Sierra Leone has been a major diamond producer for 70 years, but it has one of the lowest Gross National Products in the world. Civil war ravaged the country from 1991 to 2002, primarily over the distribution of wealth from the country's diamond mines. Currently, the mining business in Sierra Leone includes about 2,500 small operations. In 2007, Sierra Leone officially exported over $175 million worth of diamonds, government records show. That is a vast improvement over the $24 million officially exported in 2001, before stringent new rules known as the Kimberly Process required diamond deals to be certified by the authorities. Diamond New World reported that Sierra Leone exported $35 million worth of diamonds in the first 5 months of 2010, indicating a 25% increase over the corresponding months in 2009. Dolat Ventures Inc. (OTCBB: DOLV), through its wholly owned subsidiary Dove Diamonds & Mining and Millennium Mining LLC, intends to mine, sell, market, cut and distribute its diamonds and gems from Sierra Leone. The company is currently trading at $.15, up $.05 or 50%.
On June 1st, Millenium Mining, located in the heart of the Sewa River in Sierra Leone, announced that its first tests of its washing plant have brought in 300 stones that are in total 187 Carats. The largest stone found was 6 carats and initial tests have averaged .40 carats per ton with over 80% gem quality. The stones found in these first tests were mostly white with a few smaller yellow and green stones with an estimated market value, after polishing, of $65,000. The average stone found in the 1st test averaged .62 carats.
"These initial tests have been very successful and with our finds averaging 0.40 carats per ton with the one- six carat stone found worth $ 40,000 after cutting. All of these stones were found over the course of a few days on a very minor test run. As we move our operating capacity up to 1500 tons of gravel per day we can expect by using these test numbers to average finding 600 carats of diamonds per day," added Mr. Hauck. "At these numbers and with the cost per carat averaging around $250, we will expect to be doing close to $4 Million dollars in total sales per month. With the new equipment that we have already purchased and installed we expect that these numbers will become the average very quickly in the upcoming months for Dolat Ventures," Mr Hauck declared.
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