Consolidated Venturex Options 50% of Tetasairi Gold Properties for US$1,000,000 of Exploration Expenditures and 1,000,000 Common Shares
March 15, 2007
West Vancouver, CANADA – Ronald A. Coombes, President and CEO of Consolidated Venturex Holdings Ltd. (TSX-V:CVA), is pleased to announce that Consolidated Venturex Holdings Ltd. (“Venturex”) has signed an agreement with MacMillan Gold Corp. (TSX-V: MMG) setting out the general terms of a transaction pursuant to which MacMillan will grant Venturex the right to earn a 50% interest in the Tetasairi Properties in the state of Sinaloa in Mexico. The agreement between the parties contemplates the entering into a more formal Option to Joint Venture Agreement, (“Definitive Agreement”). MacMillan currently owns 100% of the Tetasairi Properties which includes the original 743 hectare Tetasairi Property optioned by MacMillan in 2002 and subject to a 2.5% Net Smelter Royalty. Eight other properties are included in the option in the defined area of interest, for a combined total of over 8,000 hectares.
Under the terms of the Letter Agreement, MacMillan is entitled, subject to receipt of regulatory approval, to receive 1,000,000 shares of Venturex to be issued as follows: 400,000 shares within 10 days of regulatory approval of the acquisition and 200,000 shares by each of March 1 of 2008, 2009 and 2010. Venturex is required to spend a minimum of US$100,000 in the first year as part of a four year US$1,000,000 exploration expenditure requirement to earn its 50% interest. The agreement is still subject to a formal Definitive Agreement, which, will integrate the terms and conditions of the current Letter Agreement. Venturex will be the operators and are entitled to a 10% management fee after earning their 50% interest in the properties. The management fee is reduced to 5% if and when the joint venture completes a bankable feasibility study.
Once Venturex has completed all four years of share and spending commitments, they may increase their ownership to 60% by issuing an additional 200,000 shares and incurring an additional US$200,000 in exploration expenditures.
Exploration programs will be conducted by Venturex with the programs reviewed and approved by MacMillan.
Venturex is pleased to share the project growth potential as a joint venture partner with MacMillan Gold Corp.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Company’s website at www.consolidatedventurex.com.
Consolidated Venturex Holdings Ltd.
“Douglas L. Mason”
Douglas L. Mason, Chairman
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.
