Iciena Ventures Inc.
Diamond bearing deposits in Brazil - " Hot Property " British Columbia
ICIENA VENTURES INC, Vancouver, B.C, TSX-V: IIE, is engaged in exploration for diamond bearing deposits in Brazil and other minerals in British Columbia. The Company has an office in Vancouver, Canada and a field office in Mato Grosso, Brazil. The Company seeks to find, explore, and market diamonds and other precious stones.
Batovi Project, Mato Grosso, Brazil
The Company owns a 20% interest in a diamond project located in the Amazon craton, Brazil known as the Batovi Project. Iciena paid $600,000 to the vendor to finance exploration and is obligated to pay 20% of any further exploration expenditures on the property.
During the fiscal year ended March 31, 2008, the Company entered into a second option agreement to acquire the remaining 80% interest in the Batovi Diamond project.
The Company has exercised this option and issued 5,000,000 shares to each of the two optionors.
The Company has agreed to retain Kel-Ex Developments Ltd. (“Kel-Ex”), a company that is associated with Dr. Charles Fipke, as operator for the project.
As operator, Kel-Ex will have a 10% carried interest in the project.
For the three month period ended September 30, 2008, the Company did not perform any work on this property.
Jatoba Project, Brazil
Through its wholly owned subsidiary, Mineracao Sucunduri Ltda, the Company owns an undivided, 100-per-cent interest in certain mineral concessions, totaling approximately 215,000 hectares located in the Paranatinga kimberlite district of Brazil. T
his project is known as the Jatoba Project. Iciena issued 2.5 million shares, and paid $325,000 (U.S.) for this project. The property is subject to a 2% net smelter return royalty to the vendors.
To date, the Company has completed an airborne magnetic and TEM survey on the property at a cost of US$1,096,000. The Company intends to commence drilling high priority kimberlitic targets as identified by the airborne survey.
Hot Property, British Columbia, Canada
On February 18, 2008 the Company entered into an option agreement (the “Option”) with Joseph Lawrence, John Ostler and Bruce Squinas to acquire a 100% interest in 118 contiguous mineral claims. The Claims are located in central British Columbia and consist of approximately 2,186 hectares.
Option Agreement with Metalex Ventures Ltd.
The Company entered into an option agreement with Metalex Ventures Ltd., a company listed on the TSX Venture Exchange (the “Optionor”), dated effective April 15, 2008 (the “Option Agreement”).
Pursuant to the terms of the Option Agreement, the Company has an option to acquire a 15% working interest (the “15% Interest”) in 20 contiguous mineral claims located in Brazil comprising approximately 122,880 hectares (the “Mineral Claims”).
Kel-Ex will be the initial operator in respect of the work programs on the Mineral Claims agreed to between the Company and the Optionor. Kel-Ex will be entitled to a management fee equal to 10% of such exploration expenditures incurred from time to time.