Delta Mining and Exploration hopes to cement its position in Montana as the country’s position as a hotspot for diamonds — without “the issues” and without the blood.
Developing a diamond mine in Montana brings the opportunity for the mining of diamonds with high environmental standards and a BIG PLUS is the fact that there are no issues: no child labor, no war, no environmental problems.
Kimberlites, the rock formation where diamonds are found, lie throughout the billions-of-years-old rock on the Homestead mine target.
In the diamond mines located to the north in Canada are relatively new mines. The first serious diamond discoveries were made in the early 1990s and BHP Billiton’s Ekati mine in the Northwest Territories produced the first Canadian gems in 1998. The 2003 start-up of the Diavik mine, also in the Northwest Territories, catapulted Canada into the big leagues. The country is now the world’s third-largest producer of diamonds by value, behind Botswana and Russia but ahead of South Africa.
Now, no less than 130 companies, private and public, are prospecting for diamonds. An estimated 35 to 40 percent of world diamond exploration expenditure is spent in Canada. Preliminary forecasts say firms spent about C$290 million ($252 million) on diamond exploration and deposit appraisal in 2005, up nearly 6 percent from 2004.
Diamond giant De Beers, 45 percent owned by Anglo American Plc , expects its first diamond mine in Canada, Snap Lake, to start producing in 2007. Production at its second venture, Victor, in the James Bay lowlands of northern Ontario, is slated for a year later. Its third mine at Gahcho Kue in the Northwest Territories is now under construction. That project is a joint venture between De Beers Canada, Mountain Province Diamonds Inc. and Camphor Ventures Inc. In a country awash with billion-year-old rock, the potential seems limitless.
“There’s a good understanding of diamonds in this industry, and (junior companies) are the ones that are driving the grass roots,” said Tom Hoefer, with the Diavik mine.
“They have gone out and driven diamond exploration in just about every province in Canada.” And now Delta Mining intends to drive diamond exploration in Montana.
Phase Two Exploration for Delta Mining consisted of the Grassrange District Properties in Montana and produced a detailed mapping and collection of samples for diamond indicator mineral analysis. This report focused on the Homestead and Three Buttes kimberlite bodies and the Teigen Butte and Rattlesnake Butte targets. Delta Mining and Exploration Corp. controls six properties totaling 7,554 acres (approximately 11 sq. miles) in Montana
Delta Mining and Exploration received a report on the samples processed from their Montana target. The micro-probe analysis to determine kimberlite provenance and/or specific mineral chemistry was positive. Link here for report.
Stay tuned: There is so much to tell about this exciting prospect that Stock Guru will be checking in several times a day on this company so you can learn about their advantages in their quest for a U.S. diamond mine!
Source: Delta Mining and Exploration and Reuters
Contact: Alex Livak
Investor Relations
242 Kings Rd.
Lewisburg, Kentuc 42256
Tel: 347-813-4664
Em: info@deltamine.com
Delta Mining
242 Kings Rd.
Lewisburg, KY 42256
USA
Website: http://www.deltamine.com
Phone: 347-813-4664
About Delta Mining and Exploration, Corp: http://www.deltamine.com: Delta is a mineral exploration company with an extensive portfolio of diamond properties in Montana. Delta controls some 8000 acres throughout Montana located within the Wyoming Craton where much of North America’s diamonds have been found and has completed two phases of exploration work.
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.
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