NEW YORK--(BUSINESS WIRE)--Dolat Ventures Inc. (OTC PINK: DOLV) announced today that its officers and directors are returning all 8,161,244 common shares held by its officers and director in exchange for preferred stock. Dolat has completed a corporate restructuring and Millenium Mining LLC its wholly owned subsidiary has signed a joint venture partnership with a private investor to restart diamond mining at its mining location near Bo, Sierra Leone. The joint venture will be financed by private funds, for the purpose of dredging, mining, continuing exploration and collecting and selling diamonds, and other deposits and Millenium Mining will put forth its mining license with all landowners in the Tikonko Chiefdom into the joint venture.
“In anticipation of additional short term acquisitions, we are reducing the common stock outstanding to 36,910, 392 shares, so that we have the ability to issue new stock for these value based acquisitions, said Dovid Hauck, Chief Executive Officer of Dolat Ventures Inc. “Management will have preferred shares to steer the company, and we have been working for a long time to move our automation process forward. We are focused on the long run of our operations not short term,” he added.
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. Historically the company has averaged close to 0.4 carats per ton of rock processed by artisanal mining since 2008. The company is in the process of bringing in the capital to automate to move production up to 800-1000 tons per day.
For more information please visit: www.dove-diamonds.com
About Dolat Ventures Inc. (OTC: DOLV)
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. Millenium Mining LLC is the company’s wholly owned subsidiary, and mining site located near Bo, Sierra Leone. The company has been in operations for nearly eight years and has sold its rough diamonds in the United States. The company intends to purchase rough and uncut diamonds and gems from international suppliers 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.
Web : www.dolatventures.com