SOURCE: Cambodian Ventures Limited

October 19, 2005 14:28 ET

Cambodian Ventures Limited Enters Into an Agreement for an Investment of Up to US$1,000,000 in Its Mining Projects in Cambodia

LOWELL, MA; PHNOM PENH, CAMBODIA; and MONTREAL, QC -- (MARKET WIRE) -- October 19, 2005 --Cambodian Ventures Limited (OTC: CMBV), a junior mining company focused on exploration and mining of precious minerals in Cambodia and Monterra Mining Inc. of Montreal, Quebec, Canada, announced today that they have entered into a joint venture agreement for Monterra to invest up to $1,000,000 in mining projects in Cambodia, subject to project due diligence. Monterra's investments will allow them to acquire working interests in one or more of Cambodian Ventures mining projects in Cambodia.

Cambodian Ventures Limited's mission is to obtain licenses for the exploration and mining of precious minerals in Cambodia. Cambodian Ventures intends to carry out exploration activities in regions containing gold and other precious minerals.

Monterra Mining Inc. is a holding company that acquires working interests in mineral exploration opportunities throughout the world. Monterra is evaluating project interests in South America and its commitment to Cambodian Ventures Limited is its first foray in Southeast Asia.

Garth McIntosh, Monterra Mining's spokesperson, said today, "We feel there is a tremendous opportunity to develop gold mines in Cambodia. Except for artisanal mining, there has been very little production of Gold since the French left in the 1950s. Geologists agree that there is tremendous potential for gold production in Cambodia based on the early geological work by the French, that is now being confirmed with more modern geological methods. Cambodian Ventures is highly regarded within the Kingdom of Cambodia, and we are very excited about several projects that we are currently evaluating to invest in as working interests."

Safe Harbor Statement: The statements, other than the statements of historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the company to generate cash flow from operations and the ability of the company to manage its operations.

Contact Information

  • CONTACT:
    Bill West
    Vice President of Operations
    1-978-654-5217
    www.cambodianventures.com

    Garth McIntosh
    Monterra Mining Inc.
    1310 Green Avenue suite 730
    Montreal, Quebec, Canada
    (514)932-4402 x 225