<a href=www.vheadline.com>Venezuela's Electronic News Posted: Wednesday, June 18, 2003 By: David Coleman

News reports from El Callao in southeastern Venezuela say that violence broke out with protest demonstrations against US Idaho-based Hecla Mining Co, at their La Camorra gold mine in Sifontes municipality ... a police report claims that mine manager Mark Hout's vehicle was damaged by at least seven Hecla workers and the windscreen smashed before security personnel arrived on the scene to restore order and clear the way over a key bridge across the Rio Yuruari.

The dispute arose after the seven were fired recently ... their employment status is currently being reviewed by a parliamentary committee and an administrative arbitration procedure is underway pending a ruling from the Labor Ministry in Caracas on the legality of Hecla's allegedly unilateral reduction in payroll.

Hecla employs some 450 workers, technical staff and administrators at the La Camorra mine close to El Dorado where it has recently been involved in community welfare and training programs as well as water supply improvements, education and health services close to the Chile mine in El Callao.

Hecla managers claim that "vandals" have attempted to damage buses and executive transport as a means of focusing attention on the protest.  The company says the workers should channel their complaints through proper legal employment procedures since "aggression against the integrity of both personnel and property is not the most sensible approach to their problem ... they should try to bring some rationality to this labor dispute instead."

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, June 17, 2003 By: David Coleman

Venezuela's Supreme Tribunal of Justice (TSJ) has declared inadmissible yet another in a list of appeals launched by Vannessa de Venezuela C.A. ... this one against Major General (ret.) Francisco Rangel Gomez, president of the Venezuelan Guayana Corporation.  Chief Justice Ivan Rincon Urdaneta says today's ruling was based on a writ from Vannessa legal representative Jose Rafael Parra Saluzzo filed on October 8 last year claiming that under Articles 26 and 51 of the 19999 Bolivarian Constitution, Rangel Gomez had issued a series of allegedly defamatory declarations in contravention of Article 444 in the Penal Code.

Chief Justice Rincon Urdaneta had heard that a series of newspaper articles and a television broadcast supposedly exposed Vannessa Ventures directors and shareholders to "public scandal, depreciation and scorn."

Rangel Gomez' statements, Vannessa claimed, had caused "imminent prejudice" to Vannessa after Rangel Gomez stated publicly that Vannessa's US$50 purchase of Placer Dome shares in Mineras Las Cristinas (MINCA) was "a fraud against the Venezuelan nation."  Vannessa lawyers claimed that Rangel Gomez had sullied Vannessa's honor and reputation on a national and worldwide scale by claiming that (the MINCA JV of which Vannessa had so spectacularly bought an 11th hour participation) "had not done anything for 11 years ... not an ounce of gold."

A list of publications and articles was annexed to the writ including:

• 1. Nueva Prensa, August 9, 2001.
• 2. El Correo del Caroni, August 25, 2001.
• 3. El Universal, September 18, 2001.
• 4. El Expreso, October 31, 2001.
• 5. El Universal, November 28, 2001.
• 6. Nueva Prensa, May 12, 2002.
• 7. El Expreso, May 28, 2002.
• 8. El Mundo, July 4, 2002.
• 9. Venezolana de Television (VTV) videotape of “En Confianza” (In Confidence) broadcast on October 2, 2002.
• 10. Globovision Channel 33 news videotape of “Primera Pagina”(Page One) broadcast on July 3, 2002.

In its conclusion, the Supreme Tribunal considered that the claimed defamation lacks credibility, partially because the legitimacy of Vannessa in the Placer Dome/CVG dispute remains unclear.

News Miner, By DOUG REYNOLDS

There is a natural gas shortage. The price of natural gas in the Lower 48 is over $6 per million BTU. That is 200 percent higher than what it was in the late 1990s and 100 percent higher than what it was a year ago. Alan Greenspan, the Federal Reserve chairman, says that this shortage will persist for the next few years.

So what does Greenspan advocate? He wants to get more Russian liquefied natural gas to market in the United States. Russian gas? Why not get Alaska gas to market? It is cost competitive compared with Russian gas and it gives the United States greater energy security.

Congress is on the verge of helping get more Alaska gas to the Lower 48 quickly by giving tax incentives and specifying an Alcan pipeline route within the currently debated energy bill. But those provisions are still in doubt, which is amazing seeing as the Lower 48 so desperately needs our gas. What is Congress waiting for?

