Gee-Ten Ventures Inc.
TSX VENTURE : GTV

Gee-Ten Ventures Inc.

April 13, 2007 16:14 ET

Gee-Ten Ventures Inc./Democratic Republic of Congo: UPDATE ON PROJECTS

LAVAL, APRIL--(CCNMatthews - April 13, 2007) - Gee-Ten Ventures Inc. ("Gee-Ten",the "Company") (TSX VENTURE:GTV) announces that, as a result of the March 13th to 28th mission in the Democratic Republic of Congo ("D.R.C.") by one of its director, the Company now has a duly incorporated subsidiary as per the laws of D.R.C.

The name of this subsidiary is Gee-Ten Ventures R.D.C. s.p.r.l. ("societe privee a responsabilite limitee"), and it is 100% owned by the Canadian entity Gee-Ten Ventures Inc.

Gee-Ten thus has all the legal rights and authorizations to enter into joint venture agreements with its different local partners on the exploration and exploitation of the concessions for which it plans to acquire the interests from third parties (see March 1st 2007 press release).

Furthermore, the Company plans to start dredging on the PEPM 505 ("permis d'exploitation de la petite mine") the week following approval of the acquisition by regulatory authorities.

Operations will be supervised by MM Leon Mutombo Kateba and Pamphile Lukunku, respectively Diacorp Group's Chief Geologist and Senior Geologist. Exploration of the flats and terraces will be carried out with help from local artisan miners and the dredging on the Longtshimo will be executed directly by Diacorp Group's team of divers and dredge operators . The Company plans to start working on the property in May 2007.

To fully benefit from its partnerships on its permits, the Company is currently negotiating the acquisition of two high capacity dredges with all the recommended equipment to maximize productivity and efficiency. One dredge will be exclusively allocated to the 505 and the other will serve for the exploration of the other exploration permits ("P.R."; permis de recherche).

The Company also announces it has signed a memorandum of understanding for the exploration of P.R. 2818.The terms and conditions of a final agreement depend on the prospection and evaluation mission to be held in late April.

The Company also announces that, following a meeting and review of the Company's need with Mr Evariste Nyembwe Vice-president of Operations for Gee-Ten Ventures in D.R.C., it was decided that the associaton with Mr Nyembwe would not be continued. The Company plans to meet with potential successors in the next few weeks.

Finally the Company announces it has closed a 40 000 $ private placement for which it will issue 200 000 common shares at $0.20 and 200,000 share purchase warrants at $0.30 for two years. A $4,000 finders fee is payable on this arm's length transaction which is subject to regulatory approval.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE INFORMATION PRESENTED IN THIS PRESS RELEASE

Contact Information

  • Gee-Ten Ventures Inc.
    Me Lawrence Moroz
    Interim President
    450-622 6626
    450-622 8292 (FAX)