VENTURES RESOURCE CORPORATION

March 02, 2005 19:07 ET

Ventures Resource Alaska Corporation Terminates Doyon Agreement And WGM Inc. Management Agreement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VENTURES RESOURCE CORPORATION

TSX VENTURE SYMBOL: VRC

MARCH 2, 2005 - 19:07 ET

Ventures Resource Alaska Corporation Terminates Doyon
Agreement And WGM Inc. Management Agreement

ANCHORAGE, ALASKA--(CCNMatthews - March 2, 2005) - Ventures Resource
Corporation (TSX VENTURE:VRC) (the "Company"), a corporation
incorporated under the laws of the Barbados, announced that through its
wholly owned subsidiary, Ventures Resource Alaska Corporation ("VRAC")
it has terminated its exploration agreement (the "Exploration
Agreement") with Doyon, Limited ("Doyon"), as well as its exploration
management agreement (the "Management Agreement") with WGM Inc. ("WGM").

Since 1996, VRAC funded early stage exploration managed by WGM on Doyon
grounds. The Management Agreement provided WGM with the exclusive rights
to conduct exploration programs on grounds Ventures held through the
Exploration Agreement.

The Exploration Agreement included an annual option payment as well as a
minimum exploration expenditure. In light of the lack of further funding
available to the Company, the Company has decided terminate the
Agreement.

LOAN NEGOTIATED

On February 24th, 2005, the Company received a loan of US$56,000 from a
controlling shareholder, Sea Shell Limited ("Sea Shell"), a company
controlled by a director of the Company. The proceeds from the loan will
provide the Company with necessary working capital. In exchange for the
loan, the Company issued a promissory note to Sea Shell (the "Note") in
the amount of US$56,000. The Note bears an interest rate of 10% per
annum and is repayable by the Company as to principal and interest in
cash on or prior to two years from the date of issuance. The Note does
not carry periodic interest and principal payments or periodic dividend
payments. Subject to the approval of the TSX Venture Exchange, the
Company may repay the full amount of the principal and interest owing
pursuant to the Note by the issuance of common shares of the Company at
market price to Sea Shell.

Ventures Resource Corporation is an international exploration company.

Shares: 15,242,646

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ventures Resource Corporation
    Kelly Dodge
    Investor Relations
    (416) 364-0270 or Toll free (800) 711-4145
    info@venturesresource.com
    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.