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VENEZUELAN GOLDFIELDS LTD. COMPLETES ACQUISITION OF ORO UNO

 VANCOUVER, May 31 /PRNewswire/ -- Venezuelan Goldfields Ltd. is pleased to announce that it has completed the acquisition of 100 percent of the Oro Uno Property in the Kilometer 88 region of Venezuela.
 This acquisition was funded with part of the proceeds of the Cdn. $42 million private placement that was completed May 19, 1993.
 The company plans to utilize its Cdn. $20 million cash on hand to aggressively explore all of its Venezuelan properties in the Kilometer 88 area.
 The common shares of Venezuelan Goldfields Ltd. trade on the Vancouver Stock Exchange (symbol: VZG).
 -0- 5/31/93
 /NOTE TO BUSINESS/PHOTO EDITORS: A copy of the Venezuelan Goldfields Ltd. map of the 88 Gold Mining District is available by fax by calling Canada NewsWire Vancouver at 604-669-7764.
 /CONTACT: Louise Read for Venezuelan Goldfields Ltd., 604-688-7166/


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

SM -- NY010 -- 3717 05/31/93 17:30 EDT
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Publication:PR Newswire
Date:May 31, 1993
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