TORONTO (miningweekly.com) – TSX-listed Ventana Gold is in “advanced discussions” which could result in the acquisition of the company by a third party, it announced on Thursday.

Ventana's flagship asset is the La Bodega gold project, in Colombia, and the company started work on a scoping study last month, focusing on the high-grade, north-east-trending La Mascota zone.

The junior also said late on Thursday that the owner of the mineral rights to the La Bodega property is seeking arbitration, arguing that the terms of the agreement with Ventana do not comply with Colombian law.

The rights owner is trying to invalidate the option agreement and have the property returned, Ventana said.

However, the company has sought legal advice and is confident the agreement will be upheld in arbitration.

"We believe this is an attempt to obtain more money for the mineral rights now that we have substantially increased the value of the property through our exploration success," CEO Steve Orr said in a statement.

The company has made the first four payments set out in the option agreement, but when it attempted to pay the final tranche, due before February 8, 2010, the vendor refused to accept the payment.

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