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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	CAV
Latest Price:	0.04 (0.00%)
52-week High:	0.14
52-week Low:	0.03
Market Cap:	3.07M

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Carnavale Resources

Carnavale Resources (ASX: CAV) is an explorer with interests including oil and gas in Sicily and Tunisia, iron ore in Brazil and gold in Australia.

Carnavale Resources adds value with investment in Kilo Goldmines in DRC

Friday, June 05, 2009

Carnavale Resources (ASX: CAV) owns 4.0m shares and 2.0m warrants in Kilo Goldmines Ltd (TSXV: KGL). Kilo has completed the conditions required for Rio Tinto Mining and Exploration Limitedas per the Earn-in with Option to Joint Venture Agreement in the Iron Ore Project, Democratic Republic of Congo.

Rio Tinto has an option over the iron ore rights on Kilo’s properties and it is currently completing due diligence simultaneously with exploration activities.

Kilo is focused on gold exploration in North Kivu and Oriental Provinces of the DRC. The company holds gold Mineral Rights on 400 square kilometres in North Kivu Province and on 15,000 square kilometres in Oriental Province.

Rio Tinto has imported the required vehicles and equipment and has constructed an exploration camp. Recruitment and training of local staff has been undertaken and local stakeholder engagement is underway.

Separately, Carnavale has entered into an agreement with Brazilian major Companhia Vale Do Rio Doce (Vale) with regard to the Company’s Parmegiana Iron Ore project in Brazil. Vale has been granted exclusive exploration rights over the Parmegiana property for a period of up to 44 months. During the quarter, Vale conducted regional mapping of the Banded Iron Formations in preparation for a drill programme planned for the September 2009 quarter.

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