Kao has considerable upside potential and that it could turn into a world class deposit.
New York, N.Y. (PRWEB) July 13, 2009
Trilliant Exploration Corp., (TTXP.OB-OTC) a fully operational gold mining company with concessions in southern Ecuador announced today that it has acquired a minority stake in privately held, Global Diamond Resources (GDR).
The £1.5 million ($2.42 Million USD) investment was made by Trilliant Exploration's wholly owned UK subsidiary, Trilliant Diamonds Ltd. Global Diamond Resources maintains a 93% interest in the Kao Diamond Mine of Lesotho, South Africa.
Drilling at the Kao Diamond Mine has confirmed resources to 600 meters with over 147 million tones of proven and probable reserves. A full report of the Kao Diamond Mine has been completed by SRK Consulting (UK), Ltd. SRK analysts have stated in their final report that "Kao has considerable upside potential and that it could turn into a world class deposit."
"We are very pleased to be making this minority investment into Global Diamond Resources. We see the investment into Global Diamond Resources as the first step to developing further the concessions held in the Kao Diamond Mine," Mr. William Lieberman, President of Trilliant Exploration Corporation stated. "We are working towards appointing a Non Executive Chairman, who is an industry veteran that made the $2.42 million investment and who will be very active participant in building its operations."
For more information and recorded video and interview with President William Lieberman please visit: http://www.miningstock.info
About Global Diamond Resources
Global Diamond Resources Plc (GDR), http://www.globaldiamondres.com, previously known as Lesotho Diamond Corporation Plc has secured mining leases and prospecting licenses in Lesotho, the Democratic Republic of Congo ("DRC") and Botswana.
In the next five years GDR has a commercial objective of producing a million carats per annum through its major kimberlite diamond operation at The Kao Diamond Mine and its alluvial operations in the DRC.
The Kao Diamond Mine (Pty) Ltd. is the largest of GDR's major diamond assets and is currently being developed in three stages. Stage 1 of GDR's development plan is the trial mining phase of 188 tph DMS operation, Stage 2 and 3 are being planned to treat 900 and 1400 tph DMS capacity respectively.
About Trilliant Exploration Corporation
Trilliant Exploration Corporation is a producing mineral exploration and development company with its administrative offices located in New York and principle operating concessions in Southern Ecuador, South America. The Company is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of ore, and reclamation of mining properties.
Trilliant Exploration is currently exploring new opportunities in El Oro province and is continuing its upgrade of Muluncaygold Corp S.A. The Company is well on track to ramp up its ore processing capacity to 200 tons-per-day by the third quarter of 2009 and plans to reach its goal of 750 tons-per-day within the next 18 months.
The company's Muluncay Gold Project currently processes rock at 50 tons-per-day that produces an average of 6 to 8 grams of gold per ton from its concessions located in the center of the Portovelo-Zaruma mining camp. The Portovelo-Zaruma region has conservatively produced 4.5 million ounces of gold since 1905. For additional information on Trilliant please visit the Company's Web Site: http://www.ttxp.biz
Forward-Looking Statements This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties.
All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of our acquisition of Muluncaygold Corp, S.A. on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.