Venga Aerospace Systems Inc.

Venga Aerospace Systems Inc.

July 18, 2011 09:00 ET

Venga: GMI Signs Agreement Granting Tawana Resources NL Exclusive Exploration Rights to GMI's Liberian Concessions

TORONTO, ONTARIO--(Marketwire - July 18, 2011) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINK SHEETS:VNGAF) ("VAV"; the "Company") announced that the Company's mining affiliate, Global Mineral Investments, LLC ("GMI"), in association with Kiwi, Inc., has entered an agreement (the "Exploration and Development Agreement") with Tawana Resources NL (ASX:TAW) ("Tawana") wherein GMI has granted Tawana exclusive exploration rights to GMI's gold concessions (the "Sinoe Project") in Sinoe County, Liberia. Tawana has paid GMI an initial exclusivity option fee to secure binding exclusivity and exclusive rights to due diligence over what Tawana has described as GMI's 'highly prospective ground in Liberia'. The financial details of the Exploration and Development Agreement remain commercial - in confidence, with full acquisition details to be provided on completion of successful due diligence by Tawana.

In a July 13, 2011 press release, Tawana provided the following information and comments on the nature and potential of both the Exploration and Development Agreement and the Sinoe Project:

  • that pending successful due diligence, Tawana had acquired from GMI, a highly prospective land package within arguably one of the most prospective Birimian gold structures currently being explored in Liberia - the Dugbe Shear;

  • that the Sinoe Project is 25 km along strike from Hummingbird's (AIM:HBR) 0.8Moz Dugbe Project and 40 km along strike from NT Resources (ASX:NTR) Bukon Jedeh Project. Both of these projects are hosted along secondary and tertiary order structures adjacent to the main Dugbe Shear. Similar structural targets have been defined in the government regional aeromagnetics data over the Sinoe Project area;

  • that the Sinoe Project area is characterized by numerous artisanal gold workings observed in the field during recent site due diligence activities and the area is characterized by numerous quartzite, graphite and manganese occurrences on the USGS geological map of Liberia all of which favorably indicate gold prospectivity;

  • that an aggressive field sampling and mapping program is being designed to commence within the coming weeks with blanket, wide spaced soil traverses within the license area and closer spaced soil traverses over high priority targets including, hard-rock artisanal workings, being planned. Assessment of access, artisanal workings in the area and geological mapping will also be undertaken;

  • that a community's consultation program will be undertaken on commencement of field work to ensure a social license to operate; and

  • that under the terms of the Exploration and Development Agreement, Tawana has secured the services of the GMI's site manager to build access tracks, additional camp facilities and maintain logistical supplies to facilitate exploration activities.

Tawana further announced that it has retained Rockson Coffie, as senior geologist who will be primarily responsible for field programs and target generation in Liberia as well as reviewing and the assessment of prospective opportunities throughout West Africa. Mr. Coffie is a Ghanaian national with more than 10 years' experience in grassroots exploration, resource evaluation and mine geology both in Ghana and Liberia. Mr. Coffie has 5 years' experience in Ghana with Ashanti Goldfields and Redback Mining (now Kinross Gold Corporation) working on Birimian gold systems and with a broad range of responsibilities including grassroots exploration programs to production critical mine geology roles. Over the last 5 years Mr. Coffie has been working on grassroots and advanced gold exploration programs throughout Liberia with Liberty International Mineral Corporation, Hummingbird Resources Ltd. and Shankill Resources Ltd. over a broad range of Birimian and Archean geological settings throughout the country. Len Kolff, Tawana's CEO, made the following comment on the hiring of Mr. Coffie: "Rockson's skills and relevant experience especially over the last 5 years in Liberia in similar geological and logistical settings we are working in now will be critical to Tawana's ongoing success and growth pipeline in Liberia and elsewhere throughout West Africa. We are very pleased to have Rockson on board".

"We are obviously very excited about the prospects of having the resources and expertise that Tawana can bring to the development of GMI's gold mining project," stated Venga's President, Hirsh Kwinter. "Tawana's interest, enthusiasm and potential participation in the Sinoe Project provides a substantive element of confirmation as to the long term potential of our Liberian gold mining investment," continued Kwinter.

"Tawana's potential participation in the exploration and development of our gold concession areas will greatly assist the prospects of successfully developing this project and maximizing the return that these promising gold concessions offer all of the project's participants, including Venga, and its many shareholders," stated GMI's President, Jon O'Regan. "It's been a long and challenging road, but the success that we have long strove for may now be at hand," continued O'Regan.

Pursuant to the terms of the Exploration and Development Agreement, GMI, in association with Kiwi, Inc. will actively participate and assist Tawana in the development and operation of the Sinoe Project, retain and independently develop certain identified gold mining sites within the Sinoe Project and continue to pursue GMI's current and planned gold dredging operations in the Company's concession areas.

Who is GMI? - Global Mineral Investments LLC is a U.S. based private corporation that has acquired and is developing gold concessions in Sinoe County, Liberia.

Who is Venga? - Venga Aerospace System Inc. is a Canadian public company that is currently listed on the TSX Venture Exchange. Venga operates or has an investment in three business units: aerospace; 3D graphics and gold mining in West Africa. Venga has a 20% equity interest in GMI.

Who is Tawana? - Tawana Resources NL ( is a public company listed on the Australian Exchange with its registered office located in Perth, Australia. Initially, the company explored for diamonds in South Africa, Botswana and Australia. With the introduction of new board members and new management, Tawana reinvented itself into a West African focused gold explorer. In April 2010, Tawana announced the appointment of Warwick Grigor as non-executive Director and Chairman. Mr. Grigor is the Executive Chairman and Head of Research at BGF Equities Pty Ltd. In June 2010 the company announced the appointment of Lennard Kolff van Oosterwijk (Len Kolff) as CEO. Mr. Kolff joined Tawana having worked over the past decade at Rio Tinto, where he was involved in a range of high profile projects including the Simandou iron ore project in West Africa and the Northparkes Cu-Au mine in NSW, Australia.

In December of 2010, Tawana announced a strategic alliance with Gryphon Minerals Ltd (ASX:GRY) and in February, 2011, the acquisition of two highly prospective mineral exploration licences in Liberia, West Africa. Under the terms of this alliance, Gryphon will assist Tawana with the identification, acquisition and exploration of mineral permits in West Africa which are outside Gryphon's core growth strategy. Gryphon will also assist Tawana establish itself in West Africa and provide high level technical, operational and logistical support. Gryphon is Tawana's major shareholder.

As part of its legacy assets, Tawana holds a 6.76% indirect equity interest in the Avontuur Manganese (108.9Mt at 38.6% Mn) and Meletse Iron Ore (47.6Mt at 62.9% Fe) Projects through its 26% equity stake in Rakana Consolidated Mining Pty Ltd., the joint venture partner of Aquila Resources Ltd. in the Thabazimbi Joint Venture, South Africa. In March of 2011, Tawana raised $4.5 million via share placement of 100 million shares at 4.5 cents with BGF Equities Pty Ltd. acting as the lead manager.

Tawana is actively exploring for gold and base metals in Liberia and continues to review additional opportunities in Liberia and West Africa as part of its ongoing growth strategy.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 239,171,893

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

Contact Information