GeoVenCap reviews strategic alternatives in relation to its operations

MONTREAL, April 15, 2013 /CNW Telbec/ - Geovencap Inc. (TSXV: GOV) ("Geovencap" or the "Company") has initiated a review process to consider alternatives in relation to its operations. Due to the difficult market conditions, the Company has been unsuccessful in raising sufficient capital to advance its projects and might be unable to continue its operations as a going concern.

Accordingly the Company is pursuing discussions to preserve value through a strategic partnership, joint venture agreements or a sale of assets in the hope of restoring normal operations. There are no assurances that the process will result in a transaction or, if a transaction is undertaken, as to the terms or timing of such a transaction. In this context, the Company may have to postpone the filing of its audited financial statements for the year ended Dec. 31, 2012, which are due to be filed by April 30, 2013.

About GeoVenCap

GeoVenCap is a mineral company focused on exploration principally for silver and gold in northern New Brunswick. Its priority is to explore and develop four highly prospective projects located between 30 and 105 km west and southwest of the city of Bathurst, New Brunswick: the California Lake Silver Project, the Upsalquitch Gold Project, the Williams Brook Gold Project and the Bathurst Mining Camp - Base Metal Project. These projects are in close proximity of mines and advanced projects owned by Xstrata, Votorantim and Trevali Mining.

Forward-Looking Statements. This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."    

SOURCE: GeoVenCap Inc.

Leon Methot
President and Chief Executive Officer
[phone] x255
[email protected]
www.geovencap.com