Bonaventure Enterprises Inc.

May 03, 2007 09:31 ET

Bonaventure Enterprises Inc.: Resume Drilling on New Pass, Names Lafleur as Director and Quarterly Guidance

RENO, NEVADA--(CCNMatthews - May 3, 2007) - BONAVENTURE ENTERPRISES INC. (TSX VENTURE:BVT)(PINK SHEETS:BVTEF)(XETRA:YQG) has retained a drilling contractor and is resuming its drilling program at its New Pass Project located in Central Nevada, approximately 27 miles (43 km) west of Austin.

Drilling was discontinued for the winter. Phase 2 drilling is testing additional potential to the north, east and west of the current resource and the large gap between the northern and southern parts of the resource. A total of more than 30 holes are currently planned.

As disclosed in the April 12, 2006 National Instrument 43-101 Technical Report on the New Pass property by Paul A. Pelke and Sam S. Arentz III, together with additions to the Report by Mr. Arentz III dated October 18, 2006, which is available on, the authors concluded that the New Pass property contained a mineral resource of 11,500,000 short tons averaging 0.0226 oz/ton gold and 0.2214 oz/ton silver. Mineral resources are not mineral reserves and they do not demonstrate economic viability. The property is optioned from U.S. Gold Corporation (TSX:UXG) with BVT able to earn up to a 60 percent interest in the property. BVT plans to earn its interest this year by completing the current exploration program. Besides drilling, metallurgical studies will also be initiated in the current year. The property has potential to be an open pit heap leach mine.

Bonaventure has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. ALS Chemex Labs of Reno, Nevada is responsible for all of Bonaventure's assaying.

Qualified Person: These results have been prepared under the guidance of geologist Richard Kern, Vice-President Exploration of BVT, who is designated as the Qualified Person with the ability and authority to verify the authenticity and validity of this data.

The Company wishes to welcome Mr. Jean Lafleur, P. Geo., as a new director. Mr. Lafleur, P. Geo. (OGQ), received a B.Sc. and M.Sc. degrees in Geology from the University of Ottawa and has worked as a geologist, exploration manager and vice-president exploration for a number of companies over his 25 plus year career, most recently with Placer Dome, Newmont, Falconbridge, McWatters Mining, Crowflight Minerals and Beartooth Platinum. He is the current chairman of NioGold Mining Corp. (TSX VENTURE:NOX). For the past three years, he has been a Mineral Exploration Consultant, not only leading teams in the search for gold, base metals, platinum-palladium, nickel and uranium, but marketing junior companies and projects to the investment community. He is also a Director of Eloro Resources (TSX VENTURE:ELO) and Pershimco Resources Inc. (TSX VENTURE:PRO).

The company has received and accepted the resignation notice from Mr. Robert Liverant. The company wishes to thank Mr. Liverant for his past efforts and wish him all the best with his future endeavours.

Private Placement

In addition the Company is pleased to announce that it has negotiated a 14,000,000 Unit private placement financing for proceeds of $2,800,000 at $0.20 per Unit. Each Unit consists of one Share and one-half Warrant, each whole Warrant entitling the Investor to purchase one Warrant Share each of which is exercisable to acquire an additional common share of the Issuer for a period of two years from the Closing Date at a price of Cdn$0.30 per share for the first six month period; Cdn$0.50 per share for the second six month period; Cdn$0.75 per share for the third six month period; and Cdn$0.90 per share for the last six month period. Insiders of the Company have agreed to participate as to 1,250,000 Units. Finder's fee(s) will be paid in accordance with the Policies of the TSX Venture Exchange. The private placement is subject to regulatory approval. Proceeds from this private placement will be used for exploration and development of the company's current mineral exploration projects, and for general working capital.

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. The Company holds 100% of the mining properties including Goldfield, Cottonwood, Jet and Northern Lights. The Company also has an option agreement with U.S. Gold Corporation (TSX:UXG) to acquire up to 60% interest in the New Pass (Eureka, NV) and Squaw Creek (North end of the Carlin Trend) Properties. The Company's mission is the discovery and development of economic, multi-million ounce gold deposits through the exploration of high quality projects, located primarily in Nevada. Bonaventure Enterprises Inc. is an exploration company with a substantial portfolio of exploration projects prospective for gold and silver.


Jurgen Wolf, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Contact Information

  • Bonaventure Enterprises Inc.
    Investor information
    (604) 718-2800
    (604) 718-2808 (FAX)