New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

April 28, 2010 15:06 ET

New Global Provides Colombia Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2010) - Further to its press release of April 19, 2010, New Global Ventures International Ltd. (TSX VENTURE:NNG) (the "Company") is pleased to provide an update on its "El Primo" property and recent developments in the Angostura – California Mining District. The "El Primo" property is adjacent to Greystar's Angostura deposit.

Further to Greystar Resources Ltd.'s April 26, 2010 press release, the new regulation Law 1382 of 2010 (Modified Mining Code) requires that mining and exploration activity must be excluded from the Paramo ecosystem. The definition to determine the area of Paramo has been established by the Alexander Von Humboldt Biological Resources Research Institute in Colombia. While the definition of Paramo is determined by fauna, flora and elevation, it is imperative to understand that the definition of a Paramo is not solely determined by elevation, but also by the environmental, social and economic impact of the project. The Company is closely monitoring the developments at Angostura, in conjunction with its Colombian counsel, Cárdenas & Cárdenas Abogados.

To date the Company has advanced $100,000 to South American Exploration & Finance, S.A.S., and the final payment is not due until September 30, 2010. Given recent developments at Angostura, it has been mutually agreed that the 6 Million Shares payable under the definitive agreement will not be issued until a decision has been made by the Ministry of the Environment, Housing and Territorial Development (MAVDT) on Greystar's revised Environmental Impact Assessment (EIA). In addition the 700,000 founder shares payable to Bear Trade Corporation will not be issued.

"New Global is very fortunate to have a very healthy balance sheet as a junior issuer with close to $2 Million in cash, and will continue to look to acquire advanced stage projects that will compliment the El Primo Project," said Mr. Mark Lawson, New Global Ventures International Ltd. President and CEO.

ON BEHALF OF THE BOARD

Mark Lawson, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • New Global Ventures International Ltd.
    Jeremy Ross
    Corporate Development
    604-893-8838
    or
    New Global Ventures International Ltd.
    Tyler Ross
    Corporate Development
    604-893-8838
    604-662-3904 (FAX)
    or
    New Global Ventures International Ltd.
    Mark Lawson
    President & CEO
    416-623-0565