Owner
Post by Franko10 ™ on Feb 6, 2006 10:38:15 GMT -5
Great Western Diamonds Corp.: Fort a la Corne Diamond Property Acquired
2/6/2006 11:11:22 AM
SASKATOON, Saskatchewan, Feb 06, 2006 (BUSINESS WIRE) -- Great Western Diamonds Corp. (CA:GWD): The Company reports that it has entered into an agreement with a private third party to acquire diamond claims in the Fort a la Corne area of Saskatchewan. The land covers approximately 1,280 acres and hosts diamond-bearing kimberlite. The kimberlite was discovered over 12 years ago and there has been very little follow-up exploration since then.
"We believe that there are excellent opportunities in the Fort a la Corne area to develop additional diamond-bearing kimberlite resources by looking at kimberlites that, for whatever reason, have been overlooked in the past, and not subjected to proper, consistent exploration and sampling methodology", states Gary Billingsley, Company President. "This project is a good example of that and will complement our more advanced Candle Lake project and our grassroot projects like Centennial."
Under the terms of the agreement, the Company will, subject to regulatory approval, pay the vendor $50,000 cash and issue 550,000 common shares for a 100% working interest in the property. A 3% gross royalty will also be granted to the Vendor, with a provision giving the Company an option to buy back 2.5% of the royalty for $3 million.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release
Great Western Diamonds Corp. (CA:GWD)
SOURCE: Great Western Diamonds Corp.
Great Western Diamonds Corp.
Gord Dent
(306) 651-7255
Email: info@gwdc.ca
Website: www.gwdc.ca
OR
Great Western Diamonds Corp.
226 Cardinal Crescent
Saskatoon, SK S7L 6H8
Copyright Business Wire 2006
2/6/2006 11:11:22 AM
SASKATOON, Saskatchewan, Feb 06, 2006 (BUSINESS WIRE) -- Great Western Diamonds Corp. (CA:GWD): The Company reports that it has entered into an agreement with a private third party to acquire diamond claims in the Fort a la Corne area of Saskatchewan. The land covers approximately 1,280 acres and hosts diamond-bearing kimberlite. The kimberlite was discovered over 12 years ago and there has been very little follow-up exploration since then.
"We believe that there are excellent opportunities in the Fort a la Corne area to develop additional diamond-bearing kimberlite resources by looking at kimberlites that, for whatever reason, have been overlooked in the past, and not subjected to proper, consistent exploration and sampling methodology", states Gary Billingsley, Company President. "This project is a good example of that and will complement our more advanced Candle Lake project and our grassroot projects like Centennial."
Under the terms of the agreement, the Company will, subject to regulatory approval, pay the vendor $50,000 cash and issue 550,000 common shares for a 100% working interest in the property. A 3% gross royalty will also be granted to the Vendor, with a provision giving the Company an option to buy back 2.5% of the royalty for $3 million.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release
Great Western Diamonds Corp. (CA:GWD)
SOURCE: Great Western Diamonds Corp.
Great Western Diamonds Corp.
Gord Dent
(306) 651-7255
Email: info@gwdc.ca
Website: www.gwdc.ca
OR
Great Western Diamonds Corp.
226 Cardinal Crescent
Saskatoon, SK S7L 6H8
Copyright Business Wire 2006
