Dahava Resources Ltd.
FRANKFURT : DH6

January 10, 2008 23:02 ET

Dahava Resources Ltd.: Press Release

CALGARY, ALBERTA--(Marketwire - Jan. 10, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES

Dahava Resources Ltd. ("Dahava" or the "Company") (FRANKFURT:DH6) announced that it has commenced limited production activities at its Lower Orange River properties in Namibia.

Dahava's exploration and production sampling activities have yielded encouraging results indicating the presence of commercially viable diamondiferous gravel deposits in Block 4, which comprises part of its Lower Orange River properties in Namibia. The acquisition, testing and deployment of processing and earthmoving equipment on Block 4 is substantially complete as well as the successful recruitment of a well qualified and skilled on-site local operational team, enabling Dahava to commence limited mining and processing activities aimed at further determining the scope of the diamondiferous deposits.

The increased scope of its activities on the Lower Orange River properties has led to the need for enhanced operational focus and an expansion of its corporate and finance functions. As a result, the Company has decided to cease further exploration activity on Blocks 16-20 (an early stage exploration opportunity) and as well, to not exercise its option on the Schweizer properties. Eitan Dehtiar has resigned as the Chief Financial Officer of the Company, making way for a full-time Chief Financial Officer. Mr. Dehtiar will continue to be a Director of the Company. Mr. Mark Bellon, a Chartered Accountant, has been appointed as Acting Chief Financial Officer. The Company has also retained BDO Spencer Stuard, a member firm of BDO International as its auditors in Namibia and is finalizing the engagement of an Canadian audit firm to replace Collins Barrow Calgary LLP, which has resigned as a result of the retirement of the Company's Audit Partner.

Certain disclosures in this release, including management's assessment of the Company's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Dahava's operations that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Dahava expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Dahava Resources Ltd.
    Ravi Singh
    Chief Executive Officer
    (867)766-3449