SOURCE: Delta Mining and Exploration

August 17, 2009 09:00 ET

Delta Mining and Exploration Signs Letter of Intent, Begins Technical and Legal Due Diligence

NEW YORK, NY--(Marketwire - August 17, 2009) - Delta Mining and Exploration Corp. (PINKSHEETS: DMXC) is pleased to announce that it has found a potential joint venture partner. The company has signed a Letter of Intent with the property owner of Delcer Buttes, in Elk County, Nevada.

The Delcer Buttes property, owned by Mr. Garry Carlson and registered in the name of Amigo Inc., compromises 33 unpatented mining claims covering roughly 680 acres of land. Though the land has never been fully explored there have been recordings of gold and silver deposits that date back to late 1800s. The area is rich with mining activity as witnessed by the numerous precious metal finds in the surrounding areas including a mine just west of the Delcer Buttes which produces close to 3 million ounces of gold per year.

Pursuant to the Letter of Intent, Amigo Inc. and Mr. Carlson agree to transfer the Delcer Buttes Claims into the name of Delta Mining and Exploration. Delta will not pay for the actual land but will pay all federal, state and local maintenance fees relating to the claims.

The Letter of Intent also stipulates that the Delta will utilize the services of Gradient Geophysics, a Mr. Carlson-owned company, for exploration work to be carried out on the Delcer Buttes at a very reasonable cost, an important factor considering the costs that Delta incurred hiring outside firms in exploring the Montana properties. Lastly, Delta will pay Mr. Carlson and Amigo Inc., a two percent Net Smelter Return royalty from any commercial production that comes out of the Delcer Buttes.

Delta will have 120 days to complete legal and technical due diligence which consists of verifying that the land does indeed belong to the owner, and taking a small sample from the property. If all conditions are satisfied then the parties will enter into a binding agreement and will work together in exploring the land.

Delta's Chief Executive Officer Alex Livak states that, "This is exactly the type of opportunity that Delta was looking for. We are not spending any capital on the land other then to cover the fees, we have added someone with over 20 years of geophysics experience in Mr. Garry Carlson, the property is unexplored but comes from an area where deposits have been recorded, and lastly, we have an exploration plan and budget in place."

As the due diligence process takes its course the company will continue to disseminate information on the property, the surrounding areas, and provide continued updates. It is management's goal to complete the due diligence as quickly as possible and enter into a binding agreement so that the exploration program can begin.

About Delta Mining and Exploration Corp., Delta is a mineral exploration company with an extensive portfolio of diamond properties in central Montana, USA.

NOTE: Safe Harbor for Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of the Company to complete the planned bridge financing, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.

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