News
Delta Mining and
Exploration Secures Funds; Work to Begin on the Homestead Kimberlite
and Surrounding Targets
May 25, 2005
Delta Mining and
Exploration Corp., (Pink Sheets: DMXC) is pleased to announce the
completion of a financing agreement that will allow fieldwork to begin
immediately on the Montana Homestead Property together with several
previously identified, nearby, specific targets and surrounding areas.
Approximately one
million (US 1,000,000) dollars is expected to be received in several
traunches over the coming months - the first being banked within the
next two weeks. As a result, Delta will move expeditiously in setting
up a work program that will fully explore the Homestead kimberlite and
neighboring diamond targets. CEO, Dr. Barry Rayment will be meeting
with a leading geological consulting firm this week on-site to plan
the exploration program. Delta had previously found a kimberlite body
together with diamond indicator minerals and a micro-diamond on the
Homestead property. The secured funds will allow the viability of the
kimberlite on the Homestead property to be determined and to advance
fieldwork on neighboring prospective diamond targets.
Furthermore, the
funds secured are more than sufficient for Delta to complete this
phase of work on the properties and will leave the company in an
economically viable position. The financing provides Delta with
instant credibility and makes the company attractive for investment,
joint ventures as well as providing a pathway to securing additional
funding if and when necessary.
Delta Mining
and Exploration Corp,
http://www.deltamine.com
: is a mineral exploration company with an extensive portfolio of
diamond properties in Montana, USA and in Bolivia, South America.
Delta controls some 8,000 acres throughout Montana located within the
Wyoming Craton where many of North America's diamonds have been found.
Another 10,000 acres of prospective diamond properties are controlled
in Bolivia, South America.
NOTE: Safe Harbor for
Forward-Looking Statements.
This press release
contains forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 (the "Act"). In particular,
when used in the preceding discussion, the words "plan," "confident
that," "believe," "scheduled," "expect," or "intend to," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain
risks and uncertainties and actual results could differ materially
from those expressed in any of the forward-looking statements. Such
risks and uncertainties include, but are not limited to, the ability
of the Company to complete the planned bridge financing, market
conditions, the general acceptance of the Company's products and
technologies, competitive factors, timing, and other risks described
in the Company's SEC reports and filings.
SOURCE: Delta Mining
and Exploration Corp.
Delta Mining and Exploration Corp.
Alex Livak, 1-347-813-4664
info@deltamine.com
http://www.deltamine.com
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