TSX-VEN: VVV
    OTC-BB: VNVNF
    SEC File: 12G3-2(b)  No. 82-4473; 20-F 000-30462
    Berlin: VVT - WKN 914781

    VANCOUVER, Dec. 15 /PRNewswire-FirstCall/ - Vannessa Ventures Ltd.
(TSX-VEN: VVV, OTC-BB: VNVNF, Berlin: VVT - WKN 914781) has approved funding
for a drilling program in Southern Guyana with the intent to increase
previously identified gold resources at the Marudi Mountain concession.
    A first-phase US$250,000 program consisting of 2,500 metres of drilling
will start early January 2004 and is expected to be concluded by March 2004.
The program includes drilling, assaying and metallurgy work. Results are
expected to be available by April 2004.
    Through its 100% owned subsidiary, Romanex (Guyana) Inc., Vannessa holds
a 12,500 acre license over one of Guyana's prolific gold mining areas. Diamond
drilling has been done on only one of six prospective areas. A resource
estimate was compiled by Kilborn Engineering Pacific in June 1995 on behalf of
the previous owner of the property, Sutton Resources Ltd. The report is filed
on SEDAR and the results were published by the Company in a previous news
release dated April 8, 2002.
    Using a 1 g/t gold cut-off, the total measured and indicated resource is
320,000 ounces at an average grade of 2.94 g/t gold and inferred resources of
approximately 67,000 ounces at an average grade of 2.45 g/t gold. The
historical estimate is relevant to the Company because the Company's
applications for mining and development permits were based on this
information. Concurrent with these applications, an environmental study is in
process.
    Both the Marudi Mountain and the adjacent Paint Mountain hold the
potential to host additional targets for drilling as evidenced by numerous
historical production sites. All resource estimates to date were compiled from
work done on Mazoa Hill, part of Marudi Mountain. Many potential hard-rock
targets remain to be sampled and systematically drilled.
    The planned sampling and drilling will ensure that substantial
information will be gained which should increase the known hard rock potential
of the area as well as the true metallurgical character of the ore. A
company-owned Longyear 38 drill is already on site. Personnel and equipment
are being mobilized in preparation for the expected January start-up.

    CHANGE OF DIRECTORS AND AUDITORS

    Effective immediately, Mr. Lorne Gordon has resigned from the Board of
Directors. Mr. Gordon will be replaced by Mr. John R. Morgan B.Sc. Mr. Morgan
is a senior mining executive with over 25 years of experience in managing
domestic and international mining operations.
    In his most recent domestic position as V.P. and General Manager for
Manalta Coal Ltd., Mr. Morgan was responsible for financial and operational
performance of seven associated mines, 1,600 employees and production of
26 million tones of coal annually with approximately $550 million in revenue.
    His latest international experience was in the position of V.P.
Operations for a seven million tonnes/year coal operation in Venezuela, a
joint venture between R.A.G. of Germany, Anglo Coal of South Africa and
Petroleos de Venezuela.
    The Company welcomes Mr. Morgan to the Board, where his practical
experience in South America will fit in well with Vannessa's future
development plans for its diverse holdings in the area.
    The Company has also approved the appointment of Ernst & Young as its
auditors effective September 18, 2003. Most of the Company's subsidiary audits
are already being performed by Ernst & Young and the appointment as head
office auditors will result in improved communication and timing for the
Company's audit requirements.

    For further information: vvvinfo@vannessa.com or 1-888-339-6339.

    "MANFRED PESCHKE"
    Manfred Peschke, President
    VANNESSA VENTURES LTD.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of
    this News Release.

    The United States Securities and Exchange Commission permits mining
companies, in their filings with the SEC, to disclose only those mineral
deposits from which a company can economically and legally extract or produce.
We use certain terms in this press release, that the SEC guidelines strictly
prohibit us from including in filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form 20-F, File No. 000-30462.

Link to this page: