Venga Aerospace Systems Inc.
TSX VENTURE : VAV
PINKSHEETS : VNGAF

Venga Aerospace Systems Inc.

February 07, 2012 12:09 ET

Venga: Tawana Provides Results of Its Initial Geological Exploration Program Conducted at GMI's Liberian Concessions

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2012) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINKSHEETS:VNGAF) (the "Company") advised that Tawana Resources NL (ASX:TAW) ("Tawana") has announced that Tawana (www.tawana.com.au) has identified several high priority soil anomalies from its initial geological exploration program at Venga's mining affiliate, Global Mineral Investments, LLC's ("GMI") gold concessions (the "Sinoe Project") in Sinoe County, Liberia. Tawana has confirmed that the results to date have defined two large coherent and continuous +30ppb soil anomalies with results of up to 1 g/t Au in soils, providing confidence of significant mineralization occurring below.

In a February 6, 2012 press release, Tawana provided the following information and comments on the results of its initial geological exploration program conducted at the Sinoe Project:

  • that the maiden soil sampling at the Sinoe Project covered a 100m x 800m soil sampling grid from which a total of 3,300 soil samples were collected between September and December 2011;

  • that approximately 2,000 results from the initial soil samples have been received by Tawana with the remaining results being expected to be received imminently and which results will help to further define soil anomalies within the Sinoe Project;

  • that results from the initial soil samples have defined two large coherent and continuous +30ppb soil anomalies with results of up to 1 g/t Au in soils, with the southern + 30 ppb soil anomaly being approximately 8 km long and between 400m to 1.4 km wide and the northern + 30 ppb soil anomaly being approximately 5.8 km long and between 400m to 1 km wide;

  • that the soil anomalies in the Sinoe Project are in close proximity to other advanced projects in the area including approximately 25 km strike from Hummingbird's (AIM:HUM) 3.8 Moz Dugbe 1 and 40 km along strike from the 10 km long Bukon Jedeh soil anomaly (ASX:EQU);

  • that additional, smaller soil anomalies occur between and sub-parallel to the primary anomalies and that all soil anomalies strike north-east, in similar orientation to Hummingbird's Dugbe 1.8 Moz and the recently announced Tuzon 2.05 Moz maiden resource;

  • that the sampling methodology used in collecting the soil samples involved the use of a grid that was surveyed and cut using handheld GPS with the gathered samples each weighing approximately 1.5kg of B horizon soil which were generally gathered from a depth of 30cm;

  • that all samples were submitted to SGS Laboratory in Monrovia, Liberia for sample preparation and gold analysis by Aqua Regia digest and Solvent Extraction AAS finish (DL 0.002 ppm);

  • that all results received have passed internal QA/QC procedures and are within reporting error limits (+/- 95% CL) of certified standards; and

  • that the next steps planned by Tawana include the completion by April of 2012 of the already started 200m x 50m infill soil sampling program within the northern portion of the Sinoe Project and the completion of a similarly commenced trenching program in the southerly anomaly located within the Sinoe Project with drilling, subject to the results of the testing, scheduled to commence during the second quarter of 2012.

"This is a great result for the Sinoe Gold Project; large, coherent gold in soil anomalies have been identified in our maiden sampling programme that are open in multiple directions and that we expect to grow significantly in size with further sampling programs underway," stated Tawana's Managing Director, Len Kolff. "Infill 200 x 50m soil sampling and trenching is underway to fast track target generation for drilling potentially in second quarter 2012," added Kolff. "The Dugbe Shear is shaping up to become a major new gold province in the West Africa gold story; it is exciting to be part of this emerging province," Kolff stated.

"To us, it is very important that we now have an experienced third party that is in the process of completing an independent and professional assessment of the potential of the Sinoe Project," stated Venga's President, Hirsh Kwinter. "That Tawana is expressing real excitement about that very potential, is quite promising," continued Kwinter.

The Company further confirmed that pursuant to the terms of the exploration and development agreement between Tawana and GMI, which was announced in the Company's July 18, 2011 press release, that to date, Tawana has paid GMI the amount of $100,000.

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

About 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.

About Tawana - Tawana Resources NL (www.tawana.com.au) 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.

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