Business
Iciena Ventures Acquires the Botavi Diamond Property in Brazil
Iciena Ventures Acquires the Botavi Diamond Property in Brazil.
About this update from Barksdale Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, BRITISH COLUMBIA, May 11 /CNW/ - Mr. Richard Bachman, CEO of\nIciena Ventures Inc. (TSX-V:IIE) ("Iciena" or the "Company") announces that\nthe Company has entered into a property option agreement to acquire an 80%\ninterest in certain Brazilian mineral exploration concessions which\ncollectively comprise the Botavi Diamond Project. Iciena currently owns a 20%\ninterest in the Botavi Diamond Project which was acquired in 2002. The\nremaining interests in the Botavi Diamond Project were acquired from 0787522\nBC Ltd., a wholly owned subsidiary of Consolidated AGX Resources Corp. ("AGX")\nand Mineradora Ltda. ("Minerdora"), a private Brazilian exploration company.\nEach of the vendors owned a 40% beneficial interest. The Botavi Diamond\nProject is located in the Paranatinga Diamond District of north-central Mato\nGrosso State, Brazil and consists of seven mineral claims with an approximate\ngeographic area of 63,000 hectares.\n\n\nIciena currently beneficially owns approximately 152,000 hectares of\nproperty contiguous to the concessions being acquired in the Paranatinga\nDiamond District thereby unifying the district and holding a combined 215,000\nhectare exploration project. The reader is referred to a NI 43-101 report\nfiled on Sedar on April 15, 2005 by Iciena documenting geologic features of\nthe Paranatinga District. The report notes that more than 40 kimberlite bodies\nare known to exist in the district.\n\n\nSubject to TSX Venture Exchange approval, and any other regulatory or\nshareholder approvals that may be required, Iciena is required to issue to\neach of Mineradora and AGX 5,000,000 fully paid and non-assessable shares\nwithin ten business days of receipt of all approvals. In addition to the share\nconsideration, Iciena is required to undertake and spend USD $2,000,000 in\nexploration expenditures on or before the second anniversary of the date all\napprovals are received.\n\n\nIn connection with the transaction, Iciena has agreed to retain Kel-Ex\nDevelopments Ltd., a company associated with Dr. Charles Fipke, as operator\nfor the project. In consideration for its obligations as operator, Kel-Ex\nDevelopments Ltd. will earn a 10% interest in the Botavi Diamond Project.\n\n\nRichard Bachman, CEO of Iciena, stated, "With this transaction, the\nCompany uni...