DMXC (.075) Delta Mining and Exploration Prepares for Phase 3 Work Program
Monday, August 06 2007 8:59 AM, EST PR Newswire "US Press Releases "
NEW YORK , Aug. 6 /PRNewswire-FirstCall/ -- Seeking to take advantage of its new investment, Delta Mining and Exploration (Pink Sheets: DMXC) has received a work order from Apex GeoScience LTD. The two companies have been in talks trying to agree to terms on various things -- such as a start date and total costs for Phase 3 work.
Pursuant to the proposal submitted by Apex, the third phase of exploration should be no less than a thirty tonne mini-bulk sample at the Homestead Kimberlite, Grassrange Property in Montana . The actual field work should take no more than two weeks with the samples being driven by trucks to a testing lab in Western Canada . The results from the lab should be available four to six weeks later.
The cost of the project has also been agreed to and will take up a substantial amount of the new funds secured by Delta. However, the company is still very pleased to be able to finance this project on their own without sacrificing any part of the mineral or royalty rights, which it would have had to had a partner come on board.
The company will pursue sampling on the other properties, Three Buttes, Teigen Butte and Rattlesnake Butte targets once Homestead is complete -- where Apex currently sees the greatest potential.
Management is very pleased to finally be moving ahead with this next step. After receiving positive results from Apex in the February (full report can be read at www.deltamine.com), Delta went ahead and secured funding on its own instead of taking on a joint partner. With a potential for positive results from Phase 3, the company decided that it did not want to give up any rights and took its time in securing a new investment and finalizing a work order with Apex GeoScience.
CEO Brett Rodli is hoping that within the next few months he will have a clearer picture as to what exactly is on the Homestead Property, and cannot wait for work to commence. He went on to say that "we are very anxious to get started on the Homestead target, and while Apex recommends a 30 tonne sample, we are actually considering a larger sample and are finalizing the costs situated for something bigger than what we originally planned. I am also quite curious to see what our Three Buttes and Teigen Butte targets may reveal."
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.
SOURCE Delta Mining and Exploration
Get rich slow get poor fast.
“When a man with money meets a man with experience, the man with the experience ends up with the money, and the man with the money ends up with the experience.”
You have to take their money before they take yours. :-))))