One problem is that the Bush administration, some consumer groups, The Wall Street Journal and think tanks such as the National Center for Policy Analysis are opposing the energy bill's Alaska provisions because they are against free market incentives. But that is a mistake. This country needs Alaska gas now, and both the tax incentives and the route specification will help.

Currently, the United States relies on Canadian and domestic sources of natural gas. Domestic gas supplies, though, are in decline and will only continue to be so; Canada's supplies are limited. Therefore the United States is going to need substantial new supplies of natural gas. The less Alaska gas is available, the more the Lower 48 will import gas in the form of liquefied natural gas from such places as Algeria, Nigeria and Venezuela--all members of OPEC. These LNG exporters and Russia can create a gas cartel similar to OPEC's oil cartel.

So if the United States needs Alaska's gas, then why doesn't the private sector just go ahead and build a pipeline without incentives? The problem is forecasting. It is difficult to forecast if gas prices will suddenly fall due to demand changes. There is a lot of volatility with markets. It is a timing gamble too large for the oil companies to deal with considering the size of the investment. The United States as a whole, however, is large enough to offer incentives and reduce the gamble at a very small cost to each consumer. The payoff to the country will be more stable gas prices in the future and lower prices.

Beside the incentive issue with the gas line, there is the route issue--why not go "over the top" through the Beaufort Sea? There are several reasons against this. That route would indeed be much cheaper if both Alaska and Mackenzie Delta gas were put into the same pipeline, but that won't happen because there already is a standalone Mackenzie line planned. Plus a single pipeline for both Alaska and Mackenzie Delta gas could only get 5 billion cubic feet of gas per day. Having two pipelines--a Mackenzie standalone pipeline and an Alcan pipeline--has the potential to produce upward of 9 billion cubic feet per day.

Exxon has already committed to building a standalone Mackenzie Delta pipeline, so the only question left is whether North Slope gas is best transported via the over-the-top route or the Alcan route. It is likely that both routes will cost the same. Greater delays in construction due to granting difficult permits or to lengthy ice coverage in the Beaufort Sea will make the over-the-top route just as expensive as the Alcan route.

In addition, having a pipeline under ice will not easily allow for future pipeline expansion or repairs. The Alcan pipeline will more easily be expandable should demand increase or new supplies be found. It is a mistake to become locked into a one-size pipeline that could not easily be expanded or repaired when needed. We need flexibility, and only the Alcan route gives this.

The energy bill pipeline tax incentives and route specification are necessary simply because they give the United States more energy security. They provide for more flexible gas supplies. And finally, without spending a nickel, it gives the national economy a large economic stimulus that can help increase our gross domestic product--something we sorely need to get just as we are having trouble getting out of the recession. It is a good investment for America.

Doug Reynolds is an associate professor of oil and energy economics at the University of Alaska Fairbanks and is the author of "Alaska and North Slope Natural Gas." He can be contacted at ffdbr@uaf.edu.

<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."

TORONTO, June 16 /CNW/ - Bolivar Gold Corp. (TSXVE: BGC) announced today that its board appointed Perry Dellelce as a director, subject to regulatory approval. Mr. Dellelce, who is a founding partner of Wildeboer Rand Thomson Apps & Dellelce, LLP, brings a wealth of corporate, securities and mergers and acquisition experience to the board. With the appointment of Mr. Dellelce, the company's board now consists of Serafino Iacono, Miguel de la Campa, Jose Francisco Arata, Andres Carrera, Ian Ward and Mr. Dellelce.

At its annual meeting earlier in the day, Bolivar's shareholders approved an increase in the number of shares reserved for issuance under its incentive stock option plan to 8,045,341, effective immediately. The board of directors has granted an aggregate of 3,055,000 stock options to its officers, directors and employees. The options have an expiry date of June 16, 2008 and vest over a period of 18 months from the date of grant. All are exercisable at $0.56, except for 335,000, which are exercisable at $0.70.

Bolivar Gold Corp. is a gold exploration and development company. The company currently has interests in Bolivar State, Venezuela. With its head office in Toronto, Canada and an office in Caracas, Venezuela, the Company's shares trade on the TSX Venture Exchange under the symbol "BGC".    %SEDAR: 00008480E

-30- For further information: Robert Doyle, Chief Financial Officer, Bolivar Gold Corp., 110 Yonge Street, Suite 1502, Toronto, Ontario, M5C 1T4, Tel: (416) 360-4653, Fax: (416) 360-7783, E-mail: info@bolivargold.com