Perth, Jan 17, 2008 AEST (ABN Newswire) - CityView Corporation Limited ("CityView")(ASX: CVI) advises that it has increased its holding in Fortitude Minerals Limited ("Fortitude") from 3,200,000 shares to 6,543,885 shares.
In order to consolidate its ownership of Fortitude, CityView intends to continue to lift its holding in Fortitude through a combination of share acquisitions and subscriptions. At the appropriate time and subject to shareholder approval, CityView plans to transfer its Longonjo and Ucua interests for additional shares in Fortitude.
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Fortitude has accumulated valuable mining interests in more than 15,000 square kilometres of prime mineralised areas in Angola which include in order of importance:
(a) Five copper licences running for several hundred kilometres along the western seaboard of Angola and encompassing the greater part of the Upper Cuvo formation.
Copper mineralisation has been reported along the entire length of the Upper Cuvo formation and has the potential to be a new copper province.
Included amongst the copper licences is Cachoeiras de Binga in which over 6,000 metres of core has been drilled. Fortitude's primary objective is to bring this resource to a JORC standard.
(b) The Chipindo gold licence area with high gold grades reported in artisinal workings. Its geology is similar to the Minas Gerais gold area of Brazil.
(c) The Longonjo copper-gold-rare earths licence area containing the Catabola and Longonjo Carbonatite projects:
At Catabola copper and iron oxide mineralisation has been identified over a 1.6 km strike length. The drill rig is on site and due to commence drilling shortly. The drilling programme will progress throughout most of the year.
Longonjo Carbonatite contains niobium, tantalum and uranium minerals.
(d) The Longonjo diamond licence area and the Ucua gold/beryllium licence area.
With Fortitude's first class management team administering the Angolan metals projects, CityView management is freed up to develop its oil projects in Angola and Cameroon.
Contact
Telephone: (61-8) 9226 4788
Facsimile: (61-8) 9226 4799
Email: info@cityviewcorp.com
Web: www.cityviewcorp.com
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