NEW YORK, July 14 2008 / -- Dominion Minerals Corp. (OTC: DMNM) ("Dominion Minerals" or "the Company") announced that it has successfully raised US$10,046,400 through a private placing of 21,840,000 units consisting of 21,840,000 common shares, 10,920,000 warrants exercisable at $0.46 and 3,283,000 warrants exercisable at $0.50. The maturity date of the first warrant will be 23 calendar days following the publication of a second independent resource statement for the Company’s Cerro Chorcha copper project to National Instrument 43-101 standard following this transaction. The second warrants are exercisable for a six month period upon exercise in full of all the first warrants and will have a term of six months. This capital raising is occurring in two tranches, with the first tranche representing 85% of the proceeds and a second tranche, for the balance, within the 90 days of July 10, 2008.

 

Following completion of the first and second tranches, the investors will own approximately 26% and 29%, respectively, of the Company’s outstanding common stock.

The Investor Group is represented by Mr. Chaim Lebovits of ACC Holdings International. Mr. Lebovits has been at the forefront of mining and natural resource management for close to a decade; particularly in the Africa region.

The Company intends to use the net proceeds of the financing to further fund the development of the Cerro Chorcha Porphyry Copper deposit, for the repayment of debt as well as for working capital and general corporate purposes.

Pini Althaus, the Company's Chairman and CEO, stated: "This is a major milestone for Dominion Minerals. We are pleased to have completed this successful capital raising; a testimony to the unique characteristics of Cerro Chorcha and the Dominion Minerals team. The proceeds from this capital raising will allows us to continue our on-going drilling program and over the coming weeks, we intend to finalize the development plans for the 2008/09 drilling campaign together with our joint venture partner, Bellhaven Copper & Gold Inc. We welcome our new investors to Dominion Minerals and look forward to the next phase of substantial value creation for all our shareholders."

 

“We are also delighted to welcome this investor group as a strategic shareholder; including Mr. Lebovits. Mr. Lebovits’ experience will be essential in developing and growing the Cerro Chorcha opportunity and maximizing long-term value creation for all Dominion shareholders.”

 

Chaim Lebovits of ACC Holdings International stated: "ACC and its partners are delighted to be part of Dominion. With G-d's help the plan is to proceed with a significant exploration campaign to prove up additional reserves in the recently identified high-grade zone"

 

Cerro Chorcha is the third largest known copper deposit in Panama. Panama has a very rich mineral endowment in copper, gold, silver and molybdenum and has seen significant and increasing foreign investments in the mining sector over the last few years. In addition its strategic location, at the crossing of the Pacific and Atlantic oceans, means that it can efficiently serve the U.S., Europe and the ever-growing Chinese and Indian markets.

 

Excellion Capital acts as financial advisor to the Company.

 

 

Pini Althaus, President & CEO

Tel: +1 212 231-8171

Email: pini@dominionminerals.com

 

Robert Stafler, Partner

Tel: +44 203 008 6875

Email: robert.stafler@excellioncapital.com

 

Dominion Minerals Corp. is a US-based copper and gold exploration and development company focused primarily on its Cerro Chorcha Porphyry Copper Project in Panama.

For more information please visit http://www.dominionminerals.com

 

ACC Holdings International is a world-class corporation which encompasses a group of companies engaged mainly in the exploration and development of natural resources. With ACC's extensive understanding of the development of natural resources and our experienced management team, ACC works closely with local peoples and national governments in each project, while applying a deep respect for the environment and a commitment to build a positive future for resource development and use in developing nations.

For more information please visit http://www.acc-holdings.com

 

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the market price of gold, general economic conditions, market and business conditions, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to the Company's plans at its mineral properties, the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal recoveries, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis, the effect of hedging activities, including margin limits and margin calls, regulatory restrictions, including environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees.

 

Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. In addition, the Company's business and operations are subject to the risks set forth in the Company's most recent Form 10-KSB, Form 10-QSB and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.