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VENEZUELAN GOLDFIELDS LTD. ANNOUNCES APPOINTMENT OF IAN TELFER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER

 VANCOUVER, British Columbia, March 11 /PRNewswire/ -- Venezuelan Goldfields Ltd. (Vancouver: VZG) announced the appointment of Ian Telfer as president and chief executive officer of the company effective April 1, 1993.
 Telfer is highly regarded by the mining and investment banking communities, having served for many years as executive vice president of TVX Gold Inc., a major Canadian gold mining company with extensive mining operations in Latin America.
 Telfer will be responsible for completing the assembly of a team of highly competent technical and financial personnel, as well as for the ongoing exploration and development programs at the company's extensive land holdings and mineral interests in the Kilometer 88 gold district in Bolivar State, Venezuela.
 The company also announced that Telfer has agreed to become a director of the company, effective immediately, and has been granted an incentive stock option of 100,000 shares.
 The common shares of Venezuelan Goldfields Ltd. trade on the Vancouver Stock Exchange.
 -0- 3/11/93
 /CONTACT: Robert L. Cook, president of Venezuelan Goldfields, 604-688-7166/
 (VZG.)


CO: Venezuelan Goldfields Ltd. ST: British Columbia IN: MNG SU: PER

BP -- LA018 -- 5293 03/11/93 17:21 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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