NEW YORK, Dec. 7, 2012 /PRNewswire/ -- Dolat Ventures Inc.
(OTC: DOLV) a diamond development company focused on its mining
projects in West Africa's
Baimbawai Pool on the Sewa River in Sierra Leone commented today on the growing
economic opportunities in the mining industry.
Sierra Leone is considered one
of the most stable countries on the African continent. It has a
thriving democracy along with a growing economy and the investment
climate is booming. Sierra Leone's
coast has fertile seas, vast mineral resources and hard working
people...... a true land of opportunity.
The country has benefited from increasing tourism and has
continued to attract significant attention from global business and
investors. In an annual survey conducted by the World Bank across a
total of 183 Countries, the level of Investor Protection Sierra
Leone, ranked 29th out of 183, was higher than a number of
developed Western European Countries including Germany and Switzerland and ranks alongside Denmark & Sweden and on average 40% higher than the rest
of Sub Saharan Africa. Sierra
Leone also ranked a respectable 79th out of 183 in the ease
of starting a new business.
In a recent report issued by the Standard Chartered Bank
forecasts show Sierra Leone is set
for rapid growth; with forecasts at 30% growth in real GDP in 2012
Government forecasts from the Ministry of Finance and the IMF go
beyond this and estimate a potential one time surge in real GDP
growth of 51% y/y in 2012 owing to new iron-ore production from the
Tonkolili mine which would still put Sierra Leone among the fastest-growing African
countries.
The Country continues to rebuild its reputation following the
bitter civil war in the late 1990s. The war impacted severely on
the mining sector but, since the cessation of rebel activity and
re-establishment of government control in early 2002, the mining
industry has been targeted by the Sierra Leonean government as a
priority for re-development. A concerted effort has been made
through capacity building and institutional reform to enhance the
country's attractiveness to investors and increase foreign direct
investment. Parliamentary elections took place in
August/September 2007. The elections
were declared to be open and fair by international observers and a
peaceful transition of power has taken place to the main opposition
party. The local government system is based on chiefdoms and
patrilineal descent. A good working relationship at local level is
essential for the smooth running of exploration and mining
projects. GGSM has forged alliances at the very highest levels of
Sierra Leonean society.
The Strategy and Policy Unit of the Ministry of Mineral
Resources in Sierra Leone predict
that annual production growth after 2012 will be 4% for diamond
production and 10% for gold. Additionally they forecast that
Mineral exports could rise to $1.2bn
by 2020 from a base of $230m in 2007.
Mineral exports per Capita are set increase to $170 in 2020 for $34 in 2007, an increase of 400%.
Strong global demand for minerals, underpinned by rapid growth
in emerging economies such as China, Brazil
and India, has fueled an
investment boom in the mining sector. Of particular interest to
Sierra Leone is the dominance of
junior exploration companies in this revival, since they will be
most likely to underpin the exploration investments needed to
establish Sierra Leone's mineral
potential, and the increasing appetite of major mining companies to
make large investments in high-risk, emerging economies. Data
issued by the Ministry of Trade and Industry in combination with
Sierra Leone Import and Export Promotion Agency (SLIEPA) supports
the growing investment stating that the potential pipeline across
all sectors was over US $10 billion.
Sierra Leone has now become a
melting pot of oil, iron ore, diamonds and other investments.
The Government has taken positive action to help restore
confidence and promote growth across the mining industry all
boosted with the long standing return to political stability in
Sierra Leone. With a new
investment code introduced in 2005 focusing on the promotion of
value added activities and joint ventures with foreign investors
the Government is working to rejuvenate the domestic mining sector
and to allow it to once again underpin the formal economy and
support the Government's developmental objectives that include. The
successful implementation of an IMF-supported economic reform
program has established a sound macroeconomic environment.
Inflation has been kept under control, the exchange rate has
stabilized, and access to foreign exchange has improved.
Dovid Hauck, President of Dolat
Ventures stated, "Our future results may be very exciting and add
to the gold trend which the Company has discovered. We continue to
focus on expanding our diamond resources at the Baimbawai Pool on
the Sewa River, which has shown exciting potential to date. At
current grades and diamond values, the Baimbawai Pool on the Sewa
River potentially maybe one of the highest known value per ton
kimberlites globally. Dolat is also in preliminary negotiations
with other mines within 10 kilometers from Dolat's mines that have
an interest in being acquired. There is plenty of opportunity for
expansion in diamonds and into gold and other metals. We intend to
be drilling and upgrading the resource statement during the fourth
quarter of this year and I look forward to updating shareholders as
we progress."
About Dolat Ventures Inc. (OTC: 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. Dolat's Millenium Mining is
located in the Sewa River, located in the heart of Sierra Leone, West
Africa 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.
The company intends to wholesale its rough and uncut diamonds
globally.
Forward-Looking Statements
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.
Dovid Hauck, President
TEL 212-502-6657
FAX 212-501-2077
EMAIL info@dove-diamonds.com
SOURCE Dolat Ventures Inc.