SOURCE: Dolat Ventures, Inc.
NEW YORK, NY--(Marketwire - Jul 5, 2012) - Dolat Ventures Inc. (OTCBB: DOLV), a diamond development company focused on West Africa, is pleased to provide an update on its plans to begin a phase-2 bulk sampling program at the Company's mining operations located by the Sewa River known as the "Baimbawai Pool" located in the Tinkonko Chiefdom in the southern part of Sierra Leone.
Dovid Hauck, President of Dolat Ventures, commented, "We continue to make strong progress as we advance via mechanization into the bulk sampling stage. We believe that the early results from phase-2 samples may be very encouraging, with high grades and the possible presence of larger gem quality diamonds than have previously been recovered from the earlier non-mechanized sampling. Furthermore, the recovery of large stones is more likely once the processing begins. We remain confident of the potential that the 'Baimbawai Pool' offers and we continue to focus on the near term objective of increasing the size and confidence level of the presently defined carat resources."
Bulk Sampling Plans and Possible Results
The Company intends to accurately measure each sample and the specific gravity and moisture content will be carefully determined in order that the dry tonnage may be calculated. Expectations of a diamond parcel weighing 500+ carats may achieve an average value of $48/ct. On the basis of planned larger samples, the average diamond value could increase to $70/ct. It may be decided to increase the size of the bulk sampling to provide a larger diamond parcel on which to base a more confident diamond valuation. Dolat intends to be able to process up to 5 tonne per hour with diamond recovery being achieved by X-Ray Flowsort with grease back up in secure conditions and under observation from the Government Mines Monitoring Officer.
Dolat's Millenium Mining is located in the Sewa River, located in the heart of Sierra Leone, formed by the junction of the Bagbe and Bafi rivers; it flows 150 mi (240 km) to join the Waanje River and form the Kittam, which empties into the Atlantic Ocean. The country's most important commercial river, it has historically produced the bulk of Sierra Leone's diamond exports.
About Dolat Ventures Inc. (OTCBB: DOLV) www.dove-diamonds.com
Dolat Ventures Inc., through its wholly-owned subsidiary Dove Diamonds & Mining, intends to sell, market, cut and distribute its diamonds and gems around the world. The company intends to wholesale its rough and uncut diamonds and gems to globally.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such forward-looking statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.