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Post by Franko10 ™ on Jan 31, 2005 15:28:51 GMT -5
Kensington Resources Ltd.: Progress Report From Fort a la Corne Joint Venture Management Meeting
VICTORIA, British Columbia -- Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT) is pleased to provide its shareholders with an update on the second set of meetings held by the Joint Venture Management Team ("Team") on November 25 and 26, 2004 in Vancouver. This Team, representing high-level expertise from all three Joint Venture partners, was assembled to plan a course of action to aggressively advance the Fort a la Corne Diamond Project.
"The program, if adopted, is intended to reach a conclusive determination on the economic potential of certain kimberlite bodies and may lead into the next phase which will determine the economics of a mine through focused pre-feasibility and feasibility programs. We have been pushing for an aggressive program for some time and I am pleased that the Joint Venture partners have agreed to this targeted approach. Given the robustness of the current market for rough stones that is forecast to continue well into the future, this project has substantial potential," said Robert A. McCallum, President and CEO.
At this meeting, the Team discussed the steps, elements and timeline that would be required for an aggressive advanced exploration and evaluation program that, if adopted, is intended to lead to resolution on the Fort a la Corne Diamond Project by the end of 2007.
The Fort a la Corne land position contains some 25 kimberlite bodies within a 5 km radius in the southern portion of the claims. This area is the focus for the current advanced exploration and evaluation program. Conceptually, the plan is to explore and evaluate kimberlites larger than 20 hectares in this concentrated area with a goal to prove a resource of close to 100 million carats.
The accelerated plan includes core drilling programs that would be required to identify and define the lateral extent and tonnage of higher-grade units of interest. A first stage of mini-bulk sampling would be executed on a subset of prospective bodies to recover enough carats to increase confidence levels in the grade forecasts as well as average diamond values. The best of these units of interest would then be targeted for additional mini-bulk sampling to further increase confidence in average diamond values to a point suitable for determination of an inferred resource as defined by the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) mineral resource standards.
The Team has recognized that a fast-track approach includes starting work on non-geological aspects required for developing a mine. Therefore, detailed plans include identifying those elements, and that their study coincides with the on-going exploration activity.
Project specifics were identified as follows:
- geo-technical and hydro-geological studies would be carried out to develop data sufficient for use in mine planning and design;
- the existing mining concept, based on conventional truck and shovel open pit, will be reviewed, and alternate mining concepts will be explored to evaluate their applicability;
- metallurgical test work would be conducted using samples from borehole cores to develop an early process flow sheet;
- socio-economic and environmental work would continue including both the gathering of data for an environmental impact study and evaluating existing infrastructure concepts; and,
- a financial model would be developed to measure project viability under various scenarios.
This accelerated program is subject to the finalization of plans and budgets and approval of the respective Joint Venture Partners.
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 diamond project 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. (42.245%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.245%), Cameco Corporation (5.51%) and UEM Inc. (carried 10%).
Robert A. McCallum, President & CEO
Kensington Resources Ltd.
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.
Kensington Resources Ltd. (TSX VENTURE:KRT)
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
VICTORIA, British Columbia -- Kensington Resources Ltd. (the "Company") (TSX VENTURE:KRT) is pleased to provide its shareholders with an update on the second set of meetings held by the Joint Venture Management Team ("Team") on November 25 and 26, 2004 in Vancouver. This Team, representing high-level expertise from all three Joint Venture partners, was assembled to plan a course of action to aggressively advance the Fort a la Corne Diamond Project.
"The program, if adopted, is intended to reach a conclusive determination on the economic potential of certain kimberlite bodies and may lead into the next phase which will determine the economics of a mine through focused pre-feasibility and feasibility programs. We have been pushing for an aggressive program for some time and I am pleased that the Joint Venture partners have agreed to this targeted approach. Given the robustness of the current market for rough stones that is forecast to continue well into the future, this project has substantial potential," said Robert A. McCallum, President and CEO.
At this meeting, the Team discussed the steps, elements and timeline that would be required for an aggressive advanced exploration and evaluation program that, if adopted, is intended to lead to resolution on the Fort a la Corne Diamond Project by the end of 2007.
The Fort a la Corne land position contains some 25 kimberlite bodies within a 5 km radius in the southern portion of the claims. This area is the focus for the current advanced exploration and evaluation program. Conceptually, the plan is to explore and evaluate kimberlites larger than 20 hectares in this concentrated area with a goal to prove a resource of close to 100 million carats.
The accelerated plan includes core drilling programs that would be required to identify and define the lateral extent and tonnage of higher-grade units of interest. A first stage of mini-bulk sampling would be executed on a subset of prospective bodies to recover enough carats to increase confidence levels in the grade forecasts as well as average diamond values. The best of these units of interest would then be targeted for additional mini-bulk sampling to further increase confidence in average diamond values to a point suitable for determination of an inferred resource as defined by the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) mineral resource standards.
The Team has recognized that a fast-track approach includes starting work on non-geological aspects required for developing a mine. Therefore, detailed plans include identifying those elements, and that their study coincides with the on-going exploration activity.
Project specifics were identified as follows:
- geo-technical and hydro-geological studies would be carried out to develop data sufficient for use in mine planning and design;
- the existing mining concept, based on conventional truck and shovel open pit, will be reviewed, and alternate mining concepts will be explored to evaluate their applicability;
- metallurgical test work would be conducted using samples from borehole cores to develop an early process flow sheet;
- socio-economic and environmental work would continue including both the gathering of data for an environmental impact study and evaluating existing infrastructure concepts; and,
- a financial model would be developed to measure project viability under various scenarios.
This accelerated program is subject to the finalization of plans and budgets and approval of the respective Joint Venture Partners.
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 diamond project 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. (42.245%), De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.245%), Cameco Corporation (5.51%) and UEM Inc. (carried 10%).
Robert A. McCallum, President & CEO
Kensington Resources Ltd.
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.
Kensington Resources Ltd. (TSX VENTURE:KRT)
COPYRIGHT 2004 Business Wire
COPYRIGHT 2004 Gale Group
