ATW Venture Corp (ATW: TSX-V) (Frankfurt: A3N), (“ATW” or “the Company”), is pleased to provide the following update on affairs of the Company.
Working Capital Exceeds $17.5 Million
As previously announced by ATW, the Company recently closed a brokered financing that raised approximately $10,978,000 in gross proceeds. In addition, warrant holders exercised 2,450,000 share purchase warrants of a possible 2,500,000 warrants exercisable at $0.80 prior to expiry on March 28th, 2008. As a result of these recent financings and cash on hand, ATW currently has working capital of over $17.5 million.
Burnakura Gold Mine, Western Australia
Since purchasing the Burnakura Gold Mine on December 24, 2007, ATW has steadily increased its scope of activities on the project in anticipation of resuming production during the third quarter of 2008.
The first phase RC drill program aimed at increasing current resources is now completed. Crews successfully drilled 24 holes totaling 4,110 meters along the 1500 meter (m) strike length from the underground workings at NOA 2, north to the NOA 7-8 pit. To date, assay results of only four holes have been released although additional results are anticipated in the coming weeks.
In respect of refurbishing the Burnakura plant and mill, ATW’s consultants identified several improvements and regular repair issues aimed at bringing the plant to operating status and improving its efficiency. Burnakura’s primary crusher has been refurbished and is ready for production. The secondary crusher and tank agitators were shipped to Harmony Gold’s Mt. Magnet Mine facility for refurbishment. All other plant components are presently being refurbished on site. Management estimates that the Company is on track to commission the mill in August, 2008.
The Company’s metallurgist has completed his review of the site laboratory and has planned to set up the lab with a fulltime technician to process all drill samples from Burnakura and Gullewa.
Negotiations are underway with various drill contractors to determine availability and price in respect of 30,000 meters combined RC and core drilling at Burnakura and Gullewa.
Gullewa Project Acquisition, Western Australia
Further to ATW’s announcement on March 13, 2008, wherein the Company announced it entered into a Letter of Intent (“LOI”) to purchase the Gullewa Gold Copper Project in Western Australia for AUD $13 million and 2,000,000 common shares, ATW continues to make progress towards completing this acquisition and has set April 12, 2008 for execution of the definitive purchase agreement.
ATW’s Australian tenement manager and legal counsel have completed their due diligence and provided ATW with a positive title opinion on the various tenements comprising the Gullewa Project.
As part of the LOI on the purchase of Gullewa, ATW has agreed to advance $300,000 to complete a geophysical gravity survey over the entire tenement package, thus maintaining the tenements in good standing. Mineral deposits at Gullewa are identifiable by geophysics, as was the case with Gullewa’s Deflector Deposit, and several other prospects (identified in ATW’s news release on March 13, 2008).
Mr. Steve Godden, C. Eng., FIMM has been retained to complete a National Instrument 43-101 compliant technical report on the Gullewa Project. It is anticipated that completion of the technical report will take approximately six weeks and will allow ATW to state certain geologic information and resource calculations for Gullewa that the vendor has disclosed, on its website, www.bataviamining.com.au, and in disclosure documents prepared for the ASX.
Personnel Changes
A key requirement in ATW’s plan to bring Burnakura and Gullewa back into production is the hiring of operations personnel. The recent closing of Harmony Gold’s Mt. Magnet gold mine in Western Australia, has given ATW an opportunity to retain key mining personnel already situated in the region.
ATW has retained Graeme Thompson, M.Sc. Geology, as its resource geologist to work with Company engineers in mine planning and resource development. Mr. Thompson spent the previous 22 years working for Consolidated Minerals, BHP, Western Mining as a specialist in 3D modeling, geologic interpretation and resource geology. In addition to using his modeling skills at Burnakura, ATW’s exploration of Gullewa, will benefit from Mr. Thompson’s experience in geophysical interpretation.
ATW is also pleased to report that it has retained one of Harmony Gold’s safety and human resources officers. Ms. Julie Budrey, with 12 years experience with Harmony Gold and Western Mining, is skilled in safety, first aid, mine rescue, and fire fighting practices and procedures. In addition, the Company will rely on Ms. Budrey for managing human resources and setting up Company procedures and training programs.
Amarillo Project, Argentina
ATW is presently completing a 1400 meter diamond drill program to test deep copper/gold porphyry mineralization within an area where previous drilling encountered strong quartz/pyrite stockworks and anomalous copper. At present, Major Drilling has completed one 400 meter drill hole and is currently drilling hole two. Company geologists expect that a further 800 meters of drilling in two drill holes can likely be completed before the onset of winter. ATW’s geology consultant has just arrived at Amarillo and will be providing an update on the exploration program shortly.
Carp Property, British Columbia
Due to ATW’s increasing activity in Australia, its interest in the Carp property in Northern British Columbia has become insignificant. As a result, ATW has assigned its interest in the Carp Lake Property to Bryant Resources Inc. in exchange for retaining a 2% NSR should the property be put into commercial production.
TSX Listing Application
The Company is in the process of applying for a listing on the TSX Exchange in an effort to increase its exposure in financial markets. The Company’s acceptance for listing on the TSX is subject to numerous conditions and therefore ATW can not confirm if or when the Company will trade on the exchange.
For more information, please visit the Company website at www.atwventure.com or contact Luke Norman at 604 662-8184.
ATW VENTURE CORP.
“Brent Butler”
Brent Butler
President & CEO
“The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.”
“This news release may contain forward –looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
