Dahava Resources Ltd.

December 14, 2006 13:46 ET

Dahava Resources Ltd. Announces Closing of Acquisition of Diamond Mineral Properties and Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 14, 2006) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Dahava Resources Ltd. ("Dahava") announced that it has acquired all of the issued and outstanding shares of Cosmopolitan Ventures Limited ("CVL"), a British Virgin Islands company, by the issuance of an aggregate of 100,000,000 common shares of Dahava ("Common Shares") at a deemed price of CDN$0.05 per Common Share.

CVL indirectly owns exclusive prospecting licenses and permits on tenements on the north bank of the Lower Orange River, Namibia commonly referred to as "Block 4" and "Blocks 16 to 20" comprising 3,000 hectares and 19,250 hectares, respectively, mining equipment and assets, and an option to acquire mining licenses and prospecting rights to producing diamond properties in South Africa comprising 1,721 hectares commonly referred to as the Oersonskraal 250, Mahemspannen 217 and Ganspan 194 Properties. Technical Reports for the Namibia and South Africa diamond properties can be viewed at www.sedar.com.

The Corporation also issued an aggregate of 1,400,000 Common Shares at a price of $0.10 per Common Share for gross proceeds of $140,000 pursuant to a non-brokered private placement to arm's length purchasers.

Contact Information

  • Dahava Resources Ltd.
    Eitan Dehtiar
    Chief Financial Officer
    (867) 766-3449