Business & Finance
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Business and Finance
Wed, January 18, 2012 GMI Resumes Liberian Gold Mining Operation and Provides Update on the Status of the Tawana Resources Project
January 18, 2012 08:45 ET
Venga: GMI Resumes Liberian Gold Mining Operation and Provides Update on the Status of the Tawana Resources Project
TORONTO, ONTARIO--(Marketwire - Jan. 18, 2012) -Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINKSHEETS:VNGAF) (the "Company") announced that the Company's mining affiliate, Global Mineral Investments, LLC ("GMI") has resumed its Liberian gold mining operations with dredging having now been restarted at GMI's Dugbe River site. Kiwi Inc., GMI's African based joint venture partner and on-site manager of GMI's dredging operation, reported that after approximately 6 weeks of preparatory work, full dredging operations began on January 15, 2012. "We are obviously pleased that gold dredging operations have resumed at our river sites," stated GMI's President, Jon O'Regan. "With a new, experienced management team and work crew in place, we are hopeful that we will see a higher level of recovery this operational season," continued O'Regan.
Kiwi Inc. further reported that the Tawana Resources NL ("Tawana") transaction was progressing smoothly and that the results from Tawana's field and soil testing program conducted to date had encouraged Tawana to consider going to the next stage of exploration of GMI's concessions and concluding a final contract with GMI/Kiwi Inc. in accordance with terms announced in Venga and Tawana's respective press releases of August 16, 2011.
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 Venga - Venga Aerospace System Inc. is a Canadian public company that is currently listed on the TSX Venture Exchange. 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.
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. Initially, the company explored for diamonds in South Africa, Botswana and Australia. With the introduction of new board members and new management, Tawana reinvented itself into a West African focused gold explorer.
In April 2010, Tawana announced the appointment of Warwick Grigor as non-executive Director and Chairman. Mr Grigor is the Executive Chairman and Head of Research at BGF Equities Pty Ltd. In June 2010 the company announced the appointment of Lennard Kolff van Oosterwijk (Len Kolff) as CEO. Mr. Kolff joined Tawana having worked over the past decade at Rio Tinto, where he was involved in a range of high profile projects including the Simandou iron ore project in West Africa and the Northparkes Cu·Au mine in NSW, Australia.
In December of 2010, Tawana announced a strategic alliance with Gryphon Minerals Ltd (ASX:GRY) and in February, 2011, the acquisition of two highly prospective mineral exploration licences in Liberia, West Africa. Under the terms of this alliance, Gryphon will assist Tawana with the identification, acquisition and exploration of mineral permits in West Africa which are outside Gryphon's core growth strategy. Gryphon will also assist Tawana establish itself in West Africa and provide high level technical, operational and logistical support. Gryphon is Tawana's major shareholder.
As part of its legacy assets, Tawana holds a 6.76% indirect equity interest in the Avontuur Manganese (108.9Mt at 38.6% Mn) and Meletse Iron Ore (47.6Mt at 62.9% Fe) Projects through its 26% equity stake in Rakana Consolidated Mining Pty Ltd., the joint venture partner of Aquila Resources Ltd. in the Thabazimbi Joint Venture, South Africa. In March of 2011, Tawana raised $4.5 million via share placement of 100 million shares at 4.5 cents with BGF Equities Pty Ltd. acting as the lead manager.
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.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Actof 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.
SHARES ISSUED: 239,171,893
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
