PGM Ventures Corporation

PGM Ventures Corporation

November 17, 2005 13:10 ET

PGM Ventures Corporation: Acquisition of Mine Surface Rights

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2005) - PGM Ventures Corporation (TSX VENTURE:PPG) ("PGM") is pleased to announce the following that Minas Aguas de Tenidas SA ("MATSA"), PGM's Spanish subsidiary and owner of the Aguas Tenidas Mine, has agreed the following with Piritas de Huelva SL ("Piritas"):

a) MATSA will purchase a total of 140 hectares (346 acres) of surface rights from Piritas. This property is located directly above and around the main Aguas Tenidas mineralised system.

b) The total purchase price of the 140 hectares of surface rights, before taxes, is EUR 550,000 (C$770,000). An amount of 10%, or EUR 55,000, has been paid as a deposit and the 90% balance is due on or before May 16th 2006.

c) An option to acquire a minimum additional 35 hectares (86 acres) for a price of EUR 3,928 per hectare (C$5,500 per acre), plus applicable taxes.

PGM, and its independent consulting engineers SRK, consider the 140 hectare area will be sufficient for the Aguas Tenidas Mine's tailings disposal requirements and its proposed ore processing facilities. The property is not deemed suitable for any kind of agricultural activity.

The above agreement has removed a potential obstacle to bringing Aguas Tenidas quickly into commercial production.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.

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

Contact Information

  • PGM Ventures Corporation
    Peter Miller or Norm Brewster