltda. ("Minerdora"), a private Brazilian exploration company.
Each of the vendors owned a 40% beneficial interest. The Botavi Diamond
Project is located in the Paranatinga Diamond District of north-central Mato
Grosso State, Brazil and consists of seven mineral claims with an approximate
geographic area of 63,000 hectares.
Iciena currently beneficially owns approximately 152,000 hectares of
property contiguous to the concessions being acquired in the Paranatinga
Diamond District thereby unifying the district and holding a combined 215,000
hectare exploration project. The reader is referred to a NI 43-101 report
filed on Sedar on April 15, 2005 by Iciena documenting geologic features of
the Paranatinga District. The report notes that more than 40 kimberlite bodies
are known to exist in the district.
Subject to TSX Venture Exchange approval, and any other regulatory or
shareholder approvals that may be required, Iciena is required to issue to
each of Mineradora and AGX 5,000,000 fully paid and non-assessable shares
within ten business days of receipt of all approvals. In addition to the share
consideration, Iciena is required to undertake and spend USD $2,000,000 in
exploration expenditures on or before the second anniversary of the date all
approvals are received.
In connection with the transaction, Iciena has agreed to retain Kel-Ex
Developments Ltd., a company associated with Dr. Charles Fipke, as operator
for the project. In consideration for its obligations as operator, Kel-Ex
Developments Ltd. will earn a 10% interest in the Botavi Diamond Project.
Richard Bachman, CEO of Iciena, stated, "With this transaction, the
Company unifies the northern portion of the district and allows for the start
of an aggressive exploration program for diamond bearing kimberlites with
partners such as Charles Fipke and Kel-Ex that bring a world-class diamond
exploration group to the team."
About Iciena Ventures Inc.
Iciena Ventures is a publicly traded, junior exploration company engaged
exclusively in diamond exploration in the state of Brazil.
ICIENA VENTURES INC.
Richard Bachman, Chief Executive Officer
Not for distribution to the United States newswire services or for
dissemination in the United States.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
-0- 05/11/2007
/For further information: Skyline Investor Relations Brian Cole,
1-866-433-3356 or 604-733-3356 Email: info(at)skylineir.com/
Comment by
frankyg13 on May 11, 2007 9:36am
Nice...anyone notice any comparisons? Just wondering.....
Excellent...