Cumbre Ventures Inc.
TSX VENTURE : CUB.P

March 07, 2007 20:56 ET

Cumbre Ventures Inc.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 7, 2007) - Cumbre Ventures Inc. (TSX VENTURE:CUB.P) is pleased to provide the financial results of its operations for the first quarter ended December 31, 2006 filed on SEDAR on February 28, 2007. During the quarter the Company recorded a net loss of $2,866, comprising of $3,662 for general and administrative expenses, partially offset by $796 interest income generated from funds held on deposit. Activities conducted during the quarter were focused on the Company's initial public offering to raise $200,000 (the "Offering") and listing on the TSX Venture Exchange (the "TSXV"). As at December 31, 2006, the Company had incurred $67,621 for costs related to the offering.

On January 26, 2007, the Company completed the offering and on February 5, 2007, listed its common shares on the TSXV as a capital pool company. The Company has not commenced operations and will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

On February 26, 2007, the Company announced that it had agreed to a brokered private placement financing of up to 2,310,000 shares at a price of $0.65 per share, to raise $1,501,500 gross proceeds. The proceeds will be used to supplement the Company's existing working capital, of approximately, $250,000, in its ongoing search of identifying and evaluating potential qualifying transactions. Management attended the 2007 PDAC in Toronto where a number of possible acquisition opportunities were identified. Management is now conducting due diligence to determine the suitability for the Company.

ON BEHALF OF THE BOARD

Mr. Marc Cernovitch, President & Director

Cautionary Note to U.S. Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

Contact Information

  • Cumbre Ventures Inc.
    Nick DeMare
    Director
    (604) 685-9316
    (604) 683-1585 (FAX)
    Email: ndemare@chasemgt.com