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Latest Information  February 23, 2006 PGM Ventures has reached agreements to terminate interest in all its Venezuelan properties. The company has also announced assay results from 23 out of the 24 holes recently drilled on its Sangold property, Ontario, Canada. PGM Ventures has entered a termination and release agreement with three arms length parties and Prominsur CA regarding their mutual interest in the Choco 6 and Increible 16 projects in Bolivar state, Venezuela. As a result of this agreement, Prominsur is purchasing PGM's interest in these projects for a total consideration of US$500,000. PGM has also terminated agreements regarding the Botanamo concession, Acarigua licences and the Increible 14 concession in Bolivar state. In Ontario, the 2005 drilling program carried out by PGM on the Sangold property west of Timmins, Ontario consisting of 24 holes, covering a total of 16,634 feet, all of which were targeting the Patricia showing were announced. Hole SND-05-18 returned an intersection of 13.04 g/t Au over 8.9 metres. Within this intersection 5.82 m returned 19.9 g/t Au from 294.01 m. Hole SND-05-05 intersected 28.92 m grading 2.66 g/t Au from 63.25 m including 3.84 m grading 13.83 g/t Au. The gold mineralization encountered in these drill holes is associated with quartz carbonate-sericite sulphide alteration occurring in dilation zones associated with structures. |
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