Post by Franko10 ™ on Sept 16, 2004 9:41:25 GMT -5
Diagem International Resource Corp. announces the start of a bulk sampling program to test the grade and extent of diamondiferous gravels and kimberlite throughout the Chicoria Creek area. The sampling has commenced on the gravels overlying the Accori 2 diamondiferous kimberlite. Outcropping kimberlite shows a superabundance of indicator minerals, mostly ilmenite, with a notable amount of garnets.
Completion of this program will lead to the first overall assessment of the economic potential of the diamondiferous gravels throughout this area, including the gravels overlying the Accori 2 kimberlite pipe, and of the kimberlitic material itself. Further details of the planned work program are available from the Company.
Dona Maria Area
During March, the Pilot Plant completed its testing of tailings at the Dona Maria area. In the last two weeks the plant has been used to test fresh alluvial and terrace gravels in three distinct sites.
Pilot plant Bulk sample #
Diamonds
Carats
Diamond bearing
gravel
processed, m3*
Location
PP-02/213 (9/3)
400
90.76
399
Dona Maria
tailings
PP-02/213(16/3)
203
49.96
228
Dona Maria
tailings
PP-A - 04
61
18.41
48
Dona Maria
alluvial
PP-A - 05
10
6.70(1)
28
Dona Maria
alluvial
PP-T - 02
60
26.89
86
Dona Maria
terrace
(1) including one diamond of 5 carats.
Other news
Warrant financing: $1,150,000 has been received from warrant holders, exercising previously issued warrants, to purchase a total of 5,000,000 shares at a price of $0.23 per share.
Property management: The Company has acquired two additional 10,000 hectare properties of interest in the Juina Diamond Province, following the successful completion of the priority application process, previously reported on February 11, 2003.
Sale of joint venture interest: The sale of the Company's 51% interest in the Property 1000 joint venture to The Juina Mining Company ('JMC') will not be proceeding as JMC has been unable to meet its payment obligations under the Sale Agreement. Diagem is reviewing various alternatives as to how to proceed with this property.
The technical information in this news release has been approved by Dr. Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person, President and a director of Diagem International Resource Corp.
Corporate Matters
Subject to regulatory approval, the Company has granted 500,000 options to purchase common shares to an investor relations consultant for a two year period, vesting over twelve months with an exercise price of $0.20.
For and on behalf of
DIAGEM International Resource Corp.
"Dr. Mousseau Tremblay"
President
Completion of this program will lead to the first overall assessment of the economic potential of the diamondiferous gravels throughout this area, including the gravels overlying the Accori 2 kimberlite pipe, and of the kimberlitic material itself. Further details of the planned work program are available from the Company.
Dona Maria Area
During March, the Pilot Plant completed its testing of tailings at the Dona Maria area. In the last two weeks the plant has been used to test fresh alluvial and terrace gravels in three distinct sites.
Pilot plant Bulk sample #
Diamonds
Carats
Diamond bearing
gravel
processed, m3*
Location
PP-02/213 (9/3)
400
90.76
399
Dona Maria
tailings
PP-02/213(16/3)
203
49.96
228
Dona Maria
tailings
PP-A - 04
61
18.41
48
Dona Maria
alluvial
PP-A - 05
10
6.70(1)
28
Dona Maria
alluvial
PP-T - 02
60
26.89
86
Dona Maria
terrace
(1) including one diamond of 5 carats.
Other news
Warrant financing: $1,150,000 has been received from warrant holders, exercising previously issued warrants, to purchase a total of 5,000,000 shares at a price of $0.23 per share.
Property management: The Company has acquired two additional 10,000 hectare properties of interest in the Juina Diamond Province, following the successful completion of the priority application process, previously reported on February 11, 2003.
Sale of joint venture interest: The sale of the Company's 51% interest in the Property 1000 joint venture to The Juina Mining Company ('JMC') will not be proceeding as JMC has been unable to meet its payment obligations under the Sale Agreement. Diagem is reviewing various alternatives as to how to proceed with this property.
The technical information in this news release has been approved by Dr. Mousseau Tremblay, of Williamstown, Ontario, a Qualified Person, President and a director of Diagem International Resource Corp.
Corporate Matters
Subject to regulatory approval, the Company has granted 500,000 options to purchase common shares to an investor relations consultant for a two year period, vesting over twelve months with an exercise price of $0.20.
For and on behalf of
DIAGEM International Resource Corp.
"Dr. Mousseau Tremblay"
President