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E-Energy Amended Terms On Memorandum Of Understanding To Acquire Molybdenum Project In China
May 15, 2007 - Further to its news release of April 17, 2007, E-Energy
Ventures Inc. (the "Company") announces that it has amended the Memorandum of
Understanding ("MOU") signed 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 percent (70%) interest in the capital stock
of XiXia, a private company incorporated in China. XiXia currently owns 100%
interest in the Nanyang Molybdenum Property (the "Property") located 38
kilometres northeast of Nanyang City, Xi Xia County, Henan Province, China (the
"Property"). XiXia shall operate as the operating entity between the Company and
its joint venture partners.
A property site examination was carried out in April 2007. The Nayang Molybdenum
property mineralization is most likely of the Climax type of molybdenum porphyry
deposit. These deposits consist of stockworks of molybdenite-bearing quartz
veinlets and fractures in highly evolved felsic intrusive rocks and associated
country rocks. The Climax type molybdenum deposits are generally fairly high
grade, large tonnage and amenable to open pit mining. The Climax deposit in
Colorado contained over 900,000,000 tonnes grading 0.24% Mo.
On the Nanyang property, high grade molybdenum (2-3% Mo) is found in a large
quartz vein within a intrusion at the main adit at Bai Shi Jen, and as
disseminated mineralization in fine-grained granite at the lower workings at Shi
Men Gou, 700 metres to the east of the main adit and in the north workings, 1
kilometre north of the main adit. Other molybdenum occurrences are found at the
Canyon Adit 3 kilometres to the southeast and at South Canyon, 2.3 kilometres
south west of the main adit.
A large 5-10 metre wide quartz vein in coarse-grained biotite monzonite is
exposed in the main adit. This vein hosts significant high-grade molybdenum as
patches, coarse clots and disseminations. Representative samples of high-grade
mineralized vein and of the coarse-grained grey monzonite granite wall rock were
collected. The mineralized vein samples returned values of 2.36% and 1.82% Mo.
Wall rock samples returned values of 0.011%, 0.010% and 0.409% Mo. A sample
collected from the high dump outside the adit returned 1.87% Mo and a sample
from the waste pile returned 0.035% Mo.
Representative samples collected from the Lower East Adit returned a value of
0.075% Mo from weakly mineralized granite and a value of 0.341% Mo from a better
mineralized section.
At the North workings, samples of fine-grained granite with disseminated
molybdenum returned values of 0.224% and 0.222% Mo.
A sample from the waste dump at the Canyon adit returned a value of 0.036% Mo
and 8974 ppm copper. A grab sample from the South Canyon area returned 0.033%
Mo.
All of the samples described above were collected by a Canadian professional
geologist with the goal of collecting samples that were as representative as
possible. Areas of spectacular molybdenum mineralization were not sampled in
this initial assessment. The property has never been subjected to modern
exploration methods or drilling.
Technical information in this news release has been prepared and/or reviewed by
Mike Magrum, PEng., a qualified person as defined in National Instrument 43-101.
Under the terms of the amended MOU, both parties will sign a formal purchase
agreement not later than July 10, 2007. To acquire a 70-per-cent interest in the
capital of XiXia, the Company will pay US$21,000,000 in two installments: the
first payment of US$3,150,000 will be paid on the date of signing the formal
agreement; and the second payment of US$17,850,000 will be made upon receipt of
approval from the TSX Venture Exchange. At the closing of the transaction, the
joint venture shareholders of XiXia will contribute up to US$5,000,000 for
exploration purposes. 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, an audit of property
finances and receipt of approval from the TSX Venture Exchange. This process is
estimated to take 4 months from the signing of the formal agreement.
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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