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Post by Franko10 ™ on Jan 31, 2005 13:33:25 GMT -5
Kensington Resources Ltd: $5.2 Million Evaluation Program Set For Fort A La Corne In 2002
VICTORIA, British Columbia--(BUSINESS WIRE)--Aug. 9, 2002
Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT.CX) is excited to announce a major evaluation program with budgeted expenditure of CAN$ 5.2 million directed at the massive 141/140 kimberlite within the Fort a la Corne Diamond Project of Saskatchewan. Interim results for the 2001 evaluation program recently were presented during a technical meeting of the Joint Venture and will be finalized once the valuation of three additional stones is factored into the revenue modeling. Based on the results from 2000 and 2001, a combined program of core drilling plus large diameter drilling and sampling, as part of a staged evaluation approach for the current high priority kimberlite, was agreed to by all three funding partners of the Joint Venture. Drilling is to commence during the first week of September, 2002.
The objective of the proposed Forward Work Program for 2002 is two-fold; drilling of 25 coreholes over the thicker portions of the 141/140 kimberlite is geared to increasing the understanding of the geological make-up of this uniquely emplaced and preserved kimberlite, and strategic placement of 10 large diameter drillholes for minibulk sampling will provide additional carats to facilitate an increase of confidence in grade forecasts, valuation, and revenue modeling. The joint venture partners agree that there is evidence for economic potential based on kimberlite petrography and diamond population characteristics. The upside potential of the Fort a la Corne Diamond Project was summarized by Joe Joyce, President of De Beers Canada Exploration, as follows:
De Beers views the Fort a la Corne area and our interest in the JV with an eye to the future. The FalC kimberlites are undersampled, large tonnage, lower grade deposits, which may have considerable in-ground potential.
Additional work for 2002 includes initial ore dressing studies on the 141/140 kimberlite, and a Conceptual Modeling Exercise (similar to a Scoping Study, but less specific) that will provide thresholds for several preliminary mining options based on varying factors such as size, depth, thickness, grade, and value. The main purpose of this study is to provide the JV partners a reference point for the revenue models currently being produced by De Beers.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
(signed) "David H. Stone"
David H. Stone
President
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's documents filed from time to time with the B.C. Securities Commission and the U.S. Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2002 Business Wire
COPYRIGHT 2002 Gale Group
VICTORIA, British Columbia--(BUSINESS WIRE)--Aug. 9, 2002
Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT.CX) is excited to announce a major evaluation program with budgeted expenditure of CAN$ 5.2 million directed at the massive 141/140 kimberlite within the Fort a la Corne Diamond Project of Saskatchewan. Interim results for the 2001 evaluation program recently were presented during a technical meeting of the Joint Venture and will be finalized once the valuation of three additional stones is factored into the revenue modeling. Based on the results from 2000 and 2001, a combined program of core drilling plus large diameter drilling and sampling, as part of a staged evaluation approach for the current high priority kimberlite, was agreed to by all three funding partners of the Joint Venture. Drilling is to commence during the first week of September, 2002.
The objective of the proposed Forward Work Program for 2002 is two-fold; drilling of 25 coreholes over the thicker portions of the 141/140 kimberlite is geared to increasing the understanding of the geological make-up of this uniquely emplaced and preserved kimberlite, and strategic placement of 10 large diameter drillholes for minibulk sampling will provide additional carats to facilitate an increase of confidence in grade forecasts, valuation, and revenue modeling. The joint venture partners agree that there is evidence for economic potential based on kimberlite petrography and diamond population characteristics. The upside potential of the Fort a la Corne Diamond Project was summarized by Joe Joyce, President of De Beers Canada Exploration, as follows:
De Beers views the Fort a la Corne area and our interest in the JV with an eye to the future. The FalC kimberlites are undersampled, large tonnage, lower grade deposits, which may have considerable in-ground potential.
Additional work for 2002 includes initial ore dressing studies on the 141/140 kimberlite, and a Conceptual Modeling Exercise (similar to a Scoping Study, but less specific) that will provide thresholds for several preliminary mining options based on varying factors such as size, depth, thickness, grade, and value. The main purpose of this study is to provide the JV partners a reference point for the revenue models currently being produced by De Beers.
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF KENSINGTON RESOURCES LTD.
(signed) "David H. Stone"
David H. Stone
President
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's documents filed from time to time with the B.C. Securities Commission and the U.S. Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2002 Business Wire
COPYRIGHT 2002 Gale Group
