MONTREAL, Nov. 27, 2007 (PRIME NEWSWIRE) -- East Delta Resources Corp. (OTCBB:EDLT) (Frankfurt:EJK) is pleased to announce that it has completed a small private placement to raise the funds required to restart its 77% owned gold mine at the Company's Huaqiao (pronounced wha-chow) property in Southwest China.
The Huaqiao mine is located within the Hunan-Guizhou gold belt in Southwest China and covers an area of approximately 0.7-sq. km. The property presently has seven known gold-bearing quartz vein zones, specified as M1-M6 and Fx, all of which occur in different strata and have different types and characteristics of mineralization. East Delta had previously commissioned an independent qualified geologist to produce an NI 43-101 report showing an indicated and inferred resource of approximately 29,200 and 300,000 ounces of gold, respectively. More information on the mine is available on the company's web-site, www.eastdelta.ca.
The facility itself is a floatation-type mill with current throughput capacity of 100 tonnes of ore per day.
The rehabilitation and upgrade of the mining infrastructure had been completed last spring but technical difficulties in addition to the needed balance of financing had delayed the re-opening of the mine.
Mr. Victor Sun, CEO of East Delta added, "This is an important achievement for East Delta. The mine had been in production for over ten years and we are extremely excited about getting this proven gold property back into production. We intend to start production at a low rate and ramp up to full capacity over a 3 month period."
The Company
East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec whose primary activity is in mine development and production of gold, and through various subsidiaries also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead. The geographic focus of the Company is China.
EDLT and its various subsidiaries are currently developing and working on several projects, the main ones being the Huaqiao gold mine, a substantive 85-sq. km exploration property at Bake and a nickel property in Qinghai Province, China.
Safe Harbor
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities 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.