Delta Mining & Exploration (fka DMXC)

[wolf2]

Delta Mining and Exploration, Corp. Continues Exploration
5/3/2004 4:05:00 PM
LEWISBURG, Ky., May 3, 2004 /PRNewswire via COMTEX/ -- Delta Mining and Exploration, Corp. (PINK SHEETS: DMXP) is pleased to announce that surface reconnaissance work previously completed by Delta's geologists, show that there is potential for the discovery of further kimberlite pipes on the company's Montanan properties. Kimberlite pipes are the principal source of diamonds throughout the world. The exploration that is to be completed over the coming months is designed to test the potential of the Montanan diamond leases covering approximately 7500 acres.

Additionally, Delta has two more environments of interest in the country of Bolivia, South America. One is in the Andes and the other in the Precambrian, in Eastern Bolivia (within the Archean Gupaore Craton of the Brazilian shield).

The first is a State Line style situation in the crumpled lower Palaeozoic Eastern Andean foreland basin overlying the Guapore Craton. The property is referred to as Independencia where diamond industry leader De Beers is currently a lease holder and is in the area conducting extensive exploration. The area is related to an enormous, but little known zone of Jurassic-Cretaceous extension that has been characterized by surges of alkaline magmatism in the form of syenites, alkaline gabbros and basalts, carbonatites, swarms of mafic to ultramafic lamprophyric dykes and breccias and together with petrographically identified kimberlites. It has three known occurrences of alluvial diamonds.

The Precambrian target is a speculative play with a fairly sound geophysical underpinning -- in effect a second "diamond line" similar to the Brazilian "AZ 125 lineament" running from Minas Gerais to Rondonia and containing most of that countries diamonds. While no diamonds have been recorded from the Bolivian Precambrian, this may be due to the fact that it has never undergone the waves of garimpeiro prospecting as experienced in Brazil. Some pyrope garnets have been discovered and aeromagnetic surveys flown have produced clusters of the bullseye dipole anomalies indicative of kimberlites or lamproites. Computer modelling of airborne and ground magnetics has revealed pipe-shaped sources for some of these. The property is accessible by road and will undergo extensive exploration in the coming months.

The Bolivian properties, although less extensively explored than the North American properties, display all the characteristics necessary to encourage intensive exploration. The presence of De Beers in the highly prospective diamondiferous terrain on the Independencia property that is two-thirds controlled by Delta, is clearly of interest.

Delta Mining and Exploration Corp., http://www.deltamine.com: is a mineral exploration company with an extensive portfolio of diamond and gold properties throughout the state of Montana, and in Bolivia, South America. Delta controls some 7,500 acres throughout Montana located within the Wyoming Craton where much of North America's diamonds have been found. Another 10,000 acres of prospective diamond and gold properties are controlled in Bolivia, South America.

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.


ON BEHALF OF THE BOARD of Delta Mining and Exploration Corp.



SOURCE Delta Mining and Exploration Corp.

Alex Livak, 212-695-6041, or [e-mail]

http://www.deltamine.com


Copyright (C) 2004 PR Newswire. All rights reserved.