Bonaventure Enterprises Inc.
TSX VENTURE : BVT
FRANKFURT : YQG

October 16, 2007 12:57 ET

Bonaventure Enterprises Inc.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - Bonaventure Enterprises Inc. (TSX VENTURE:BVT)(FRANKFURT:YQG) is pleased to update its shareholders and stakeholders on the work in progress at the Company's 161.5 km2 K9 and 4.4 km2 Bay of Pigs (Longue Rive) properties in Quebec. Both properties form part of a recently acquired 944 km2 claim package located in the uranium-rich James Bay and North Shore regions, respectively, of Quebec (refer to the Company's new release of September 26, 2007).

K9 Uranium Property

At the 161.5 km2 K9 Property, field crews are continuing their surface sampling of the uranium corridor. More than 215 measurements from a detailed ground spectrometer survey completed in Q3-2007 outlined bedrock uranium mineralization over a 250 m to 900 m wide (averaging 675 m) by 7 km long corridor within a 30 km long secondary uranium regional lake-bottom sediment anomaly. Three specific areas of higher uranium concentrations were identified within this corridor, the A, B and South Zones, along a series of NW-SE hills, averaging more than 65 m in height. Uranium is present as disseminated uraninite located within biotite-magnetite bearing paragneisses, pegmatites and granites, akin to a Rossing-style mineralization. The average uranium concentration from analysis of bedrock samples is 0.13% U3O8 (or 2.60 lbs/ton U3O8) from 46 sample sites along the 7 km long corridor (refer to the Company's news release of October 1, 2007).

An 8-man field crew under the direction of Dr. Kamal Sharma, PhD. Geology and Mineral Exploration Consultant for the Company is currently taking an additional 40 surface bedrock samples to refine the bedrock mineralization over the full 7 km uranium corridor. Uranium results will be made available once they are received by the Company. In addition, the summer camp is being completely overhauled to accommodate 18 to 20 people in winter conditions as the Company prepares for the upcoming 20,000 m diamond drilling campaign slated to begin in November 2007. The aim of the first 10,000 m of the drill campaign to be completed by year-end 2007 will be to test the surface to 100 m segment of the three areas of higher uranium concentrations and potentially leading to compliant NI 43-101 Mineral Resources.

Results of the extensive summer exploration work carried out on K9 and completed in July 2007, are being compiled into a NI 43-101 Technical Report which will contain a full description of the work done, results, and an outline of the near term program to delineate a maximum Mineral Resources over the 7 km long by 675 m wide uranium corridor.

Bay of Pigs (Longue Rive) Property

On-going compilation work at the Company's 4.4 km2 Bay of Pigs (Longue Rive) Property on Quebec's Upper North Shore is currently indicating a 250 m long by 50 m wide and 30 m high radioactive granite-pegmatite hill ranging from 300 to 2,500 counts per second, and assays ranging from trace to 0.22% U3O8, averaging 0.03% U3O8 (SOQUEM, 1977).

Historical results from the Bay of Pigs (Longue Rive) Property will be summarized in a NI 43-101 Technical Report that will also encompass the other Upper and Lower North Shore Uranium Properties which will also contain the proposed work programs for the entire package.

Mr. Jean Lafleur, P. Geo., Bonaventure's President and CEO, and a Qualified Person as defined by NI43-101, is responsible for the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Basil Pantages, Chairman of the Board

About Bonaventure Enterprises Inc.

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange and Xetra. Presently with approximately 6,000 km2 of mostly uranium assets in the Athabasca Basin and in the James Bay and North Shore regions of Quebec, and with gold properties in Nevada with some under a Joint-Venture with U.S. Gold (TSX:UXG), Bonaventure is focused on building a first-tier energy and precious metals company by aggressively pursuing the district scale targets on its flagship projects in three World-Class Mining Districts in North America.

Please visit the Bonaventure Enterprises Inc.'s website at www.bonaventure.us.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • First Canadian Capital
    Daniel Boase
    1-866-580-8891
    or
    ParaDox Public Relations
    Carl Desjardins
    1-866-460-0408