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Posted by Nimitz on :
 
VENGA: GMI SIGNS LETTER OF INTENT TO RAISE $12 MILLION TO FINANCE ITS LIBERIAN LAND BASED GOLD MINING OPERATIONS


FEBRUARY 2, 2010 – TORONTO, CANADA - Venga Aerospace Systems Inc. (TSX VENTURE EXCHANGE: “VAV”; the “Company”) announced that the Company’s mining affiliate, Global Mineral Investments, LLC (“GMI”) has signed a letter of intent with RAM Consulting Group (“RAM”) of Charlotte, North Carolina wherein RAM has agreed, on a best efforts basis, to raise $12 million dollars through a new joint venture to finance GMI’s proposed land based gold mining operations in Liberia. “This funding will be specifically used to fund the gold extraction process at GMI’s Kumasi Hill 15 and 18 sites,” stated GMI President, Jon O’Regan. “Our plans include constructing a state of the art gold processing plant along with bridges and roads in Sinoe County,” continued O’Regan. “The plant will employ over 100 local Liberians and provide the area with a much needed economic boost,” commented O’Regan. “While the estimated life of the two Kumasi Hill projects is approximately five years, there are several other unexplored areas in our concessions which will also be evaluated. It is our plan to be developing these areas for the next 15 to 20 years,” concluded O’Regan.

“We at RAM Consulting Inc. are very excited about the opportunity our joint venture offers both of our teams,” stated RAM Spokesperson, Richard Miller. “This fits our operation of interests very well. Our investment concepts involve holdings in gold mines in the US, Canada, Ghana and other parts of the world,” continued Miller. “We have discussions happening with De Havilland on helicopter support, our UK partners on land evaluations and our Ghanaian partner on construction teams for roads, bridges and ground logistics utilizing Liberian labour,” concluded Miller. The full text of Miller’s comments can be found online at GMI’s website: www.gmigold.com.

The Company also announced that its annual general meeting of shareholders will be held on Tuesday, February 23, 2010 at 10:30, local Toronto time, at the Mississauga Convention Centre. Venga shareholders of record as of January 19, 2010, will be entitled to vote at the meeting.
 


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