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Memorandum of Understanding to acquire Molybdenum project in China
Vancouver, April 17, 2007 - E-Energy Ventures Inc. (the "Company") is
pleased to announce that it has entered into a Memorandum of Understanding ("MOU")
with XiXia ZhaoMin Mining Co., Ltd.("XiXia") pursuant to which the Company has
the right to sign an agreement with XiXia for the acquisition of up to a seventy
(70%) percent joint venture interest in the Nanyang Molybdenum Property
consisting of 23.93 square kilometres. The property is located 38 kilometres
northeast of Nanyang City, Xi Xia County, Henan Province, China. The Property
consists of three parcels: the Shimen Gou area which has 7.5 sq. kms; the
adjoining Lujia Zhuang area which has 10 sq. kms and the Majia Gaopo area which
has 6.43 sq. kms.(the "Property"). The property is a historical molybdenum
producer whose production figures are not available. The current molybdenum
price is approximately US$30 per pound.
The terms of the purchase agreement for a 70-per-cent interest in the property,
requires the Company to make a cash payment of US$21,000,000. Under the MOU both
parties will sign a final agreement by May 15, 2007. The agreement is subject to
satisfactory due diligence, confirmation of title to the mining and mineral
claims comprising the property, the execution of a formal share purchase
agreement and receipt of approval from the TSX Venture Exchange.
The maximum allowable finder's fee shall be paid in shares and cash with regard
to the MOU pursuant to the TSX Venture Exchange's policy guidelines.
The Property was examined by Company personnel in late September, 2006. Seven
samples were collected from outcrops in the Shimen Gou and Lujia Zhuang areas
and brought to Canada for assay. The following assay results were received from
ALS Chemex in North Vancouver:
|
Sample No. |
Sample name |
Sample description |
Molybdenum assay |
|
B678038 |
#1 Beisijin |
White vein quartz with scattered coarse
molybdenite, much more molybdenite than pyrite |
0.205% |
|
B678039 |
#2 Beisijin |
Coarse molybdenite disseminations in
silicified quartz feldspar porphyry |
0.579% |
|
B678040 |
#3 Ma area |
Moderately coarse molybdenite rosettes in
altered quartz feldspar porphyry |
0.359% |
|
B678041 |
#4 Ma area |
Moderate coarse molybdenite
rosettes, more molybdenum than pyrite
in altered quartz feldspar porphyry |
0.296% |
|
B678042 |
#5 Simen Nangou |
Moderate disseminations of molybdenite,much
more molybdenite than pyrite in quartz feldspar porphyry |
0.174% |
|
B678043 |
#6 Tunnel-1 |
Coarse molybdenite, much more molybdenite
than pyrite in quartz feldspar porphyry |
1.960% |
|
B678044 |
#6 Tunnel-2 |
Alaskite with disseminations of molybdenite
and pyrite |
0.163% |
|
B678045 |
#7 Big open |
Fresh quartz feldspar porphyry or granite,
disseminated molybdenite and pyrite |
0.345% |
The technical information in this news release has been prepared and/or
reviewed by Mike Magrum P.Eng., a Qualified Person as defined in NI 43-101.
The Company also wishes to announce the granting of incentive stock option for a
total of 1,500,000 shares at a price of $0.33 per share. The options will have
an exercise term of five years
E-ENERGY VENTURES INC.
Simon Tam, Director
Disclaimer:
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT
CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN
ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING
STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
SET FORTH IN OR IMPLIED HEREIN.
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