Vanessa continues permitting process at Crucitas

Vancouver – In response to a request by the Ministry of Environment, Vanessa Ventures (VVV-T) has filed information to supplement its Environmental Impact Statement (EIS) for the proposed Cerro Crucitas open-pit gold mine in Costa Rica.

As part of the permitting process, Vanessa previously completed an extensive public consultation process, which combined with government reviews, generated requests for additional information, or requests to clarify previously filed information.

Vanessa filed responses to these requests in late April.

The newly supplied information focused only on the soft, near-surface saprolite (weathered material) at the gold property. Based on a report filed with Canadian regulatory authorities in late 2003, near-surface resources (measured and indicated) at Cerro Crucitas total 10.37 million tonnes grading 2.17 grams gold per tonne, or about 723,815 contained oz. Additional resources in the inferred category stand at 2.9 million tonnes at 1.89 grams gold.

While permitting continues in Costa Rica, Vanessa is drilling its Marudi gold project in Guyana. The program is testing the area near the known Mazoa zone, drilled by a previous operator. Vanessa has not received results from its program, however previous drilling at Mazoa resulted in measured and indicated resources of 3.3 million tonnes grading 2.94 grams gold.

Vanessa is also fighting to regain contractual rights to the Las Cristinas gold-copper property in Venezuela, now being operated by Crystallex International (KRY-T).

Last fall Vanessa filed a request for arbitration against the government of Venezuela with the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C. The case was registered by ICSID, however Vanessa notes that there is no guarantee the arbitration process and claims for damages will be successful.