Deloro Minerals Ltd.

March 04, 2005 13:42 ET

Deloro Minerals Ltd.: Corporate Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DELORO MINERALS LTD.

TSX VENTURE SYMBOL: DLO.H

MARCH 4, 2005 - 13:42 ET

Deloro Minerals Ltd.: Corporate Update

BLAINE, WASHINGTON--(CCNMatthews - March 4, 2005) - Deloro Minerals Ltd
(TSX VENTURE:DLO.H) wishes to announce the Ontario Dept. of Mines has
notified the Corporation that the ten mining claims, described as the
Dingman Project in Marmora and Madoc Townships, Southern Ontario, Canada
were cancelled on November 17, 2004. The Corporation filed an
application to recover the claims on December 3, 2004. Six of the claims
have been restaked and were registered within 31 days after staking. A
review of the Dingman Project terms and agreements, along with the
exploration results and the loss of six claims would not justify any
further expenditure to continue the project.

The Escrow Share Agreement covering the Dingman Property (10 claims) has
also expired and the 1,135,669 shares that were not issued have been
cancelled and returned to the Corporation treasury.

The Corporation wishes to announce a non-brokered Private Placement of
1.5 million shares @ five (5) cents per share for proceeds of
$150,000.00 less a finders fee of 10% ($15,000.00) for net proceeds of
$135,000.00. The Private Placement shares are subject to a hold period
of four months.

The current accounts payable of $50,000.00 has agreed to accept shares
for the debt. The Corporation will proceed with the shares for debt
payment, which is subject to a holding period of four months. This
financing will place the Corporation in a debt-free position to proceed
with new property acquisitions.

We have several oil and gas projects under review and an agreement on a
project will be completed in the near future.

On behalf of the Board of Directors

Signed "Louis P. Lees"

Louis P. Lees, C.M.A., President, CEO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Deloro Minerals Ltd
    Louis P. Lees
    President
    (360) 371-2820
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.