Fabulosa Mines Limited

March 03, 2005 17:20 ET

Fabulosa Mines Limited: Transfer Of Common Shares Of Orvana Minerals Corp.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FABULOSA MINES LIMITED

MARCH 3, 2005 - 17:20 ET

Fabulosa Mines Limited: Transfer Of Common Shares Of
Orvana Minerals Corp.

TORONTO, ONTARIO--(CCNMatthews - March 3, 2005) - Fabulosa Mines Limited
("Fabulosa") announced today that Compania Minera del Sur S.A.
("Comsur") has transferred to Fabulosa 59,914,695 common shares (the
"Shares") of Orvana Minerals Corp. ("Orvana"), being all of the Orvana
common shares held by Comsur and representing approximately 52.5% of the
outstanding common shares of Orvana. In addition, Fabulosa also acquired
from Comsur a convertible debenture issued by Orvana in the amount of
US$92,488 (the "Debenture"). The Debenture bears interest at 6% per
annum and is repayable at the holder's option in cash or by the issuance
of common shares of Orvana at the then-current market price. The Shares
and the Debenture were transferred to Fabulosa, a wholly-owned
subsidiary of Minera S.A., in a private transaction as part of a
corporate reorganization in connection with the sale by Minera S.A. of
the parent company of Comsur. Depending on economic or market conditions
relating to Orvana, Fabulosa may acquire additional common shares of
Orvana in the future.

To obtain a copy of the report relating to the transfer filed by
Fabulosa under applicable securities laws, please contact:



Fabulosa Mines Limited
Themistokli Dervi, 3
Julia House P.C. 1066
Nicosia, Cyprus


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Fabulosa Mines Limited
    George Hamilton
    (905) 822-1463