Venga Aerospace Systems Inc.

November 09, 2012 08:45 ET

Venga: GMI's Exploration Mining Licence Re-Instated by Liberian Authorities

 

 

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV.H)(PINKSHEETS:VNGAF); (the "Company" or "Venga") announces that it has received confirmation that the Liberian Ministry of Lands, Mines and Energy has now re-instated Global Mineral Investments, LLC's ("GMI") mineral exploration licence for GMI's gold mining concessions located in Sinoe County, Liberia. GMI's exploration licence covers an area of 40,000 hectares along arguably the most prospective gold mineralized structure being explored in Liberia today, the Dugbe Shear. GMI has also released a NI 43-101 compliant report confirming that GMI's concession is a project of merit.

On October 15, 2012, the Company announced that GMI and Tawana Resources NL (ASX:TAW); ("Tawana") had agreed to extend the option period within which Tawana has to finalize its planned purchase of GMI's Liberian mining concessions from the originally extended date of September 28, 2012 to December 31, 2012.

To date, Tawana has collected 5,420 soil samples from various prospective areas within GMI's Sinoe County concessions. On October 30, 2012, Tawana announced the results of the latest, approximately 2,700 infill soil samples from Tawana's sampling and testing program and stated that it has now defined and refined high-tenor +50ppb up to 1g/t Au soil anomalies within GMI's concession area in addition to trench intersections of 12m at 2.3g/t including 4m at 6.25g/t Au over now apparent lower priority soil anomalies.

"These 200x50m infill results have much better defined the stronger anomalous zones within the previously reported +30ppb gold anomalous trends," stated Len Kolff, Tawana's Managing Director. "Five high-priority +50ppb soil anomalies with consecutive results in some instances over 100ppb and up to 1g/t Au have been defined; each over 1 to 2km strike length and up to 500m wide," continued Kolff.

"The geological interpretation supports the soil anomalies and gold trends providing further confidence in the results. Initial trenching results of 12m at 2.3g/t including 4m at 6.25g/t over the southern anomaly although narrow are encouraging and in light of the recent infill soils were sighted over lower priority anomalies," explained Kolff.

"The Dugbe Shear continues to shape up into a major new gold province in the West African gold story; it is exciting to be part of this emerging province," concluded Kolff.

"We are obviously very pleased to finally have our mining licence re-instated," stated GMI President, Jon O'Regan. "With these administrative problems now behind us we are in a position to proceed with our agreement with Tawana Resources to commercially exploit what all parties believe is a gold mining project with significant potential," continued O'Regan. "We are also planning to re-commence our dredge mining operations in the near future," stated O'Regan.

About GMI - Global Mineral Investments LLC is a U.S. based private corporation that has acquired and is developing gold concessions in Sinoe County, Liberia.

About Tawana - Tawana Resources NL (www.tawana.com.au) is a public company listed on the Australian Exchange with its registered office located in Perth, Australia. Tawana is actively exploring for gold and base metals in Liberia and continues to review additional opportunities in Liberia and West Africa as part of its ongoing growth strategy.

About Venga - Venga Aerospace System Inc. is a Canadian public company that is currently listed on the NEX Board. Venga operates or has an investment in three business units: aerospace; 3D graphics and gold mining in West Africa. Venga has a 20% equity interest in GMI.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

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