CALGARY, May 27 /PRNewswire-FirstCall/ -- Vannessa Ventures Ltd. (the "Company") - The Company announces that it is changing its name to "Infinito Gold Ltd.". Effective at the opening on Wednesday, May 28, 2008, the Company's common shares currently listed on the TSX Venture Exchange under the symbol "VVV", will commence trading under the new name Infinito Gold Ltd. with the new symbol "IG".
The name change to Infinito Gold Ltd. marks a transition in the Company from a focus of pre-development centered on obtaining all of the major approvals and permits for the Crucitas gold project to a focus on mine construction leading to the operational phase of the mine.
The Company announced that on February 4, 2008 it received approval of its Environmental Impact Statement allowing for the mining of both the saprolite and hard rock portions of the Crucitas ore body and this was followed by a release dated April 24, 2008 announcing that the Company had received reconfirmation of the Exploitation Concession from the authority in Costa Rica responsible for mining ("MINAE"). The Company has since received the formal documentation from MINAE dated April 21, 2008 and identified as (R-217-2008-MINAE) and the approval does not contain any unexpected conditions.
At the Crucitas mine site the Company is already working in the field to improve road access by installing stronger bridges and culverts and in the general improvement of road infrastructure to the mine. With the major permits in hand the Company has begun installation of infrastructure on the project itself, including internal roads and plant area civil works. In parallel, the Company has applied to local authorities for permits to allow major construction and other activities to progress on site, including construction of the plant, tailings dam and other associated infrastructure.
The Company has relocated the current Vice President of Operations, Dr. John Thomas, to Costa Rica to take responsibility for mine construction and initial mine operation. Dr. Thomas was in charge of the construction of the Choco 10 gold mine in Venezuela and has extensive experience in mine construction and operation in many countries worldwide. Arnoldo Rudin, the General Manager of the Company's wholly owned subsidiary Industrias Infinito S.A. ("IISA"), located in San Jose, Costa Rica, will work closely with Dr. Thomas in developing the project.
The Company has secured all of the land required for the project and related infrastructure and owns significant land which will not be disturbed by the current mining plan. There is no primary forest in the mine area and the current land use is pasture and selective logging and the Company has committed to plant indigenous tree species to return the area to native forest.
IISA will continue and expand ongoing social, educational, and community development in the communities in the area surrounding the mine. Once in production, it is estimated that the mine will employ up to 260 people. IISA has committed to work towards employing 75 percent of its workforce from local communities where unemployment levels are high.
Caution Regarding Forward-Looking Information and Statements ------------------------------------------------------------
Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These factors include, among others, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the possibility that all necessary governmental and regulatory approvals will not be received, and the availability of a qualified workforce and third party contractors necessary for the development and operation of a mine. The Company undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.
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, Tel: (403) 444-5191, Fax: (403) 444-5190
