Vannessa Ventures Crucitas Project Update
Vannessa Ventures Ltd. through its 100 percent owned subsidiary, Industrias Infinito S.A., has now supplied the Ministry of Environment in Costa Rica (SETENA) with all of the information requested to enable SETENA to issue a final resolution and specify the details of the required Environmental Performance Bond for its Las Crucitas Project. Vannessa's submission included confirmation of specific commitments previously made by the Company and updated estimates of project initial capital costs.

Vanessa is moving forward with the development of the project and is in the process of engaging geological consultants to complete a resource estimate of the entire deposit compliant with National Instrument 43-101. In addition, Vanessa is in discussions with various consultants in the fields of mineral processing, infrastructure construction and other relevant areas in order to complete a bankable feasibility study on the project building on the extensive work already carried out on the property. Vanessa has retained the services of Dr. John Thomas, a qualified metallurgist with a broad base of international experience in constructing and operating gold mines. Most recently Dr. Thomas was responsible for constructing and commissioning the Choco 10 mine in Venezuela for Bolivar Gold Corp. Dr. Thomas also serves as a Director of the Company.

The Crucitas gold deposit, which lies in Alejuela Province, in North Central Costa Rica, has undergone extensive exploration work in the period 1992-1998 when the property was held by a subsidiary of Placer Dome Inc. A total of 251 diamond drill holes, 27 geotechnical and hydro-geological holes, and 90 Trado (auger) holes were completed over the property comprising more than 36,000 meters of total drilling and over 32,000 gold and silver assays were taken. Lyon Lake Mines Ltd., who acquired the property in 1998, hired Cambior Project & Construction Group (Cambior) to coordinate a feasibility study in 1999. Cambior engaged Independent Mining Consultants, Inc. (IMC) to complete the Reserve and Resource estimates and the Mine Plan. IMC completed a review of the Placer Dome Inc. exploration program and results including sampling split core which is still in place on the project site.