SOURCE: Dolat Ventures, Inc.
NEW YORK, NY--(Marketwire - Jul 16, 2012) - Dolat Ventures Inc. (OTCQB: DOLV) (OTCBB: DOLV), a diamond development company focused on West Africa, is pleased to announce its plans to initiate resource expansion drilling of its diamond project in Sierra Leone.
Dolat Venture's Objectives:
Objective of doubling the existing carat inferred diamond resource
Objective of 1,000m of drilling to be undertaken with multiple holes planned
Objective to appoint Mining Africa as independent technical consultants to compile an updated resource statement
Dovid Hauck, President of Dolat Ventures, stated, "We are firmly focused on significantly expanding the resource at the Baimbawai Pool on the Sewa River, which has shown exciting potential to date. This drilling and evaluation program is intended to double Dolat's existing inferred diamond carat resources. The Company also intends to embark upon a pre-feasibility study in order to better define the economics of the resource, prior to the onset of trial mining. 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. 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."
Dolat Ventures also intends to appoint CAE Mining Africa to oversee the exploration drilling program, independently verify the technical data collected and update the current resource model with technical data. Once appointed, an updated independent resource report may be compiled and issued by CAE Mining Africa currently expected for early fourth quarter of 2012 or first quarter of 2013.
About Dolat Ventures Inc. (OTCQB: 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 Millennium 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.