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VENEZUELAN GOLDFIELDS LTD. ACQUIRES

 VANCOUVER, British Columbia, March 30 /PRNewswire/ -- Venezuelan Goldfields Ltd. (Vancouver: VZG) announced that it has entered into an agreement to acquire the remaining 18 percent of the shares of Inversiones Vipago C.A., the company which owns the Unin Concession in the Kilometer 88 District in Venezuela. On completion of this transaction the company will own 100 percent of the Unin Concession. The consideration to be paid by the company for this 18 percent interest is 25,000 common shares of the company.
 In consideration for Petaluma C.A., agreeing to enter into a three-year consulting agreement, the company will issue 25,000 common shares. Petaluma will provide various consulting services on behalf of the company in Venezuela.
 These transactions are subject to regulatory approvals.
 The common shares of Venezuelan Goldfields Ltd. trade on the Vancouver Stock Exchange.
 -0- 3/30/93
 /CONTACT: David Huberman, director of Venezuelan Goldfields, 604-688-7166/
 (VZG.)


CO: Venezuelan Goldfields Ltd.; Inversiones Vipago C.A. ST: British Columbia IN: MNG SU: TNM

BP-JB -- LA031 -- 1246 03/30/93 17:37 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:175
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