Perth, Oct 29, 2008 AEST (ABN Newswire) - During the Quarter CityView Corporation Limited (ASX:CVI)(PINK:CTVWF) signed a conditional contract for the acquisition of a 50,000 barrels per stream day refinery. Technical due diligence is currently in progress with regard to the proposed acquisition.
Metals
CityView has increased its holding in Fortitude Minerals Limited ("Fortitude") to 24,581,655 shares out of a total of 53,271,655 shares, representing a 46.1% interest in Fortitude.
Diamonds
CityView has converted its right to acquire 100% of Canzar Resources Limited ("Canzar") into a 10% net profits interest of Canzar's percentage share of the Luachisse and Nhefo alluvial diamond concessions.
Details of Canzar's percentage share are as follows:-
--------------------------------------- Canzar's % Area---------------------------------------Luachisse 41% 2700 km2Nhefo 42% 3280 km2---------------------------------------
CityView has also entered into a joint venture with Enditrade for the development of transportation and supply logistic services for the mining industry. Enditrade is a logistics company wholly owned by Endiama, the Angolan Government department responsible for the development of the diamond industry.
Corporate
During the Quarter CityView terminated its arrangements with Pensador Resources Inc. ("Pensador") to finance the projects in which CityView holds interests or is currently evaluating, as Pensador was unable to complete the financing within the necessary time frames. Arrangements are in progress to convert CityView's holding in Pensador into shares in Canzar, as determined by an independent valuation of Canzar's assets.
Finance
Underwriting Facility for onshore Kwanza Basin permits US$100,000,000.00
Cash at Bank Aus$362,047.00
Outstanding debtors Aus$1,032,755.00
Expenditure for the Quarter Aus$3,001,000.00
Contact
CityView CEO, Mark Smyth
Telephone: +61-8-9226-4788
Facsimile: +61-8-9226-4799
Web: www.cityviewcorp.com
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