Dolat Ventures to Target Resource Expansion on Diamond and New Gold Projects in Sierra Leone
NEW YORK, Oct. 18, 2012 /PRNewswire/ -- Dolat Ventures Inc. (OTC: DOLV) a diamond development company focused on West Africa, is pleased to announce its plans to initiate its diamond mining and has its target on new gold resource as part of its diamond project in Sierra Leone.
Following new in soil surveys of new targets which comprised hundreds of over soil samples, an area has been identified returning elevated gold values with a potential kilo output of up to 7 kilos of gold in a target area which is 10 kilometers from the diamond mining operation.
The Company's focus is set to coincide with the best months of the mining season, December through July, in Sierra Leone. For the diamond operation the Company intends to complete building its 100 ton/hour wash plant and acquire the earth moving machinery (D8, excavator and dump trucks) to begin washing over 100 tons of gravel per day. Based on Dolat's prior reports of about 1/10 carats per ton, the Company was mining 35 tons per day with findings of 3-4 carats per day, with the machinery based on about 1200 tons per day may amount to 120 carats per day. Projections are based on an average price of $200 per carat which translates to $24,000 a day.
Additionally, once the Company begins washing gravel for diamonds, it would be able to set up to wash for up to 1200 tons per day for gold too. The Company projects that with about 1/5 of a gram of gold per ton would translate to over 7 kilos of gold per month.
Dovid Hauck, President of Dolat Ventures commented today, "These results are very exciting and add to the gold trend which the Company has discovered. We continue to focused on expanding our diamond resources at the Baimbawai Pool on the Sewa River, which has shown exciting potential to date. The drilling, sampling and evaluation program is intended to double Dolat's existing inferred diamond carat resources and launch our gold strategy. The Company's pre-feasibility report defines the economics of the diamond and gold resources, prior to the onset of trial mining. At current grades and diamond values, the Baimbawai Pool on the Sewa River potentially maybe one of the highest known value per ton kimberlites globally. Dolat is also in preliminary negotiations with other mines within 10 kilometers from Dolat's mines that have an interest in being acquired. There is plenty of opportunity for expansion in diamonds and into gold and other metals. We intend to be drilling and upgrading the resource statement during the fourth quarter of this year and I look forward to updating shareholders as we progress."
About Dolat Ventures Inc. (OTC: DOLV) www.dove-diamonds.com
Dolat Ventures Inc. through its wholly owned subsidiary Dove Diamonds & Mining intends to sell, market, cut and distribute its diamonds and gems around the world. Dolat's Millenium Mining is located in the Sewa River, located in the heart of Sierra Leone, West Africa formed by the junction of the Bagbe and Bafi rivers; it flows 150 mi (240 km) to join the Waanje River and form the Kittam, which empties into the Atlantic Ocean. The country's most important commercial river, it has historically produced the bulk of Sierra Leone's diamond exports. The company intends to wholesale its rough and uncut diamonds globally.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Dovid Hauck, President
SOURCE Dolat Ventures Inc.