SOURCE: Mindenao Gold Mining Corp.

November 03, 2005 09:00 ET

Mindenao Gold in Negotiations to Acquire Rich Gold Mining Interests in Venezuela

MANILA, PHILIPPINES -- (MARKET WIRE) -- November 3, 2005 -- Major Shareholders of Mindenao Gold Mining (OTC: MDGM) and a private investment group are currently negotiating the acquisition of a substantial gold property in Venezuela. The Grand Pacaraima Gold property is located in Southern Venezuela near the borders of Brazil and Guiana. This concession was granted in 1981 for 40 years at 3500 meters long by 3000 meters wide or approximately 4 square miles. Reserves have been estimated at $580 million based on 80.86 grams per ton or 2.6 troy ounces per ton. Concession, exploration and development agreements have already been executed on the principal mine. There are five different strike zones that have been sampled on the elevated volcanic igneous property plus three other potential mining sites nearby. Development of the mining property located in the State of Nueva Esparta will be commenced with a core sampling analysis. One of Latin America's leading finance companies specializing in mining development is expected to participate in the development program. Based upon completion of the transaction Mindenao Gold Mining would propose a name change and discontinue any future development program in the Philippines.

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