* Sees "great deal of interest" in Colombian property

* Delays resource estimate during ownership dispute

(Adds details, background)

By Cameron French

TORONTO, April 7 (Reuters) - Ventana Gold , which said late last year it was in talks to be acquired by a third party, has signed confidentiality agreements with several gold majors and has mulled putting in place a shareholder rights plan, the company's CEO said on Wednesday.

However, with a dispute over the ownership of a key Colombian asset hanging over the company, Ventana has delayed a key resource estimate for the gold deposit, Stephen Orr told Reuters.

Ventana's shares plunged in November when it was revealed the local owner of mineral rights at the company's La Bodega deposit in Colombia had filed for arbitration in the hopes of reclaiming the property.

Ventana said at the time it believed the local owner was trying to wring more money out of the company, and its shares got a boost when the Colombian mining minister said last month he believed Ventana would maintain its rights.

Orr said that, as arbitration hearings have progressed, he has become more confident Ventana will prevail.

"We've had a number of, you could say, technical wins as we've proceeded, which has significantly increased our confidence," he said.

He said a settlement was a possibility, but said he couldn't predict how long it would take to resolve the situation.

The company had been working on a resource estimate -- key to evaluating a property -- and had hoped to release it early in 2010. While Ventana continues to explore, it will delay calculating the resource until the dispute is resolved, Orr said.

"We've stopped work on it right now. We want to get arbitration done and over with, and then we'll move forward on it again," he said.

TAKEOVER INTEREST

Ventana, one of the hottest Toronto-listed stocks in 2009, thanks to impressive drilling results at La Bodega, also said in November it was in talks with a third party over a possible takeover of the company.

Orr said the interest was currently a "wait and watch" situation, but said the company has confidentiality agreements with potential suitors.

"Most of the majors have signed (confidentiality agreements) with us, so there has been a great deal of interest," he said.

"In terms of any sort of third-party discussion activity, we really have not promoted that at this point in time. We're just continuing to add value to the deposit and working to resolve the dispute," he said.

M&A activity in the mining sector has picked up in recent weeks, as metal and stock prices have churned higher, while stronger economic signals have reduced worries that the potential of a reversal.

Asked if the company might consider adopting a shareholder rights plan, which would help dictate terms of a possible acquisition, Orr said Ventana had had discussions about doing so.

The company was also mentioned by some analysts last year as a natural partner for gold companies Greystar Resources , which is developing the Angostura gold-silver project near La Bodega, and Galway Resources , which also holds a nearby property.

Orr has said in the past that an eventual combination of the three miners' properties would make sense, but said on Wednesday it was too early for Ventana to think about making any acquisitions on its own.

"We're working to resolve the dispute, because it certainly has weighed on the share price,' he said.

Ventana's shares rose 40 Canadian cents, or 3.7 percent, to C$10.65 on Wednesday.