Vannessa Arranges $3,000,000 Convertible Note and is to Appoint Steven G. Dean Director and Chairman

CALGARY, April 20 /PRNewswire-FirstCall/ -- Vannessa Ventures Ltd. (the "Company") announces that it has agreed to complete a non-brokered private placement of a C$3 million unsecured convertible note (the "Note") with Auro Investments Pty Ltd. ("Auro"), a private company associated with Steven G. Dean. The Note matures two years after its date of issue, bears interest at 8%, payable at maturity and is convertible at any time up to maturity into units of the Company at $0.41 per unit (a "Unit"). Each Unit comprises one share and one half of one common share purchase warrant (a "Warrant") and each Warrant is exercisable to acquire one share of the Company at $0.45 per share for a period of two years after the date of issue of the Note. The Issuer has the right to prepay the Note at any time after one year after its date of issue, subject to Auro's right to convert before prepayment. The Note will include negative covenants, events of default and conversion right adjustment provisions that are standard for transactions of this nature. A cash finders fee of 3% of the principal amount of the Note will be paid.

Auro has also agreed to subscribe for $2 million in units of the Company under the private placement of the Company announced April 18, 2007.

In conjunction with this financing, Mr. Dean will be joining the Company's Board of Directors and will assume the position of Chairman. Mr. Dean has extensive experience in the gold mining business, including serving as President of Teck Cominco Ltd. to July 2002. He was also the Executive Director and Chief Financial Officer of the Australian gold group Normandy Mining Ltd. from 1987 to 1994.

Mr. Dean is based in Vancouver and is a director and Chairman of a number of public companies, is a Fellow of the Institute of Chartered Accountants of Australia, a Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum.

The issue and sale of the Note is subject to acceptance of the TSX Venture Exchange.

"John Morgan" John Morgan, President VANNESSA VENTURES LTD. "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

CONTACT: VANNESSA VENTURES LTD., 220, 1010 - 1 St. S.W., Calgary, Alberta, T2R 1K4, Telephone: [phone]