Venezuela lures Jordex Resources

Vancouver-based Jordex Resources (VSE) recently formed a Venezuelan joint venture company called Cofemina whose main objective will be to acquire base and precious metal properties in that South American country. Jordex, with operations in Bolivia, Venezuela and Honduras, is principally dedicated to developing mining and other natural resource opportunities in Latin America.

The Cofemina joint venture was formed between Jordex and Caracas Corp., a private company with one of the largest land positions in Venezuela. The joint venture plans to obtain strategic ground positions containing and surrounding Venezuela’s most desirable base metal deposits. The joint venture also plans to establish land positions in eastern Venezuela for the extraction of gold.

Both partners are contributing an initial US$50,000 to working capital, with all costs incurred in updating, analyzing and project development to be shared on an equal basis. Cofemina’s creation follows more than a year of research and groundwork during which Venezuela’s known polymetallic deposits were re-examined in light of current costs and metal prices.

In order to raise additional working capital, the company is preparing a statement of material facts which will be filed with regulatory authorities in the near future.

Jordex recently expanded its board of directors by adding David DeWitt of Vancouver-based DeWitt & Co. and Anthony Williams, head of Yorkton Securities’ London office.