Iciena Ventures Acquires the Botavi Diamond Property in Brazil 5/11/2007
VANCOUVER, BRITISH COLUMBIA, May 11, 2007 (Canada NewsWire via COMTEX News Network) -- Mr. Richard Bachman, CEO of Iciena Ventures Inc. (TSX-V:IIE) ("Iciena" or the "Company") announces that the Company has entered into a property option agreement to acquire an 80% interest in certain Brazilian mineral exploration concessions which collectively comprise the Botavi Diamond Project. Iciena currently owns a 20% interest in the Botavi Diamond Project which was acquired in 2002. The remaining interests in the Botavi Diamond Project were acquired from 0787522 BC Ltd., a wholly owned subsidiary of Consolidated AGX Resources Corp. ("AGX") and Mineradora Ltda. ("Minerdora"), a private Brazilian exploration company. Each of the vendors owned a 40% beneficial interest. The Botavi Diamond Project is located in the Paranatinga Diamond District of north-central Mato Grosso State, Brazil and consists of seven mineral claims with an approximate geographic area of 63,000 hectares.
Iciena currently beneficially owns approximately 152,000 hectares of property contiguous to the concessions being acquired in the Paranatinga Diamond District thereby unifying the district and holding a combined 215,000 hectare exploration project. The reader is referred to a NI 43-101 report filed on Sedar on April 15, 2005 by Iciena documenting geologic features of the Paranatinga District. The report notes that more than 40 kimberlite bodies are known to exist in the district.
Subject to TSX Venture Exchange approval, and any other regulatory or shareholder approvals that may be required, Iciena is required to issue to each of Mineradora and AGX 5,000,000 fully paid and non-assessable shares within ten business days of receipt of all approvals. In addition to the share consideration, Iciena is required to undertake and spend USD $2,000,000 in exploration expenditures on or before the second anniversary of the date all approvals are received.
In connection with the transaction, Iciena has agreed to retain Kel-Ex Developments Ltd., a company associated with Dr. Charles Fipke, as operator for the project. In consideration for its obligations as operator, Kel-Ex Developments Ltd. will earn a 10% interest in the Botavi Diamond Project.
Richard Bachman, CEO of Iciena, stated, "With this transaction, the Company unifies the northern portion of the district and allows for the start of an aggressive exploration program for diamond bearing kimberlites with partners such as Charles Fipke and Kel-Ex that bring a world-class diamond exploration group to the team."
About Iciena Ventures Inc.
Iciena Ventures is a publicly traded, junior exploration company engaged exclusively in diamond exploration in the state of Brazil.
ICIENA VENTURES INC.
Richard Bachman, Chief Executive Officer
Not for distribution to the United States newswire services or for dissemination in the United States.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."
SOURCE: Iciena Ventures Inc.
Skyline Investor Relations Brian Cole, 1-866-433-3356 or 604-733-3356 Email: info@skylineir.com
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