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Post by Franko10 ™ on Jan 31, 2005 12:39:01 GMT -5
Kensington Resources Ltd. - Preliminary Results of First Three Holes Received
VICTORIA, British Columbia--(BUSINESS WIRE)--Dec. 12, 2001
SUMMARY
INITIAL RESULTS MEET DE BEERS' EXPECTATIONS
Kensington Resources Ltd. (the "Company") reports that it has received preliminary macrodiamond recovery results for three of ten large diameter (24-inch) boreholes drilled this fall at the Fort a la Corne Diamond Project, Saskatchewan. The full suite of macrodiamond counts and weights from the three drillholes have not yet been reported to the joint venture partners, however, preliminary results are within the estimated recovery parameters determined by the project operator, De Beers Canada Exploration Inc.
The main objective of the 2001 drilling program was to obtain sufficient macrodiamonds for De Beers to improve the confidence limits of the modeled average diamond values for kimberlite body 141. Revenue modeling is based on factorized forecast grades and the corresponding modeled stone values per body with a decreased emphasis on smaller stone sizes. As announced on April 25, 2001, the previous "lower confidence" average values for macrodiamonds greater than 1.5 mm recovered from body 141 ranged from US $153 to $179 per carat for the "best case" and "optimistic" scenarios, respectively. Revenue models for these scenarios indicate values between US $28 and $32 per tonne for kimberlite body 141.
Recovery of macrodiamonds larger than 1.5 mm from samples representing 889.8 tonnes of kimberlite are currently in progress at De Beers' high security facilities in South Africa. Completion of diamond recovery for the remaining drillholes is expected during the first quarter of 2002 and results will be reported as they are received and evaluated.
The Fort a la Corne Diamond Project is a joint venture among De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (CCO-TM;CCJ-DNQX;CMECF-L) (5.5%), UEM Inc. (carried 10%), and Kensington Resources Ltd. (KRT-CDNX;KNSRF-L) (42.25%). The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. The 2001 program was funded by Kensington, De Beers, and Cameco.
ON BEHALF OF THE BOARD OF DIRECTORS OF
KENSINGTON RESOURCES LTD.
(signed) "David H. Stone"
David H. Stone
President
TRADING SYMBOL: KRT-CDNX
FORM 20-F FILE No. 0-24980
For further information, please contact William Callahan, Manager of Investor Relations at (250) 361-1KRT or by e-mail at bill@kensington-resources.com
Website: www.kensington-resources.com
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group
VICTORIA, British Columbia--(BUSINESS WIRE)--Dec. 12, 2001
SUMMARY
INITIAL RESULTS MEET DE BEERS' EXPECTATIONS
Kensington Resources Ltd. (the "Company") reports that it has received preliminary macrodiamond recovery results for three of ten large diameter (24-inch) boreholes drilled this fall at the Fort a la Corne Diamond Project, Saskatchewan. The full suite of macrodiamond counts and weights from the three drillholes have not yet been reported to the joint venture partners, however, preliminary results are within the estimated recovery parameters determined by the project operator, De Beers Canada Exploration Inc.
The main objective of the 2001 drilling program was to obtain sufficient macrodiamonds for De Beers to improve the confidence limits of the modeled average diamond values for kimberlite body 141. Revenue modeling is based on factorized forecast grades and the corresponding modeled stone values per body with a decreased emphasis on smaller stone sizes. As announced on April 25, 2001, the previous "lower confidence" average values for macrodiamonds greater than 1.5 mm recovered from body 141 ranged from US $153 to $179 per carat for the "best case" and "optimistic" scenarios, respectively. Revenue models for these scenarios indicate values between US $28 and $32 per tonne for kimberlite body 141.
Recovery of macrodiamonds larger than 1.5 mm from samples representing 889.8 tonnes of kimberlite are currently in progress at De Beers' high security facilities in South Africa. Completion of diamond recovery for the remaining drillholes is expected during the first quarter of 2002 and results will be reported as they are received and evaluated.
The Fort a la Corne Diamond Project is a joint venture among De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (CCO-TM;CCJ-DNQX;CMECF-L) (5.5%), UEM Inc. (carried 10%), and Kensington Resources Ltd. (KRT-CDNX;KNSRF-L) (42.25%). The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world. The 2001 program was funded by Kensington, De Beers, and Cameco.
ON BEHALF OF THE BOARD OF DIRECTORS OF
KENSINGTON RESOURCES LTD.
(signed) "David H. Stone"
David H. Stone
President
TRADING SYMBOL: KRT-CDNX
FORM 20-F FILE No. 0-24980
For further information, please contact William Callahan, Manager of Investor Relations at (250) 361-1KRT or by e-mail at bill@kensington-resources.com
Website: www.kensington-resources.com
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2001 Business Wire
COPYRIGHT 2001 Gale Group
