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| | April 18, 2008
Daleco Resources Corporation Reports on Annual Meeting
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| | Gary J. Novinskie, President of Daleco Resources Corporation (DLOV:OTCBB), advised today that the Company's Board nominees and the proposals submitted for approval at the Company's annual meeting on April 10, 2008, were approved by the shareholders. Those re-elected to serve as Directors of the Company were Dov Amir, The Rt Hon Dr The Lord Gilbert, David A. Grady, Carl A. Haessler, Robert Martin, Charles T. Maxwell, Gary J. Novinskie and William Pipkin. The firm of Vasquez & Company, CPA, was ratified as the Company's Independent Registered Public Accountants for Fiscal 2008.
Mr. Novinskie noted that the Company is continuing to pursue plans to commercialize its calcium carbonate, kaolin and zeolite projects in the shortest time practical. He stated that those plans have progressed from the data acquisition and analysis phase and into an ongoing mineral processing and facility design phase. He added that the Company and its various partners are actively investigating various commercial applications for its mineral based products. He also reported that technical product awareness presentations have been initiated for products formulations produced the Company's Sierra Kaolin Project to participants within the targeted coatings, fillers and pigments market segments With respect to its oil and natural gas operations, the Company is focusing its efforts on maximizing the economic value of its existing holdings and is continuing to evaluate certain appropriate investment opportunities as they are identified.
Mr. Novinskie further noted that during the current fiscal year, the Company intends to focus on establishing business and or financial relationships that will provide the necessary capital to effectively exploit its mineral resource holdings which are the key to the Company achieving profitability and establishing the Company as a market innovator in industrial minerals.
At the annual meeting, Mr. Steve Roche, President of Tecumseh Professional Associates ("Tecumseh"), joint venture partner and project manager for the Sierra Kaolin Project located is Sierra County, New Mexico, reported that the venture's efforts to commercialize its Sierra Kaolin deposit have focused on an initial target area encompassing approximately 32 acres out of the Project's 2,740 acres. He stated that minerals extracted from the target area have been deemed to be suitable for the coatings, fillers and pigments markets. Product formulations have been prepared and tested in these industrial applications. The results of the mineral analysis and application testing have indicated that commercially viable products can be produced from the deposit's extracted mineral. Mr. Roche further stated that the venture, with the assistance of its consultants, has begun technical presentation of the product formulations to entities active within the coatings, fillers and pigments sectors of the paint and paper industries. While responses to these presentations are expected over the next several months preliminary feedback has been encouraging. Mr. Roche also reported that Tecumseh, as the project's manager, was proceeding with its efforts to prepare the mineral deposit site for production. These efforts include the preparation and submittal of the required regulatory filings to secure an extraction permit for the project.
Daleco Resources is a natural resource company with operating subsidiaries active in oil and gas, industrial minerals, and environmental remediation technology.
Safe harbor for Forward-looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings. |
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Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in our press releases, such as "measured," "indicated," and "inferred "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
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