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E-Energy E-Energy Drops The Acquisition Of The Nanyang Molybdenum Project In China
VANCOUVER, July 10, 2007 - On April 17 and May 16, E-Energy Ventures Inc. (the "Company") announced that it had entered into and amended the Memorandum of Understanding ("MOU") with XiXia ZhaoMin Mining Co. Ltd. ("XiXia") pursuant to which the Company would sign a formal 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, of which XiXia owns 100% interest in the Nanyang Molybdenum Property (the "Property") located in the Henan Province, China. The Company intended to develop a molybdenum mine in the area with its joint venture partners in China.
The Company carried out its due diligence which included property site examination, confirmation of title to the mining and mineral claims, Chinese mining regulations and environmental impact on the area. The Company received advice that Chinese Authorities have a new policy prohibiting the granting of permits for any new development of molybdenum and tungsten mines in Henan Province, China. The Nanyang Property is located on the fringe of a national park area where the discovery of significant fossils is being made. The Company has also found that a major water-works project is being planned to route through the area of the property. Based on the findings, the Board has decided it is to the best interest of the Company and its shareholders not to proceed with the acquisition of the Nanyang Property.
The Company is currently evaluating other projects and will continue working on the Company's substantial gold properties in Northern Ontario and molybdenum property in Yukon.
In respect of the private placement announced on June 5, 2007, the Company closed the first tranche for gross proceeds of $3,585,000 on June 25, 2007 and will not proceed with the second tranche of the private placement.
On behalf of the Board of Directors
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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