MARCH 12, 2008 – TORONTO, CANADA - Venga Aerospace Systems Inc.

(TSX VENTURE EXCHANGE: “VAV”; the “Company”) announced that it has executed a term sheet with Anchor Securities Limited of Toronto, Canada, wherein the Company would receive up to $1.75 million in financing. The term sheet is conditioned on, among other things, the completion of due diligence and the TSX Venture Exchange’s approval of a private placement that would see the issue of thirty five million common shares at $0.05 per share, plus the issue of a similar number of warrants, that are exercisable for a period of two years at a rate of two warrants for one common share at a price of $0.15 per share. The financing contemplated by the term sheet is scheduled to close on or before April 10, 2008.

The Company intends to use the net proceeds of the financing to provide the Company with general working capital, to increase the Company’s equity position in Global Mineral Investments, LLC (“GMI”) to 25% and to fully finance GMI’s proposed gold dredging operation in those portions of the Upper Tartweh River that flow through GMI’s current licenced mining concessions in Sinoe County, in the Republic of Liberia. GMI’s gold dredging operation is scheduled to commence production in the fall of 2008.

GMI’s decision to commence a dredging operation in its mining concessions was made after close consultation with the Liberian government. The potential of a dredging operation in the Tartweh River was recently commented on by Mr. Kpandel Fayia, Liberia’s Deputy Minister for Planning and Development, in an official government communiqué to GMI:

The Ministry of Lands, Mines and Energy is most pleased to know your mining operations in Sinoe County will begin soon. Responsible mining is essential to the economic recovery of Liberia. After our discussion about Global Mineral Investment’s options, I believe the best option for you is to begin operations by dredging the Upper Tartweh River in your assigned area.

“Signing this term sheet is a milestone step towards the realization of Venga’s goal of both increasing our ownership interest in GMI and being able to fully finance GMI’s planned dredging operation,” stated Venga President, Hirsh Kwinter.