Owner
Post by Franko10 ™ on Feb 17, 2005 13:44:30 GMT -5
Statement Relating to Diagem January 27 Press Release 2005
13:41 EST Thursday, February 17, 2005
MONTREAL, QUEBEC--(CCNMatthews - Feb. 17, 2005) - DIAGEM INC. ("Diagem") (TSX VENTURE:DGM) reports the following additional information and clarification on the resource disclosure contained in its press release issued on January 27 2005.
The following additional information and clarification is provided by DIAGEM Inc. on the resource disclosure contained in its press release issued on January 27.
The resource estimate reported by DIAGEM for Joint Venture Property 1000, Juina Diamondiferous Kimberlite and Gravel Province, Mato Grosso, Brazil, is historical. This historical resource estimate of 1,000,000 cubic metres of gravel grading 1 ct/cubic metre was prepared by Juina Mining Corp. (JMC) in 1999 and was entirely developed by auger drilling and bulk sampling executed mostly in 1998 until mid-1999.
Emerging Africa Gold Inc. (EAG), a predecessor company of Diagem, had entered into a tentative agreement with JMC in October 2000 in order to acquire a 51% interest in Juina Mining Mineracao Ltda (JMML), a wholly-owned subsidiary of JMC which owns 100% of Property 1000. The satisfactory closing of the acquisition which took place in December 2000 rested on EAG conducting a due diligence visit and study confirming a value for the property that would justify the transaction. It was during their visit of Property 100 that Dr. Mousseau Tremblay and Mr. Denis Villeneuve, the two geologists mandated by EAG to carry out the due diligence, were first apprised of the existence of the resource.
The calculations had been done in year 1999 by JMC's geologist, Mr. Germano Possos, who was then and still is accredited with CREA in Brazil. The 1998-1999 exploration of Property 1000 was done firstly by gravel delimitation using a mechanized auger drill and secondly by bulk sampling involving digging out by excavator and then processing large gravel bulk samples. The results of the gravel delineation done on a 50x100m rectangular grid provided the data necessary to calculate the volumes of potentially economic gravels. 2,163cu.m. of gravels from 16 gravel bulk samples were processed; the results provided the data for establishing the average grade of the resource so developed. The processing took place in a well conceived gravity treatment plant which included an X-ray Sortex machine. During their 10-day comprehensive field visit of Property 100, Dr. Mousseau Tremblay and Mr. Denis Villeneuve completed an exhaustive review and reinterpretation of all the data obtained by Mr. Possos. They accepted the results as well adapted and pertinent to the type of alluvial diamondiferous gravel resource sampled by JMC and sufficiently reliable to justify the acquisition by EAG of a 51% interest in the property.
In 2002, Diagem conducted six bulk samples within the same area. The average grade was about one half of the historical results. This can be explained by the fact that the historical grade results acquired in 1998-1999 were obtained by treating the bulk samples in a proper, well designed processing plant whereas the later results were obtained through less rigourous sample processing conditions and by using very basic equipment.
The zone of the alluvial gravels, beyond the calculated resource area, has been judged to extend well beyond the area of the reported resource. In effect, the geological and geomorphologic studies which had been carried out by Mr. Possos and checked by Dr. Tremblay and Mr. Villeneuve during their visit indicate that the diamondiferous gravels are part of elevated terrasses which continuously border both banks of the river which occupies the central part of the property. Although these terrasses are continuous over the whole 6km length of the river, this continuity does not imply that potentially economic gravel resources are continuous over the entire length of the terrasses as this can only be determined by systematic gravel delineation and bulk sampling work which has not yet been done outside the reported resource. Accordingly, no judgement is expressed as to the future economic value of the resource.
Notwithstanding anything mentioned above or previously disclosed, readers should be cautioned that Diagem has not done the work necessary to verify the classification of the resource and is therefore not treating the reported resource as an indicated resource within the meaning of NI 43-101 and that the historical estimate should not be relied upon.
Property 1000 was subject to a mining ban by the environmental agency, IBAMA, prior to February 2002 and then again, on November 10, 2002. Diagem is hopeful that the recent agreement between the Diagem-JMML joint venture and MINERADORA ECO and the issuing of a small worker mining licence (PLG) to ECO should result in the lifting of the IBAMA ban at least within the PLG area issued to ECO, which can then start mining its PLG in its name and on behalf of the joint venture. JMML has also applied to the Departmento de Pesquisa Mineral (DNPM) for a mining licence to cover the entire Property 1000 and permit mining of the entire resource, subject to the removal by IBAMA of the mining ban on the remaining portion of the property.
