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Post by Franko10 ™ on Jan 31, 2005 14:52:10 GMT -5
Kensington Resources Ltd.: 2004-2005 Evaluation and Exploration Program Budget Substantially Increased
VICTORIA, British Columbia -- Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT) announces that the forward work program budget for the Fort a la Corne Diamond Project in Saskatchewan has been substantially increased, from $6.0 million to $7.6 million, to cover the scope of the aggressive exploration and evaluation activities that were agreed upon at the Joint Venture meeting of June 16, 2004. Drilling is scheduled to commence in August and a second phase of drilling may be implemented as early as the second quarter of 2005.
As announced in the Company's news release of June 28, 2004, the operator recommended a major shift in strategy for this year's program. Instead of assessing the average grades of individual bodies, the new approach is focused on defining the higher grade units within proximally-located priority kimberlite bodies. Considering these higher grade units in combination as a single resource will permit significant economy of scale to be achieved for a large scale mining operation.
"This is by far the largest program to date in the history of the Fort a la Corne Project," stated Robert A. McCallum, President of Kensington. "We support the major shift in strategy for this year's program and the increased budget confirms that the joint venture partners are fully committed to advancing the project to a development decision as quickly as possible."
A total of eight large diameter (36-inch or 914 mm) minibulk sampling holes will be distributed over bodies 140/141 and 122 designed to increase confidence levels in grade and revenue estimates. Additional HQ coreholes may be required as pilot holes for these large diameter drillholes. An HQ core (63.5 mm diameter) drilling program will be targeted on three of the next most prospective kimberlite bodies in the southern portion of the claims and designed specifically to test for higher-grade zones. Initial planning has resulted in placement of eight coreholes on each of the bodies. In addition, the JV will conduct an NQ core (47 mm diameter) core drilling program to test newly-defined kimberlite targets in the southern claim area that were defined by airborne magnetic and electromagnetic surveys. This part of the program includes testing the large gravity anomaly located adjacent to the east side of Kimberlite 150.
Brent C. Jellicoe, P.Geo. is the Qualified Person for the Company and has reviewed the technical information herein.
Using the expertise of proven management and world-class, experienced technical advisors, Kensington Resources Ltd. is actively involved in confirming the economic potential of this deposit and moving the project forward to a development decision as rapidly as possible. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (5.5%) and UEM Inc. (carried 10%). 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.
Robert A. McCallum, 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.
FORM 20-F FILE #0-24980
LISTED IN STANDARD & POOR'S
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
VICTORIA, British Columbia -- Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT) announces that the forward work program budget for the Fort a la Corne Diamond Project in Saskatchewan has been substantially increased, from $6.0 million to $7.6 million, to cover the scope of the aggressive exploration and evaluation activities that were agreed upon at the Joint Venture meeting of June 16, 2004. Drilling is scheduled to commence in August and a second phase of drilling may be implemented as early as the second quarter of 2005.
As announced in the Company's news release of June 28, 2004, the operator recommended a major shift in strategy for this year's program. Instead of assessing the average grades of individual bodies, the new approach is focused on defining the higher grade units within proximally-located priority kimberlite bodies. Considering these higher grade units in combination as a single resource will permit significant economy of scale to be achieved for a large scale mining operation.
"This is by far the largest program to date in the history of the Fort a la Corne Project," stated Robert A. McCallum, President of Kensington. "We support the major shift in strategy for this year's program and the increased budget confirms that the joint venture partners are fully committed to advancing the project to a development decision as quickly as possible."
A total of eight large diameter (36-inch or 914 mm) minibulk sampling holes will be distributed over bodies 140/141 and 122 designed to increase confidence levels in grade and revenue estimates. Additional HQ coreholes may be required as pilot holes for these large diameter drillholes. An HQ core (63.5 mm diameter) drilling program will be targeted on three of the next most prospective kimberlite bodies in the southern portion of the claims and designed specifically to test for higher-grade zones. Initial planning has resulted in placement of eight coreholes on each of the bodies. In addition, the JV will conduct an NQ core (47 mm diameter) core drilling program to test newly-defined kimberlite targets in the southern claim area that were defined by airborne magnetic and electromagnetic surveys. This part of the program includes testing the large gravity anomaly located adjacent to the east side of Kimberlite 150.
Brent C. Jellicoe, P.Geo. is the Qualified Person for the Company and has reviewed the technical information herein.
Using the expertise of proven management and world-class, experienced technical advisors, Kensington Resources Ltd. is actively involved in confirming the economic potential of this deposit and moving the project forward to a development decision as rapidly as possible. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.25%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (5.5%) and UEM Inc. (carried 10%). 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.
Robert A. McCallum, 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.
FORM 20-F FILE #0-24980
LISTED IN STANDARD & POOR'S
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
