Delta Weighs Options
for Third Phase of Diamond Exploration in Montana
NEW YORK, Feb. 20 /PRNewswire-FirstCall/
-- After receiving positive results from its second phase of diamond
exploration in Montana, Delta Mining and Exploration (OTC: DMXC) has
begun actively seeking potential joint venture partners for the
third phase, which involves bulk sampling of the various projects to
test for macro-diamonds.
The recently received Phase 2
Exploration Report from Apex Geoscience Ltd recommends bulk samples
of up to 10 tonnes each of material to be taken from Delta's various
target areas. All of which will involve substantial cost. Therefore,
Delta has begun preliminary talks about forming a strategic joint
venture alliance with a partner who possesses expertise and funding
in order to advance the Phase 3 Exploration projects without
additional cash outlays by Delta. If necessary, the company will
consider all other available options including equity financing.
Following the identification of key
diamond indicator minerals collected from a number of Delta's
Grassrange District properties, the company is eager to start Phase
3 of the exploration/sampling process. Discussions are already
underway with several interested joint venture partners. Time is of
the essence and the Delta wishes to conclude such negotiations in a
timely manner.
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. Delta controls some 8000 acres throughout Montana located
within the Wyoming Craton, where much of North America's diamonds
have been found, and has completed two phases of exploration work.
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.