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.
13:41 EST Thursday, February 17, 2005
MONTREAL, QUEBEC--(CCNMatthews - Feb. 17, 2005) - DIAGEM INC. ("Diagem") (TSX VENTURE:DGM) reports the following additional information and clarification on the resource disclosure contained in its press release issued on January 27 2005.
The following additional information and clarification is provided by DIAGEM Inc. on the resource disclosure contained in its press release issued on January 27.
The resource estimate reported by DIAGEM for Joint Venture Property 1000, Juina Diamondiferous Kimberlite and Gravel Province, Mato Grosso, Brazil, is historical. This historical resource estimate of 1,000,000 cubic metres of gravel grading 1 ct/cubic metre was prepared by Juina Mining Corp. (JMC) in 1999 and was entirely developed by auger drilling and bulk sampling executed mostly in 1998 until mid-1999.
Emerging Africa Gold Inc. (EAG), a predecessor company of Diagem, had entered into a tentative agreement with JMC in October 2000 in order to acquire a 51% interest in Juina Mining Mineracao Ltda (JMML), a wholly-owned subsidiary of JMC which owns 100% of Property 1000. The satisfactory closing of the acquisition which took place in December 2000 rested on EAG conducting a due diligence visit and study confirming a value for the property that would justify the transaction. It was during their visit of Property 100 that Dr. Mousseau Tremblay and Mr. Denis Villeneuve, the two geologists mandated by EAG to carry out the due diligence, were first apprised of the existence of the resource.
The calculations had been done in year 1999 by JMC's geologist, Mr. Germano Possos, who was then and still is accredited with CREA in Brazil. The 1998-1999 exploration of Property 1000 was done firstly by gravel delimitation using a mechanized auger drill and secondly by bulk sampling involving digging out by excavator and then processing large gravel bulk samples. The results of the gravel delineation done on a 50x100m rectangular grid provided the data necessary to calculate the volumes of potentially economic gravels. 2,163cu.m. of gravels from 16 gravel bulk samples were processed; the results provided the data for establishing the average grade of the resource so developed. The processing took place in a well conceived gravity treatment plant which included an X-ray Sortex machine. During their 10-day comprehensive field visit of Property 100, Dr. Mousseau Tremblay and Mr. Denis Villeneuve completed an exhaustive review and reinterpretation of all the data obtained by Mr. Possos. They accepted the results as well adapted and pertinent to the type of alluvial diamondiferous gravel resource sampled by JMC and sufficiently reliable to justify the acquisition by EAG of a 51% interest in the property.
In 2002, Diagem conducted six bulk samples within the same area. The average grade was about one half of the historical results. This can be explained by the fact that the historical grade results acquired in 1998-1999 were obtained by treating the bulk samples in a proper, well designed processing plant whereas the later results were obtained through less rigourous sample processing conditions and by using very basic equipment.
The zone of the alluvial gravels, beyond the calculated resource area, has been judged to extend well beyond the area of the reported resource. In effect, the geological and geomorphologic studies which had been carried out by Mr. Possos and checked by Dr. Tremblay and Mr. Villeneuve during their visit indicate that the diamondiferous gravels are part of elevated terrasses which continuously border both banks of the river which occupies the central part of the property. Although these terrasses are continuous over the whole 6km length of the river, this continuity does not imply that potentially economic gravel resources are continuous over the entire length of the terrasses as this can only be determined by systematic gravel delineation and bulk sampling work which has not yet been done outside the reported resource. Accordingly, no judgement is expressed as to the future economic value of the resource.
Notwithstanding anything mentioned above or previously disclosed, readers should be cautioned that Diagem has not done the work necessary to verify the classification of the resource and is therefore not treating the reported resource as an indicated resource within the meaning of NI 43-101 and that the historical estimate should not be relied upon.
Property 1000 was subject to a mining ban by the environmental agency, IBAMA, prior to February 2002 and then again, on November 10, 2002. Diagem is hopeful that the recent agreement between the Diagem-JMML joint venture and MINERADORA ECO and the issuing of a small worker mining licence (PLG) to ECO should result in the lifting of the IBAMA ban at least within the PLG area issued to ECO, which can then start mining its PLG in its name and on behalf of the joint venture. JMML has also applied to the Departmento de Pesquisa Mineral (DNPM) for a mining licence to cover the entire Property 1000 and permit mining of the entire resource, subject to the removal by IBAMA of the mining ban on the remaining portion of the property.
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.
