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Post by Franko10 ™ on Sept 16, 2004 7:41:07 GMT -5
KWG Resources Inc. ("KWG" or the "Company") reports the recovery of eight (8) commercial sized diamonds (with one dimension larger than 1.0 mm) along with three (3) additional macrodiamonds (with one dimension larger than 0.50 mm) from a surface sample labeled BK3 that weighed 2.724 metric tonnes. This particular sample was selected from the Wawa property in northern Ontario. Results from 35 additional samples taken on the property are expected in the near future. In addition to the Wawa project, KWG is involved in a multi-year joint venture with DeBeers Canada Exploration ("DeBeers") in the Spider No. 3 area of northern Ontario, where DeBeers can spend $5.5 million over six years to earn a 60% interest. KWG's other main area of exploration is the Spider No. 1 project located in the James Bay Lowlands, Ontario, where it has located seven (7) diamond bearing kimberlites, all at various stages of exploration. KWG expects the results from six (6) diamond drill holes in the Kyle No. 3 kimberlite that were drilled last year. The Kyle No. 3 kimberlite has a grade of 0.92 carat per ton which was defined by previous exploration programs (9 drill holes). KWG completed a financing of $630,000 in December 2001.
The above projects are held in joint venture (51:49) with Spider Resources Inc.
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