News

Delta Receives First Traunche of Financing, Finalizing Work Program

LEWISBURG, Ky.--(BUSINESS WIRE)--June 1, 2005--Delta Mining and Exploration Corp. (OTC: DMXC) has received and banked the first traunche of proceeds resulting from its financing agreement. The first deposit is part of a one million dollar financing as per Delta's news release dated May 25, 2005.

With the financing in place, Delta has been working diligently on setting up a comprehensive work program on the Homestead and surrounding properties. CEO Dr. Barry Rayment met last week with a leading geological consulting firm on-site in Montana to review and analyze what further exploration needs to be completed. The full work program and the appointment of a geological consulting firm will be announced in the coming weeks.

This spring and summer, one of Delta's main priorities is to complete tests that would advance evaluation of the Homestead kimberlite diatreme, as follow-up to reconnaissance sampling previously completed by Delta. In addition to the Homestead pipe three further, nearby targets, Rattler Butte, Half Moon Hill and TV Hill will be assessed during the fieldwork program this summer. Other targets have also been identified in the surrounding area and will be followed up during the exploration program.

Delta was profiled by the Associated Press last year as the company that may have the potential to develop the State's first ever commercial diamond operation.

About Delta Mining and Exploration, Corp: http://www.deltamine.com: Delta 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 much of North America's diamonds have been found. A further 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 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.