Goldnev Acquires Full Interest in Pasquia oil leases

2010-04-08 09:36 ET - News Release

Mr. Marc Dame reports

GOLDNEV ACQUIRES 100% OF PASQUIA HILLS OIL SHALE PERMIT

Goldnev Resources Inc. now owns a total of a 100-per-cent working interest in permit No. PS00243, the northern permit. With today's announcement, the company has completed the acquisition of a further 66.67-per-cent working interest in addition to its previously earned, 33.33-per-cent working interest, in the northern oil shale permits. The northern oil shale leases encompass a total of 86,533 acres located in the Pasquia Hills region of Saskatchewan.

Goldnev's oil shale properties comprise two contiguous oil shale permits totalling 155,443 acres (234 sections) of oil shale rights divided north (PS00243) and south (PS00242), located in the Pasquia Hills oil shale region in east-central Saskatchewan. Goldnev has previously earned a non-dilutive, 33.33-per-cent working interest on both the southern and northern permits, by investing $1.5-million on a core hole drilling exploration and development program, that focused primarily on the southern portion of its oil shale permits, resulting in its previously announced, contingent resources report of gross estimates of 1.8784 billion barrels of oil distillate. Goldnev is in the process of preparing a prefeasibility study to confirm the commerciality and/or the conditions required for commerciality of these identified oil shale resources located on its southern permit. It is pleased to have acquired a large area of unexplored oil shale prospects, and plans to commit further resources towards a comprehensive oil shale core hole drilling and exploration program on its 100-per-cent-acquired northern permit in the fall of 2010.