VANCOUVER, July 20 /CNW/ - CONSOLIDATED GOLD WIN VENTURES INC.
(CGW TSX-V) ("Gold Win") reports that contrary to the Snowfield Development
Corp. ("Snowfield") News Release dated July 19th, 2006 the company is not in
default.
This position is held by and will be vigorously defended pursuant to the
option agreement ("Agreement") between the Company and Snowfield dated
April 21, 2006, and Snowfield Development Corp.'s letter dated July 13th, 2006
("SNO's Letter"), as well Consolidated Gold Win Ventures Inc.'s Lawyer's
Letter of June 30th, 2006 ("CGW's Letter") and the summary of the meeting of
July 5th, 2006 by Mr. Laurie Stephenson and Mr. Robert T. Paterson ("July 5th
Summary").
The July 5th Summary noted that an extension of time due to the delays
outlined in the CGW Letter was required and that Snowfield Development Corp.
was reviewing the time line with respects to what was necessary and the
outlined expenditure Budget going forward. These delays involved; drilling
areas that were lower priority instead of the areas of kimberlite sill; delays
in shipping samples of kimberlite to the laboratory, delays in responding to
the laboratory's request for instructions and finally delays in submitting the
amended bulk sample permit application to the appropriate regulatory agencies.
All these delays contributed to at least one month delay in obtaining results
and in the case of the bulk sample whether it will be completed this summer.
The approval of the budget and a proposed meeting of the July 5th Summary
to take place the week of July 10th, 2006 was predicated on the receipt of the
final results from Kennecott's Thunder Bay Laboratory. These results were not
received by Mr. Abby Farrage, President of Gold Win, until Friday July 14th,
2006, after he contacted them directly.
Consolidated Gold Win Venture Inc. ("CGW") put on record in the CGW
Letter several deficiencies it observed in the performance by Snowfield
Development Corp. of the Agreement, on June 29th, 2006, in particular, s. 1.3
(last paragraph) and Schedule "C" (referred herein as the "Plan") and s. 7.1
of the Agreement, that it considers material to the intent of the agreement
and the advancement of funds for completion of the exploration in a diligent
and expeditious manner. Some of these deficiencies remain uncorrected (to wit:
the bulk sample plan and timetable and the approval of an amended plan by the
MVLWB), which will further complicate the Plan's timely completion.
Gold Win has advanced $250,000 directly to Snowfield Development Corp. to
fund the exploration and maintenance of the claims outlined in the Agreement,
but also Gold Win has arranged for an additional $325,000 to be advanced
privately, through the facilities of its President's, Mr. Abby Farrage. These
funds have been provided to expedite the 2006 winter drill program which would
not have been conducted if the companies had waited for the finalization of
the regulatory process.
Consolidated Gold Win Ventures Inc., in the spirit of co-operation and
co-operatorship contemplated under the Agreement, is reviewing the results
with its technical consultants and the budget provided by Mr. Paterson last
week. CGW will call a management committee meeting once that review is
completed, to make decisions on the further exploration and development
activities of the Mud Lake project.
The Mud Lake Kimberlite is the third diamondiferous kimberlite body
discovered to date in the Drybones Bay area 55 kilometres southeast of
Yellowknife, Northwest Territories and is underlain by the South Slave Craton
which hosts all the currently producing Canadian Diamond mines.
Laurence Stephenson, P.Eng, a Qualified Person under National Instrument
43-101, has approved the contents of this News Release.
About Consolidated Gold Win Ventures
CGW is a progressive and rapidly advancing junior exploration company
with interests in the Northwest Territories - Drybones Diamond properties,
Nevada - South Dolly Varden Silver/Gold/Copper claims, British Columbia - Yeti
Gold claims, Quebec - Raglan Platinum group metals claims.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. The statements that are not historical
facts are forward-looking statements involving known and unknown risk
factors and uncertainties which may cause actual results to vary
considerably from these statements. The risks and uncertainties include
those described in the Company's periodic filings on SEDAR.
We seek Safe Harbor
