New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

May 03, 2010 12:25 ET

New Global Provides Further Colombia Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2010) - Further to its press release of April 28, 2010, New Global Ventures International Ltd. (the "Company") (TSX VENTURE:NNG) is pleased to provide an update on recent developments in the Angostura – California Mining District.

On April 29, 2010, Greystar Resources Ltd. announced that it had filed an appeal with the Ministry of the Environment, Housing and Territorial Development (MAVDT) to reinstate its Dec. 22, 2009 Environmental Impact Assessment (EIA) in respect of the development of an open pit gold-silver mine at its Angostura project in Colombia and accept that it has complied with all legal requirements to have the project proceed.

Among other strong legal considerations, the appeal challenges the retroactive application of the Feb. 9, 2010, modification to the mining law (Law 1382 of 2010). The appeal is wide ranging with a primary focus on legal and technical arguments. Greystar believes it has designed the Angostura project optimally to minimize the project's impact on the environment and water sources. The appeal seeks to have the EIA reviewed as filed on Dec 22, 2009. The basis for which are comprehensive studies made in accordance with the environmental requirements and the detailed management plans of impacts provided in the EIA which demonstrate the feasibility of the project. Under the regulatory appeals process MADVT must respond to the appeal within fifteen (15) working days.

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