NEWS ROUNDUP — Vengold adds to land position

Several recent agreements are expected to increase Venezuelan Goldfields (VSE) exposure to mining concessions in Venezuela.

The company intends to subscribe for two million units of Consolidated Cassandra Resources (VSE) at 50 per unit (one share and one share purchase warrant).

Proceeds of this private placement will be used by Consolidated Cassandra Resources (CCR) to acquire mining concessions outside the Kilometre 88 district.

Although the agreement is subject to due diligence reviews and regulatory approval, CCR plans to grant Vengold certain rights to earn up to a 50% interest in each of the concessions. Vengold will also have the right to participate in CCRs subsequent equity financings.

In a separate transaction, Vengold has agreed to acquire an option to buy the rights to the Karolina 1 concession in the Kilometre 88 district of Venezuela. The consideration is US$1 million in staged payments ending in 1995, plus 200,000 shares at closing. This transaction is subject to regulatory approvals.