Vannessa -- Placer Dome Las Cristinas Agreement.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 20, 2001

On July 13, 2001 Vannessa Ventures Ltd (OTC-BB:VNVNF)(CDNX:VVV) signed an agreement with each of Placer Dome and Placer Dome's indirect subsidiary, Placer B-V Limited ("PBV"), for the acquisition by Vannessa of Placer Dome's interest in the Las Cristinas project in Venezuela, such interest comprising of a controlling shareholding in Minera Las Cristinas C.A. ("Minca") and the indebtedness of Minca to Placer Dome and PBV.

The acquisition is for a nominal cash consideration and the assumption by Vannessa of all commercial obligations of Placer Dome, PBV and their affiliates relating to the Las Cristinas project.

PBV will be paid an amount equal to 2% of the net smelter return on all copper sales multiplied by Vannessa's percentage equity interest in Minca. PBV will also be entitled to a participation in revenues from gold sales at the rate of 1% if the average gold price for the relevant fiscal quarter is below US$276, 3% if such gold price is US$276 or more but is less than $350, or 5% if such gold price is US$350 or more, multiplied, in each such case, by Vannessa's percentage equity interest in Minca, which is presently 95%.

Placer Dome has a back-in right to repurchase all assets whenever PBV has made a production decision based on a feasibility study which demonstrates that the project is economically viable to sustain an operation in excess of 4,000,000 ounces of gold at a production rate of at least 250,000 ounces of gold per year (subject to adjustment). If the back-in right is exercised Placer Dome will pay Vannessa Ventures the equivalent to 110% of Vannessa's capital costs and pre-production soft costs (subject to certain adjustments, including, for debt incurred, remedying any Vannessa default (if applicable), and fair market valuations). Provided Vannessa has expended at least US$2,000,000 in capital costs on the project, or has maintained the mineral and mining rights for a continuous period in excess of one year (annual cost estimated to be US$300,000) then, Vannessa will be paid by PBV, a participation equivalent to 2% of gold sales and 2% of net smelter returns on copper sales, multiplied, in each case, by Placer Dome's percentage equity interest in Minca.

Vannessa previously announced that subject to Minca Board approval it proposes to develop a 100,000-ounce operation that focuses on the mining of the higher-grade near surface gold resources. Development and start up of production is contingent on the company's ability to raise the necessary financing. An estimated capital cost of US$35 to $50 million to put Las Cristinas into production and operating cost of US$150 per ounce are considered rough estimates and are based on a review of Vannessa's Cerro Crucitas project in Costa Rica which is of similar scale, type of mining material and operating environment. These estimates are not supported by a feasibility study and should not be relied upon. The quantity and cost of production and the economic viability of the project will not be determined until a feasibility study is prepared or until production has commenced.

In August 1997 Placer Dome announced total proven and probable reserves were 326,280,000 tonnes averaging 1.1 grams of gold per tonne for a total of 11.8 million ounces of gold. This determination was based upon a gold price of US$375 per ounce. At current gold prices this resource may not constitute reserves in its entirety. A further 85.2 million tonnes of material grading 1.3 grams of gold per tonne, containing 3.4 million ounces of gold were announced and were classified as an inferred resource.

Vannessa presently owns a number of projects throughout Costa Rica, Guyana, Venezuela and Brazil, including the Maple Creek alluvial diamond mine in Guyana, where production is expected to begin shortly, and the Cerro Crucitas gold deposit in Costa Rica.

"MANFRED PESCHKE" Manfred Peschke, President VANNESSA VENTURES LTD.

For further information please contact: Paul Matysek, Corporate Development, 1-888-339-6339 / 1-604-689-8927

The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits from which a company can economically and legally extract or produce. We use certain terms in this press release, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 000-30462 available from our Vancouver office. You can also obtain this form from the SEC by calling 800/SEC-0330.

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