NEW YORK, Nov. 20, 2012 /PRNewswire/ -- Dolat Ventures Inc. (OTC: DOLV) a diamond development company focused on its mining projects in West Africa, is pleased to report that two additional diamond mines have been researched from the on-going sampling program on sites within 10 kilometers from the Company's current project on the Baimbawai Pool on the Sewa River in Sierra Leone.
The current exploration program involves collecting samples from each of areas previously found to have palaeoplacer rock, in order to ascertain if the rock is diamondiferous. The ultimate objective is to assess whether a deposit is similar to the adjacent deposits being mined by other companies. The program is expected to be completed within two months.
The Company is excited about this mining season and expects Dolat Ventures to be in full production this January. Based on the indications from the past few years of small scale mining, this mining season is expected to yield 120 carats per day once full production is achieved. Additionally, Dolat plans to begin mining the gold from its concession and based on the gold output from 1200 tons of gravel processed, the Company expects a return of 7 kilos of gold per month. With commodity prices on the rise over the past few years, the Company expects diamond and gold prices to continue to rise especially due to the growing demand in India and China for these commodities.
Dovid Hauck, President of Dolat Ventures stated, "This is further evidence that our current licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders. The next steps are to undertake a bulk sample to identify grade per tonne and value per carat and to run a scoping study on the feasibility of the project. Our future results may be very exciting and add to the gold trend which the Company has discovered. We continue to focus on expanding our diamond resources at the Baimbawai Pool on the Sewa River, which has shown exciting potential to date. 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.