Bolivar Gold Corporation announces appointment of Perry Dellelce to the board

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Monday, June 16, 2003 By: David Coleman

At its AGM earlier today, Bolivar Gold Corporation has announced the appointed to its board of Perry Dellelce, a founding partner of Wildeboer Rand Thomson Apps & Dellelce with experience in corporate, securities and mergers and acquisitions. Dellelce joins Serafino Iacono, Miguel de la Campa, Jose Francisco Arata, Andres Carrera and Ian Ward.

Bolivar shareholders approved an increase in the number of shares reserved for issuance under its incentive stock option plan to 8,045,341, effective immediately and directors, officers and employees were granted an aggregate of 3,055,000 stock options with a June 16, 2008 expiry date all are exercisable at $0.56, except for 335,000 at $0.70.

Bolivar Gold which is quoted on the Toronto Stock Exchange and is revealed as the majority stockholder in the PMG joint venture project at El Choco 10 in El Callao in 30% partnership with CVG Ferrominera Orinoco. Bolivar has 20 years experience in Venezuela's mining; with exploration, development and production work at the Tomi mine (also in El Callao).

Last month Bolivar Gold president Miguel de la Campa said a project feasibility study for the El Choco 10 goldmine has just been completed with a US$15 million investment while vice president of exploration, Jose Francisco Arata said that $55 million was earmarked for project investment ... $15 million on studies and $40 million on development. Arata said "our goal is to start mine construction between October and November 2003 to produce gold by mid-April 2004 ... employment for the construction stage will be 100 direct jobs and 200-220 direct jobs for the operations."