SOURCE: Sakha Enterprises Corporation

August 23, 2007 09:00 ET

Sakha Enterprises Executes LOI With AZTEC LLC, a Moscow-Based Mining Company

TORONTO--(Marketwire - August 23, 2007) - Sakha Enterprises Corporation (PINKSHEETS: SAKH) is pleased to announce that it has signed a Letter of Intent with AZTEC LLC, a precious metal mining company in Republic of Buryatia, Russian Federation. Sakha Enterprises will acquire 49% stake in AZTEC.

Currently AZTEC is recovering about 8,000 ounces of gold annually and projects to recover 20,000 in 2008 and no less than 90,000 by 2010. The total projected deposits in the area where AZTEC has recovery rights are estimated to be up to 3 million ounces of gold.

Sakha Enterprises has been actively searching for opportunities in Russia since 1999 in the natural resources sectors of the economy.

AN EXCELLENT OPPORTUNITY

"In light of this transaction and the rising precious metal prices, Sakha Enterprises has an excellent opportunity to firmly establish its presence in the natural resources industry in the Russian Federation. Sakha was selected as a partner in this venture because of its long-term commitment to the region and other projects Sakha is undertaking in the Russian Federation." -- Franz Dobnik, President - Sakha Enterprises

In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Sakha notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, Sakha wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the Company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future.

Contact Information

  • FOR FURTHER INFORMATION, CONTACT:
    Franz Dobnik
    President
    Phone: (416) 830-0905
    Email: Email Contact
    Website: www.sakhaenterprises.com

    Sakha Enterprises Corporation
    1 First Canadian Place, Suite 350
    Toronto, Canada, M5X 1C1