Venga Aerospace Systems Inc. is a publicly held company based in Toronto,Canada, whose shares are traded on theNEX Board under the symbol "VAV.H." The Company operates or holds interests in three separate business units: aerospace; 3D imaging and gold mining in West Africa. Venga’s aerospace division was engaged in the development of a full scale, composite jet drone/aircraft known as the TG-10 Brushfire and has made a formal proposal to the Canadian government to supply replacement jet aircraft for the Canadian Armed Forces’ famedSnowbirds aerial demonstration squadron. The Company’s 3D imaging unit holds a 30% interest in a U.S. based joint venture that was created to provide a range of advanced 3D imaging products and services for both the consumer and commercial marketplaces. Venga also holds a 20% interest in Global Mineral Investments Inc. LLC, ("GMI") a U.S. private corporation which was granted Class 'B' Gold Mining and Export Licences by the Ministry of Lands, Mines and Energy of the Republic of Liberia for four concession located in the Sanquin Mining Zone, Sinoe County in the Republic of Liberia. GMI commenced its Liberian dredging and land based mining operations in June of 2009 and conducted gold dredging operations through the 2010 and 2011 operational seasons.
In July of 2011, GMI entered into an exploration and development agreement with Tawana Resources NL ("Tawana") an Australian based public company (ASX:TAW) wherein GMI granted Tawana, subject to due diligence, exclusive exploration rights to certain delineated areas of the GMI Concessions. After completing an extensive field sampling and mapping program, Tawana, in August of 2011, announced that it was proceeding with its planned exploration and development plans and that it had secured an option until June 28, 2012 of purchasing the GMI concessions. The parties have now agreed to extend the Tawana option period to December 31, 2012.
To date, Tawana has collected and processed over 5,000 soil samples from the GMI concessions. Tawana has announced that the results of its sampling program have identified large soil anomalies which contain gold measuring up to 6.25 g/t and which results provide confidence of significant mineralization occurring below. These positive findings were corroborated when on July 27, 2012 , Venga announced that GMI had commissioned and then released a NI 43-101 compliant technical report which characterized the GMI concessions as being an exploration project of merit.
