MONTREAL, July 6, 2004 (PRIMEZONE) -- East Delta Resources Corp.(OTCBB:EDLT) today announced that it has launched a new web site for current and prospective shareholders to track the company's progress. The link to the new site is www.eastdelta.com .
As the web site explains on its opening page, East Delta Resources, and its wholly owned Canadian subsidiary, Amingo Resources Inc., were established to explore and mine gold and other precious metals. Their geographic focus includes Southeast Asia, primarily China, and other developing countries of the former Soviet Union.
East Delta's immediate goal, the web site notes, is to bring quality and advanced stage projects into production as rapidly as possible. By aggressively seeking and acquiring quality exploration and development opportunities, East Delta expects to rapidly increase shareholder value, and in the process, transform itself from a successful exploration company into a world-class precious metals and gold producer.
Toward that end, it is reported, Amingo Resources currently has several precious metals projects in China in various stages of development, with the most advanced being a 72-square-kilometer gold property in the County of Jinping, Guizhou Province, China. In February 2004, Amingo signed a Joint Venture contract with the provincial and county governments of Guizhou Province and Jinping County, respectively, to explore and mine gold within their territories. Under the terms of the agreement, Amingo has acquired rights to develop a 72-square-kilometer property named "Bake" in the county and, under certain conditions, is eligible to earn up to 84% of the net revenues extracted from this particular property. Over the past years, Guizhou provincial government geologists, in conjunction with East Delta's own experts, have accumulated geophysical data at Bake, and Amingo is currently evaluating this data to determine the potential for gold extraction at that site.
In March 2004, Amingo also signed a letter of intent to acquire up to a 70% interest in an existing small mining company situated near the Bake property. This company indicates proven reserves of 175,000 to 280,000 ounces of gold in its property. Cost of extraction is expected not to exceed $175 per ounce, and Amingo is currently assessing the geological data on this potential acquisition as well.
Additionally, Amingo is negotiating ownership participation with several producing mines in the area adjacent to its Jinping property to provide immediate revenues to East Delta and to further develop Chinese production licenses, the web site explains.
Safe Harbor
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.