Gee-Ten Ventures Inc.
TSX VENTURE : GTV

Gee-Ten Ventures Inc.

March 28, 2007 15:38 ET

Gee-Ten Ventures inc.: More Information on the Kamonia Project

LAVAL, QUEBEC--(CCNMatthews - March 28, 2007) - Gee-Ten Ventures Inc. (Gee-Ten, the Company) (TSX VENTURE:GTV) discloses more information on its acquisition of interest in the ICCI Joint Venture in the Democratic Republic of Congo ("DRC").

On July 19th 2006, the Company has announced it had acquired an 80% interest in the ICCI Kamonia Joint Venture thus acquiring the 505 Permit for the Exploitation of the Small Mine ("Permis d'exploitation de la petite mine") in the Tshikapa region, of the Kasai province, DRC.

On March 1st 2007, the Company announced it had renogiated the terms of this agreement which initially called for a cash payment of 50,000 USD and issuance of 2,500,000 treasury shares. The new terms now call for a cash payment of 150,000 US and the issuance of 1,500,000 treasury shares and the conditions set forth are as follows:

To gain an interest of 80% in the ICCI Kamonia Joint Venture, Gee-Ten must:

- Subject to receipt of good standing documentation on the underlying permit, make a first payment of 50,000 USD five days from the signature of the agreement and a second payment of 100,000 USD 30 days from same, to Diacorp Group Inc.

- Upon regulatory approval, issue within 5 days, 1,500,000 treasury shares to Diacorp Group Inc. These shares will be suject to a four month sale restriction.

No finders fees are payable on this arm's length transaction.

The are no provisions for a work schedule as per the agreement but one of the Company's director is currently in DRC to put in place the administrative structure necessary to its coming operations.

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)