Owner
Post by Franko10 ™ on Sept 16, 2004 8:00:57 GMT -5
The management of Diagem International Resource Corp ("Diagem") and Emerging Africa Gold (EAG) Inc. ("EAG") jointly announce that last Friday, May 24, 2002, the Shareholders of the respective companies voted, overwhelmingly, in favour of the amalgamation of the two companies. The amalgamation, which will be effective May 31, 2002, will result in shareholders of EAG receiving one share of Diagem for each share held. Upon completion of the transaction Diagem shareholders will have exposure to promising kimberlite potential in both the Juina Diamond District of Mato Grosso, Brazil and Ontario, Canada, in addition to extensive holdings in Brazil of diamond bearing alluvial gravels.
Diagem will have six diamondiferous kimberlite pipes, which are to be bulk sampled, a 51% interest in Property 1000 which contains a seventh kimberlite pipe, as well as a significant land position with numerous geological targets to be tested. Diagem will also have a 39.75% interest in KWG Resources ("KWG"). KWG is a diamond exploration company with diamond properties held in joint venture in the James Bay Lowlands and Wawa in Northern Ontario, Canada. The joint venture (KWG interest 51.18%) has entered into an option agreement with De Beers Canada Exploration Inc., which contemplates a $5.5 million exploration program by De Beers in the James Bay Lowlands. KWG is currently conducting a $480,000 exploration program in Wawa and the James Bay Lowlands.
Diagem's bulk testing program for diamond-bearing gravels is well underway, utilizing its first processing plant (10 cu.m. per hour). A second plant of 25 cu.m. per hour, which is currently ahead of its construction schedule, will process gravels from Property 213. In addition, a bulk-sampling program is about to commence on Property 1000 in order to prove up a resource of 500,000 cubic metres of diamond bearing gravel. The gravel will be processed using a third diamond processing plant located on the property with a capacity of 15 cubic meters an hour.
EAG will cease trading upon the amalgamation and EAG shareholders will receive a letter of transmittal providing them with instructions on how to exchange their current EAG shares into those of Diagem.
For and on behalf of:
DIAGEM International Resource Corp. Emerging Africa Gold (EAG) Inc.
"David Cohen"
"Mousseau Tremblay"
President
President
Diagem will have six diamondiferous kimberlite pipes, which are to be bulk sampled, a 51% interest in Property 1000 which contains a seventh kimberlite pipe, as well as a significant land position with numerous geological targets to be tested. Diagem will also have a 39.75% interest in KWG Resources ("KWG"). KWG is a diamond exploration company with diamond properties held in joint venture in the James Bay Lowlands and Wawa in Northern Ontario, Canada. The joint venture (KWG interest 51.18%) has entered into an option agreement with De Beers Canada Exploration Inc., which contemplates a $5.5 million exploration program by De Beers in the James Bay Lowlands. KWG is currently conducting a $480,000 exploration program in Wawa and the James Bay Lowlands.
Diagem's bulk testing program for diamond-bearing gravels is well underway, utilizing its first processing plant (10 cu.m. per hour). A second plant of 25 cu.m. per hour, which is currently ahead of its construction schedule, will process gravels from Property 213. In addition, a bulk-sampling program is about to commence on Property 1000 in order to prove up a resource of 500,000 cubic metres of diamond bearing gravel. The gravel will be processed using a third diamond processing plant located on the property with a capacity of 15 cubic meters an hour.
EAG will cease trading upon the amalgamation and EAG shareholders will receive a letter of transmittal providing them with instructions on how to exchange their current EAG shares into those of Diagem.
For and on behalf of:
DIAGEM International Resource Corp. Emerging Africa Gold (EAG) Inc.
"David Cohen"
"Mousseau Tremblay"
President
President
