| ||March 04, 2008|
Daleco Resources Completes Texas Zeolite Evaluation
| ||Daleco Resources Corporation's (OTCBB:DLOV) wholly owned subsidiary, Clean Age Minerals, Inc., announced today the results of its evaluation program to define and quantify the magnitude of the mineral resources at its Marfa Texas Zeolite Deposit. Gary J. Novinskie, Daleco's President, stated that the Company's independent mineral expert has identified over 75.7 million tons of mineral resources on the 885 acres targeted by the Company's evaluation program.|
The general scope of the pre-development evaluation included a geological mapping program, the drilling of 27 bore holes amounting to a total of 3,000 feet and a resources/reserve evaluation study of the area targeted for initial development. Data obtained from the core drilling and sampling efforts provided data as to the overall depth and depositional setting of the zeolite deposit and analytical information regarding both surface and "at depth" physical and chemical properties of the in-situ zeolite mineral. Mr. Novinskie noted that the 885 acre study area represents roughly 17% of the 5,200 acres held by the Company at the site. Of the study area, 347 acres are classified as proven on which proven and probable reserves are assigned.
A key objective of the evaluations was to confirm the presence of sufficient quantities of commercially viable Clinoptilolite zeolite to support long term extraction and processing objectives. Based on the findings of the evaluations, of the 75.7 million tons identified, 38.6 million tons are classified as proven reserves, 16.2 million tons as probable reserves and 20.0 million tons as inferred resources.
With the completion of the evaluation effort, Mr. Novinskie stated that the Company will be stepping up its efforts to introduce its zeolite into agricultural, industrial and energy related markets. Mr. Novinskie added that zeolite minerals are currently being offered at prices up to $140 per ton at the mine site. Prices generally depend on the type of zeolite being offered, its composition and the relative location of the deposits.
Daleco Resources Corporation is a natural resource company with holdings in oil and gas and minerals. Clean Age Minerals holds industrial mineral interests in Texas, New Mexico and Utah and provides leading edge mineral-based technology solutions to the environmental remediation market.
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, which 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, risk inherent in the Company's domestic and international 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.