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Post by Franko10 ™ on Sept 16, 2004 7:51:16 GMT -5
EMERGING AFRICA GOLD (EAG) INC. (the "Company" or "EAG") announces the acquisition of 11,259,342 common shares of KWG Resources Inc. ("KWG") at $0.10 per share for a total consideration of $1,125,934, increasing its interest in KWG from 27.80% to 39.74%. EAG is in the process of completing its amalgamation with Diagem International Resource Corp. ("Diagem") (CDNX: DGM) on the basis of one share of EAG for one share of Diagem, as announced in 2001, subject to shareholders' approval and regulatory authorities' final authorization.
KWG is a diamond exploration company with diamond properties held in joint venture in the James Bay Lowlands and in Wawa in northern Ontario. KWG announced recently the discovery of eleven new diamond-bearing outcrops on the Wawa property. KWG is also party to a joint venture with De Beers Canada Exploration Inc. on a $5.5 million exploration program in the James Bay Lowlands. KWG is currently conducting a $480,000 exploration program in Wawa dn the James Bay Lowlands subsequent to a $480,000 flow-through financing with Dundee Securities Corporation in December 2001.
The Company currently has 55,536,811 common shares issued and outstanding.
April 10, 2002
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