New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

September 17, 2010 09:00 ET

New Global Receives Exchange Approval on El Tesoro Property Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2010) - Further to its press releases of May 13, 2010 and July 26, 2010, New Global Ventures International Ltd. (TSX VENTURE:NNG) (the "Company") announces that it has received TSX Venture Exchange acceptance of its definitive agreement with Minerales del Puerto S.A., a private Colombian company, covering the acquisition of a 100% interest in all of the mining rights derived from Exploration License HDKI-06 covering 622 hectares located in the Puerto Berrio Mining District. The El Tesoro property is located in the Northeast Department of Antioquia, Colombia, adjacent to concessions owned by AngloGold Ashanti, Mineros S.A. and the Minas el Vapor Gold Mine which has been operating for over 80 years.

El Tesoro is located approximately 20 kms from the Gramolate Gold Deposit, which is a joint venture between B2Gold (TSX: BTO) and AngloGold Ashanti (NYSE: AU). In January 2009, B2Gold announced a National Instrument 43-101 compliant inferred mineral resource estimate for the Gramalote Ridge Zone of 74.375 million tonnes grading 1.00 g/t Au for a total of 2.39 million troy ounces of gold.

Terms of the Agreement call for New Global to pay the vendors US$600,000 and issue three million shares to Minerales del Puerto S.A., upon exchange approval with further anniversary payments of US$400,000 and the issuance of three million shares, tied in to receipt of the necessary environmental permits (see press release dated July 26, 2010). An additional 500,000 shares will be issued to Minerales del Puerto S.A. if 500,000 Troy Ounces of gold "mineral resources" in the category of "inferred" is confirmed at El Tesoro, and a further 500,000 shares if an aggregate of 1,000,000 Troy Ounces of gold "mineral resources" in the category of "inferred" is confirmed (as such terms are defined in NI 43-101).

The Company will also pay an aggregate of CAD $66,732 and issue 256,666 shares at a deemed value of $0.13 to 2218475 Ontario Inc. of Toronto, Ontario and South American Exploration & Finance of Bogota, Colombia for their efforts related to this acquisition.

The Definitive Agreement also provides Minerales del Puerto S.A. the right to assign a nominee to the Board of Directors of the Company, which nominee shall be subject to Exchange approval.

All securities issued pursuant to this transaction will have a four-month hold period expiring on January 17, 2011.

ON BEHALF OF THE BOARD

Mark Lawson, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • New Global Ventures International Ltd.
    Andreas Curkovic
    Investor Relations
    416-577-9927
    or
    New Global Ventures International Ltd.
    Tyler Ross
    Corporate Development
    604-893-8838
    or
    New Global Ventures International Ltd.
    Jeremy Ross
    Corporate Development
    604-893-8838
    604-662-3904 (FAX)
    or
    New Global Ventures International Ltd.
    Mark Lawson
    President & CEO
    416-623-0565