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Re: News Release - RDU - Wednesday, March 19, 2008
Radius Options its San Pedro Gold Project to Vannessa Ventures
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Vancouver, Canada: Simon Ridgway, the President of Radius Gold Inc., is
pleased to announce that Radius has agreed to option its San Pedro
epithermal gold project located in east-central Nicaragua to Vannessa
Ventures Ltd. (VVV:TSX.V).
Under the terms of the agreement, Vannessa can acquire a 50% interest
in the property by spending a cumulative total of US$3,000,000 on
exploration over a period of four years. Once it has exercised its
option, Vannessa can earn an additional 20% by funding a bankable
feasibility study, or may opt to further develop the property under a
50:50 joint venture with Radius. In the event that either party elects
not to contribute, then standard dilution clauses will apply and if
either party's interest drops below 10%, this will be converted
into a 1% Net Smelter Royalty.
Background
Gold mineralization at San Pedro occurs as low-sulfidation epithermal
quartz veins, breccias, and associated stockworks that have been
identified over a 12km by 4km area. Mineralization appears to be
associated with rhyolite domes associated with an eroded caldera that
is cut by regional extensional structures.
The project was discovered by Radius' field teams investigating reports
of old workings in the area. Gold anomalies have been defined by soil
geochemistry and trenching over a 12 km extent (see Radius news release
dated April 19, 2005). The initial program to be carried out by
Vannessa will be to better define the geology and surface expression of
the mineralization by additional surface trenching and extending
existing trenches, followed by drilling. This initial work will be
largely supported by infrastructure and staff that Radius Gold already
has in Nicaragua.
Qualified Person
The scientific and technical information in this release was prepared
under the supervision of Mr. David Cass, Radius' Vice-President of
Exploration, who is a member of the Association of Professional
Engineers and Geoscientists of British Columbia, and a "Qualified
Person" in accordance with National Instrument 43-101.
For further information on Radius Gold Inc., please call toll free
1-888-627-9378 or visit our web site (www.radiusgold.com).
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, President
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.5-million
Associated File:
http://www.radiusgold.com/i/pdf/PR-Mar192008.pdf
34 KB in size, approx. 7 seconds to download at 56.6Kbps
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Copyright (c) 2008 RADIUS GOLD INC. (RDU) All rights reserved. For
more information visit our website at http://www.radiusgold.com/ or
send mailto:news@goldgroup.com
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