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Cheetah Ventures Ltd.

EANS-News: Cheetah Ventures Ltd. - Acquisition of Yemen Gold Prospects

VANCOUVER, Canada (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Joint Ventures/Cooperation/Collaboration/Cheetah - Yemen Gold 
Prospects
Cheetah Ventures Ltd.'s wholly owned
subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of
intent with Cantex Mine Development Corp., whereby the company will 
be granted an option to acquire up to a 70-per-cent interest in 
certain mineral claims located in Yemen and known as the Al Hariqah 
project. The company's interest will be earned in stages, but, to 
earn the full 70-per-cent interest, the company is required to 
finance exploration expenditures totaling $5-million plus 70 per cent
of the costs required to put the project into commercial production. 
The company is obligated to finance a minimum of $2-million as a firm
commitment and will earn a 40-per-cent interest upon expending a 
total of $4-million and completing a prefeasibility study by March, 
2012. It can then earn an additional 10-per-cent interest by 
expending an additional $1-million toward exploration work and 
completing a feasibility study by September, 2013, and can earn a 
final additional 20-per-cent interest by financing 100 per cent of 
the costs of placing the claims into commercial production. In the 
event that a mine is developed, Cantex will reimburse the company for
30 per cent of the costs associated with commercial development of 
the mine from 80 per cent of Cantex's share of mine profits.
The letter of intent and transactions contemplated therein are 
subject to a number of material conditions, including, inter alia, 
the negotiation of a definitive agreement, delivery and approval by 
the company of a compliant National Instrument 43-101 report, and TSX
Venture Exchange approval. A finder's fee is payable in connection 
with the transaction upon final closing.
About the Al Hariqah project
The Al Hariqah project is a large body of gold mineralization 
discovered by Cantex. To date, Cantex has spent over $10-million 
mapping, sampling and drilling the Al Hariqah project and has 
identified two parallel zones of gold mineralization 30 metres to 50 
metres wide with a strike length of over four kilometres. 
Mineralization has been intersected from surface to a depth of 200 
metres and remains open at depth.
Within the 30-metre-to-50-metre-wide zones are frequent small pods of
high-grade mineralization (up to 200 grams per tonne gold). In many 
cases, this high-grade mineralization contains visible gold.
To date, 162 drill holes have been drilled on the project, with 45 of
these yet to be deepened with core drilling. Examples of notable 
intersections are presented in the attached table.
Drilling Highlights
Drill hole  Intersection   From     To   Gold grade
                         (m)    (m)     (m)       (g/t)
PDH 18               57      0      57        1.84
    PDH 22              7.5      3    10.5       12.15
                       19.5   28.5      48        2.18
    PDH 44               30    7.5    37.5        2.65
                       7.5      54    61.5        5.78
    PDH 47A              6       6      12        1.22
                        18      24      42        3.67
                        12      57      69        1.26
    PDH 9A              33       3      36        2.53
    Including            6       3       9        4.40
    And                 15      21      36        3.46
    RDH 23             1.5     4.5       6        0.30
                      73.5       9    82.5        2.09
    Including            3       9      12        6.95
    And                1.5      30    31.5        3.04
    And                1.5    43.5      45        4.81
    And                1.5      54    55.5        2.41
    And                1.5    58.5      60        2.33
    And                  3    61.5    64.5        4.86
    And                  6      75      81        9.63
                       1.5    82.5      84        0.61
                      4.57   85.53    90.1        1.12
                     24.38   97.72   122.1        1.10
                      1.53  134.29  135.82        1.09
                      7.44  143.44  150.88        1.05
    RDH 34              39      24      63        3.01
    Including          4.5    28.5      33        3.90
    And                4.5      39    43.5       14.51
    And                1.5      45    46.5        5.54
                       1.5      96    97.5        0.30
    RDH 43               3       0       3        0.32
                         3     4.5     7.5        1.14
    Including          1.5     4.5       6        1.86
                      16.5    10.5      27        1.17
    Including            3      12      15        1.66
    And                  3      18      21        2.50
    And                1.5    25.5      27        2.66
                      31.5    34.5      66        1.76
    Including          1.5    52.5      54        8.64
    And                  6    58.5    64.5        4.30
    YDH 02            46.5    28.5      75        3.13
    YDH 03              81    10.5    91.5        1.11
    YDH 10             4.5       3     7.5        1.91
                      61.5      18    79.5        2.17
                       4.5      87    91.5         2.5
                       7.5   106.5     114        1.69
                       7.5     174   181.5        2.01
                       4.5   196.5     201        1.35
The reliability of Cantex's historical data is unknown but is considered
relevant by the company. The data are non-NI 43-101-compliant and should not be
relied upon. It is Cantex's intention to complete an NI 43-103 report on the
project; however, final results may produce results that differ substantially
from the results stated in this news release.
Once drilling on the remaining 45 holes is complete, a prefeasibility
study will be undertaken. All of the data presented in this news 
release have been previously released by Cantex. An NI 43-101 report 
on the Al Hariqah project is presently being prepared.
Technical portions of this release have been prepared and reviewed by
Chad Ulansky, PGeol, a qualified person under NI 43-101. Mr. Ulansky 
is the president and director of Cantex.
We seek Safe Harbor.
On behalf of the Board of Directors,
Brian Gracey
 www.cheetahventures.ca
    Phone 604 662-8130
end of announcement                               euro adhoc

Further inquiry note:

Brian Gracey, www.cheetahventures.ca, Phone 604 662-8130

Branche: Metals & Minerals
ISIN: CA16307W1059
WKN: A0Q57X
Börsen: Frankfurt / Open Market