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Crown Point Ventures Ltd. (the “Company”) (TSX.V: CWV) is pleased to announce that in the
eight well program which was planned for completion before breakup 2007 (this March), it has
now drilled six wells. Of these, five are on production and one is awaiting completion, with the
final two wells scheduled to be drilled in the next ten to fifteen days.
The Company also reports that at least three of the wells have two zones with capability of production, with one of these
wells in fact producing from two zones as a test; additional wells may be re-completed for dual
production in the future.
The Company also announces that its complete team is now in place in Argentina (see the
Company’s November 1, 2006 News Release); this team is already examining business
proposals from the government and corporate sectors. The Company has closed the $1,001,000 private
placement announced on November 16, 2006 (see our December 20, 2006 News Release), with a
further private placement in excess of $2,000,000 having been announced on January 4, 2007,
which we expect to close shortly.
Following the closing of this second private placement, the Company will be positioned with no
debt, a competent staff of professionals, substantial funds in hand augmented by a good cashflow
and a promising future in Canada and, we believe, in Argentina.
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