Owner
Post by Franko10 ™ on Mar 16, 2005 11:02:07 GMT -5
Diagem Makes Strategic Investment in Sachigo/Greenstone Belt in the McFaulds Lake Area of the James Bay Lowlands (ccnm)
MONTREAL, QUEBEC--(CCNMatthews - March 16, 2005) - Diagem Inc. (TSX VENTURE:DGM)is pleased to announce a $800,000 private placement in MacDonald Mines Exploration Inc. and the acquisition of the right to earn a 50% interest in 39 mining claims in the McFaulds Lake area of the James Bay Lowlands.
These transactions will result in Diagem becoming a pivotal player in developing an overall exploration strategy for the entire Sachigo Greenstone Belt/McFaulds Lake Area with an interest in claims extending over sixty kilometers of this belt, both directly through its acquisition of a right to earn an interest in properties currently owned by Noront Resources and Freewest Resources, and indirectly through its substantial shareholdings in MacDonald Mines and KWG Resources.
Early stage discoveries in the area, especially the high grade VMS discovery at McFaulds Lake, offer the potential of a Noranda type VMS camp. Dr. James Franklin PhD., P. Geo in reports for KWG/Spider and Dr. Tucker Barrie PhD., P. Geo in reports for MacDonald both outline the significant potential of this area through their collective insights and exploration involvement. Existing MacDonald airborne geophysics and preliminary ground exploration also offer the potential of both kimberlite and gold exploration targets.
Early indications highlight a well mineralized Greenstone Belt, which features a rich VMS occurrence and discovery by the Joint Venture partners KWG Resources/Spider Resources. MacDonald Mines has followed on from this high potential McFaulds discovery with promising VMS discoveries on its MacNugget Properties, which are on strike from the McFaulds discovery.
Pursuant to Diagem's private placement, MacDonald will issue 8,000,000 non flow-through units at the price of $0.10 per unit for $800,000. Each unit consists of one (1) common share of MacDonald Mines and one (1) common share purchase warrant. One (1) common share purchase warrant entitles the holder to purchase one (1) common share of MacDonald Mines at an exercise price of $0.15 for a period of twenty-four (24) months from date of issuance. The securities forming the units will be subject to a four-month hold period.
Diagem Inc. has agreed to acquire MacDonald's entire interest under the MacDonald/Hawk Precious Minerals Assignment Agreement, which permits MacDonald to acquire 100% of Hawk's right to earn a 50% interest in 39 mining claims owned by Noront Resources and Freewest Resources which are located in the McFaulds Lake area of the James Bay Lowlands. To earn the 50% interest in the 39 claims, Diagem has to expend $1,208,000 on the property by July 31, 2005 and an additional $1,850,000 by November 2007. In full consideration for this assignment, and subject to regulatory approval, Diagem will issue 4,000,000 common shares and 2,000,000 warrants to MacDonald Mines. One (1) warrant will entitle the holder to purchase one (1) common share of Diagem at an exercise price of $0.25 for a period of twenty-four (24) months from date of issuance. These securities will be subject to a four-month hold period.
For and on behalf of
DIAGEM INC.
"Mousseau Tremblay"
Chairman and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
DIAGEM INC.
Mousseau Tremblay
Chairman and CEO
(514) 866-6001 / (613) 347-2561
(514) 866-6193 (FAX)
www.diagem.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
MONTREAL, QUEBEC--(CCNMatthews - March 16, 2005) - Diagem Inc. (TSX VENTURE:DGM)is pleased to announce a $800,000 private placement in MacDonald Mines Exploration Inc. and the acquisition of the right to earn a 50% interest in 39 mining claims in the McFaulds Lake area of the James Bay Lowlands.
These transactions will result in Diagem becoming a pivotal player in developing an overall exploration strategy for the entire Sachigo Greenstone Belt/McFaulds Lake Area with an interest in claims extending over sixty kilometers of this belt, both directly through its acquisition of a right to earn an interest in properties currently owned by Noront Resources and Freewest Resources, and indirectly through its substantial shareholdings in MacDonald Mines and KWG Resources.
Early stage discoveries in the area, especially the high grade VMS discovery at McFaulds Lake, offer the potential of a Noranda type VMS camp. Dr. James Franklin PhD., P. Geo in reports for KWG/Spider and Dr. Tucker Barrie PhD., P. Geo in reports for MacDonald both outline the significant potential of this area through their collective insights and exploration involvement. Existing MacDonald airborne geophysics and preliminary ground exploration also offer the potential of both kimberlite and gold exploration targets.
Early indications highlight a well mineralized Greenstone Belt, which features a rich VMS occurrence and discovery by the Joint Venture partners KWG Resources/Spider Resources. MacDonald Mines has followed on from this high potential McFaulds discovery with promising VMS discoveries on its MacNugget Properties, which are on strike from the McFaulds discovery.
Pursuant to Diagem's private placement, MacDonald will issue 8,000,000 non flow-through units at the price of $0.10 per unit for $800,000. Each unit consists of one (1) common share of MacDonald Mines and one (1) common share purchase warrant. One (1) common share purchase warrant entitles the holder to purchase one (1) common share of MacDonald Mines at an exercise price of $0.15 for a period of twenty-four (24) months from date of issuance. The securities forming the units will be subject to a four-month hold period.
Diagem Inc. has agreed to acquire MacDonald's entire interest under the MacDonald/Hawk Precious Minerals Assignment Agreement, which permits MacDonald to acquire 100% of Hawk's right to earn a 50% interest in 39 mining claims owned by Noront Resources and Freewest Resources which are located in the McFaulds Lake area of the James Bay Lowlands. To earn the 50% interest in the 39 claims, Diagem has to expend $1,208,000 on the property by July 31, 2005 and an additional $1,850,000 by November 2007. In full consideration for this assignment, and subject to regulatory approval, Diagem will issue 4,000,000 common shares and 2,000,000 warrants to MacDonald Mines. One (1) warrant will entitle the holder to purchase one (1) common share of Diagem at an exercise price of $0.25 for a period of twenty-four (24) months from date of issuance. These securities will be subject to a four-month hold period.
For and on behalf of
DIAGEM INC.
"Mousseau Tremblay"
Chairman and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
DIAGEM INC.
Mousseau Tremblay
Chairman and CEO
(514) 866-6001 / (613) 347-2561
(514) 866-6193 (FAX)
www.diagem.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
