LOWELL, Mass. and PHNOM PENH, Cambodia, June 9, 2005 (PRIMEZONE) -- Cambodian Ventures Limited (Pink Sheets:CMBV), a junior mining company focused on exploration and mining of precious minerals in Cambodia, announced today that it has signed a definitive agreement to acquire gold exploration interests from Oksan Cambodia Corporation.
CMBV has acquired an 85% 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 been working the area for over six years and has performed initial surveys on the property. Based on the survey result by geologists and mine engineers, Oksan estimates about 6.3 million tons of gold bearing mineral ore deposit exist within the licensed area. As stated in their report, the total potential value of gold deposits in the licensed area is estimated at about $1.8 billion U.S. dollars. The Oksan report assumed a gold price of $308/oz for the purposes valuation. Gold closed on June 3, 2005 at $421/oz.
The agreement gives CMBV the lead in developing the property. CMBV also has acquired an 85% interest in two of Oksan's memorandums of understandings with the Cambodian Ministry of Industry, Mines and Energy. Oksan's MOU's grant geological reconnaissance survey rights for properties that have a high potential for gold mineralization. These MOU's give Oksan the exclusive right to conduct geological feasibility studies prior to obtaining a Mineral Exploration and Exploitation license for these areas.
Wujin Park, CEO of Oksan Cambodia states: "Besides the $1.8 billion in estimated potential value of gold deposits, there are significant concentrations of silver, copper, lead and zinc which from our initial surveys, seem economically viable."
Gary Fineberg, CEO of Cambodian Ventures states: "This is the first of many opportunities we are pursuing in Cambodia. We will immediately start to further develop Antrong through advanced geological surveys that will help us formulate production plans."
Oksan Cambodia Corporation was founded in Phnom Penh on August 6, 1997 for the research and development of mineral resources to feed Korean industries, who are dependant on raw materials from foreign countries. Oksan has surveyed many regions in Cambodia to find the best mineral deposits, especially gold, which they have found has wide spread potential throughout the country.
Cambodian Ventures Limited's mission is to obtain licenses for the exploration and mining of precious minerals in Cambodia. Cambodian Ventures intends to carry out exploration activities in regions containing gold and other precious minerals.
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