Dhanoa Minerals Cooperate Company Update, Outlook and Shareholder Information
Dhanoa Minerals decided to walk away from its previous mines that were located in Ecuador SA, Shareholder Information.
- (1888PressRelease) September 24, 2010 - Toronto, Ontario - Dhanoa Minerals Ltd. (Frankfurt WKN: A0LB3X, Symbol: D7Z, Pinksheets: DHNA)
Cooperate Company Update, Outlook and Shareholder Information
Cooperate Company Update:
After long discussions with the Ecuadorian Politicians, Dhanoa Minerals decided to walk away from its previous mines that were located in Ecuador SA. Ecuador's new mining laws, or better unknown mining laws and taxation from the current Ecuadorian regime, have and will continue to prevent junior and mid tier producers to access the capital markets. Further on, Promenasa S.A., Dhanoas wholly owned Panamanian subsidiary, is in the process of filing liens against its Ecuadorian operator for misappropriation of funds as well as financial reporting documentation by same that was never verified nor certified by an auditor. As a result of all this reportable events, Mr. Lee Balak, CEO of Dhanoa Minerals stated: "It was the best decision to walk away from the instable political Ecuador. Because of the new Ecuadorian mining law, Dhanoa Minerals share price dropped heavily in the last couple of month. From now on it's our target to do business in more stable, political regions. Our honest ambition is to generate and resume shareholder value for all our shareholders out there."
Outlook:
After leaving our operations in Ecuador, Dhanoa Minerals is energetic to move business forward. The Company has begun negotiations with several Commodity-Producers on a resource acquisition in a mine friendly jurisdiction. Dhanoa Minerals goal is to merge its production capabilities with a resource target capable of early stage production where we could put our plant and mining property in operation. Because of the former stated reasons with Ecuador's new mining laws, we withheld shipping the new acquired "Spanish Plant" from Texas Crusher Systems, Inc. to Ecuador. Because of this Benefit, we can merge the Spanish Plant with our new resource acquisition, which is currently in negotiations. We will provide updates to our acquisitions as they permit.
Shareholder Information:
We thank all Shareholders for there patience in the last couple of month. Because of the new Ecuadorian mining law, it was a hard time for everybody. From now on, Dhanoa Minerals will anxious to inform Shareholder in form of monthly Company-Updates on further Developments. For any further question, do not hesitate to send us an E-Mail with your question to our new E-Mail Address: info ( @ ) dhanoaminerals dot com
Contact:
Dhanoa Minerals Ltd.
Corporate Headquarters
1330 Martin Grove Road
Toronto, Ontario
M9W 4X4
CEO Mr. Lee Balak,
Phone: +1 604 537 9732
Homepage: www.dhanoaminerals.com
E-Mail: info ( @ ) dhanoaminerals dot com
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