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Cambodian Ventures Limited Signs LOI for the Acquisition of Gold Exploration Interests from Oksan Cambodia
LOWELL, Mass. and PHNOM PENH, Cambodia, Apr 22, 2005 (PRIMEZONE via COMTEX) -- Cambodian Ventures Limited (Pink Sheets:CMBV), a junior mining company focused on exploration and mining of precious minerals in Cambodia, announced today that it has signed a letter of intent for the acquisition of gold exploration interests from Oksan Cambodia Corporation. Based on the LOI, CMBV is negotiating a definitive agreement to acquire a controlling interest in an 84 square kilometer Mineral Exploration and Exploitation license in an area called Antrong, in the Keo Seima district, Mondulkari Province, Cambodia. Oksan has performed initial geological surveys on the area and found promising gold ore concentrations. The agreement being negotiated will give CMBV the lead in developing the property. Upon reaching a definitive agreement, CMBV will perform comprehensive geological surveys to determine the economic value of the mineral deposits for mine development. As part of the agreement, CMBV would also have an interest in two of Oksan's memorandums of understandings with the Cambodian Ministry of Industry, Mines and Energy. Oksan's MOU's grant geological reconnaissance survey rights for properties that have a high potential for gold mineralization. These MOU's give Oksan the exclusive right to conduct geological feasibility studies prior to obtaining a Mineral Exploration and Exploitation license for these areas.
Wujin Park, CEO of Oksan Cambodia states: "We are excited about the opportunity to work with Cambodian Ventures. Gary Fineberg, CEO of CMBV and I have known each other for many years. We both have been involved in precious mineral exploration in Cambodia and our combined expertise in the region should help leverage our success. We are looking forward to joining forces in order to develop these high potential areas of gold mineralization."
Gary Fineberg, CEO of Cambodian Ventures states: "Wujin's knowledge of potential areas of precious mineralization is unsurpassed in the region. Our potential partnership will be significant for Cambodian Ventures and move the Kingdom of Cambodia closer to realizing the economic exploitation of its significant precious mineral resources that geologists have speculated exist in the country".
Oksan Cambodia Corporation was founded in Phnom Penh on August 6, 1997, for the research and development of mineral resources to feed Korean industries, who are dependant on raw materials from foreign countries. Oksan has surveyed many regions in Cambodia to find the best mineral deposits, especially gold, which they have found has wide spread potential throughout the country.
Cambodian Ventures Limited's mission is to obtain licenses for the exploration and mining of precious minerals in Cambodia. Cambodian Ventures intends to carry out exploration activities in regions containing gold and other precious minerals.
Safe Harbor Statement: The statements, other than the statements of historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the company to generate cash flow from operations and the ability of the company to manage its operations.
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