Dhanoa Minerals Closes US $2.3 Million Equity Financing Round
Dhanoa Minerals, Ltd (OTCBB:DHNA)(FWB:D7Z) is pleased to announce
that it has raised more than US$ 2.3 Million of equity capital through
a leading global private equity investment firm, which capital will be
used to support its growth strategy.
Dhanoa Minerals has experienced rapid growth and anticipates more
than 100 percent revenue growth on-average per year for the next three
years.
"This latest equity round will grow our business with increased
gold and silver production, which will enhance our growth plans
through strategic acquisitions. Dhanoa Minerals owns 80% of three gold
producing mines in the Bella Rica region of southern Ecuador projected
which are expected to generate first year annual revenue in excess of
$68 million by the end of year two; production is projected to reach
250,000 ounces of gold per year. " said Lee Balak, President of Dhanoa
Minerals.
"We've clearly demonstrated to the local gold producing market
that our plans for enhancing minerals production, processing and
refining, are creating significant opportunities for Dhanoa to achieve
savings and to increase revenue growth at a rapid rate."
Mr. Balak continued, "To date, Dhanoa Minerals has recently
achieved the following milestones:
-- Dhanoa has completed a resource extraction estimate for its
three mines in the Bella Rica region of southern Ecuador.
-- Dhanoa has closed its acquisition of the "Spanish Plant", a new
centralized processing and refining facility for the company's three
gold producing mines in the Bella Rica region of southern Ecuador.
Dhanoa Minerals purchase of the Spanish Plant is expected to increase
the company's recovery rate and its gold production by 40%.
-- Dhanoa has been Rated "Outperform" with a target price of $4.30
by Beacon Equity Research Analyst, Lisa Springer, CFA.
-- Dhanoa has been featured in the special edition mining issue of
EQUITIES Magazine-the leading publication on the small and mid-cap
markets, out June1, 2007.
-- Dhanoa has future plans to acquire more properties using
revenues generated from its three mines in the Bella Rica region of
southern Ecuador, and to embark on an aggressive growth strategy that
are expected to increase Dhanoa Minerals' gross revenue to 300,000
ounces of gold production by the third year.
