CALGARY, March 28 /PRNewswire-FirstCall/ -- Vannessa Ventures Ltd. (the "Company") - The Company is pleased to announce that it has borrowed $Cdn 3,000,000 from Exploram Enterprises Ltd. ("Exploram"), its controlling shareholder. Interest is payable on the loan at a rate of 9.5% per annum, payable monthly and a 3% structuring fee will be paid by the Company to Exploram. The loan is payable on demand after September 30, 2008 and is secured by a general security agreement over the Company's assets. This demand loan is in addition to the $2,500,000 in loans outstanding which were obtained from Exploram through financings on June 19 and December 27 of 2006 and a $5,000,000 convertible debenture maturing on January 31, 2009.
The proceeds of the loan will be used by the Company's wholly owned subsidiary, Industrias Infinito S.A. ("Infinito") to advance infrastructure construction, site preparation, detailed engineering, and other activities associated with the development of the Crucitas gold mine in Costa Rica as well as to fund general corporate requirements. The Company felt it necessary to close the transaction expeditiously to enable it to promptly meet development obligation.
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., Suite 220, 1010 - 1st Street S.W., Calgary, AB, T2R 1K4, Telephone: (403) 444-5191, Fax: (403) 444-5190
