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Rising oil prices, declining conventional oil production and the growing dependency on foreign oil supplies have mandated the need to develop the large unconventional energy resources including oil sands, shale gas and oil shale found in North America. Oil shale is one of the most abundant energy resources in North America and will become an important and strategic component in the future energy supply mix and self sufficiency for both Canada and the United States. Goldnev’s vision is to be an industry leader in oil shale production and is well positioned to become amongst the first oil shale producers in North America.

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Goldnev has a right to earn up to 50% working interest in 155,443 acres of contiguous oil shale permits in the emerging Pasquia Hills oil shale region in east-central Saskatchewan, Canada. The company’s recent discovery hole demonstrating over 24.4 meters (80 feet) of Favel formation oil shale located at an overburden depth of only 7 meters (28 feet) along with the recent Contingent Resource Report estimating contingent and/or prospective oil shale resources of over 2 BILLION BARRELS OF OIL, allows for the potential development of a world class oil shale resource on the company’s lands.

Goldnev’s main objective for its oil shale program for the remainder of the year will be to continue to drill, delineate and define the oil shale deposit through am aggressive exploration and development program in order to identify an optimum initial oil shale mine site for the establishment of a pilot processing and production plant targeted for 2009/10.
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