LOWELL, Mass. and PHNOM PENH, Cambodia, May 19, 2005 (PRIMEZONE) -- Cambodian Ventures Limited (Pink Sheets:CMBV), a junior mining company focused on exploration and mining of precious minerals in Cambodia, outlined its exploration strategy in Cambodia.
CEO Gary Fineberg stated that: "CMBV is in various stages of evaluating 6 different sites for precious mineral exploration. Five of six sites have potential for gold mineralization. The sixth site has potential for platinum mineralization. Some of these sites being evaluated are 'working-interest' joint venture opportunities, where CMBV will become a 'working interest' partner in an established exploration and exploitation license issued by the Ministry of Industry, Mines, and Energy (Ministry) in the Kingdom of Cambodia. Other sites being evaluated will require CMBV to apply to the Ministry directly for the exploration and exploitation license."
CMBV recently announced a letter of intent to acquire a controlling interest in an 84 square kilometer Mineral Exploration and Exploitation license in an area called Antrong, in the Keo Seima district, Mondulkari Province, Cambodia. Oksan has performed initial geological surveys on the area and found significant gold ore concentrations.
CMBV's strategy is to determine, in the most capital efficient manner, the potential of each site, in carefully planned stages of exploration. In most cases, it will involve the following initial tasks before an evaluation of the sites can be made potential for production. The result of completing these tasks will be the production of a report authored by a respected Geologist that complies with the Canadian National Instrument 43-101 ("NI 43-101"). "NI 43-101" is the current Canadian regulation which governs the format and content for technical reports to be filed as part of a public disclosure process.
Task 1: Compile all available data on each project
area and development of a digital elevation model using
Landsat and/or Radar SAT imagery. It is anticipated that
there will be significant use of regional geosciences
data deposited with the Bureau de Recherches Geologiques
et Miniere ("BRGM") in Orlean, France. An assessment on
assembled data will be made for each project based as
whether the site economically warrants proceeding to
Task 2.
Task 2: Perform on-site geological mapping and sampling of the main
prospects. On-site work will be performed to:
-- identify the type of mineralization present;
-- quantify the known mineralization in
terms of the average precious mineral content and the
concentrations of associated (mineral) commodities;
-- estimate the size of the mineralized zones;
-- estimate the extent of economically interesting
mineralization within the zone;
-- estimate the mineral potential of each prospect; and,
-- Determine what additional exploration is warranted to
advance the prospects towards the next stage of
exploration.
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