Alluvial Diamond Reserve Estimates at the Grasdrif Property Increases by 50 Percent Following the Completion of the Extended Drilling Program.LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Aug. 27, 1997--Global Diamond Resources Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GDRS) announced the results of the recently completed drilling program at Global's 5,695 acre Grasdrif alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun diamond property. The information obtained from the 650 hole, 32,418 feet drilling program that covered the concession area resulted in management increasing the in-situ gravel tonnage estimates from 54 million tonnes of alluvial gravel to 81 million tonnes of alluvial gravel. The classification of the alluvial gravel into the various resource and reserve categories are currently being completed and reviewed by independent consultants. The final report will be released when available. Management now estimates that the Grasdrif property should contain between 1,215 million and 2,916 million carats of large high quality gemstone gemstone Any of various minerals prized for beauty, durability, and rarity. A few noncrystalline materials of organic origin (e.g., pearl, red coral, and amber) also are classified as gemstones. diamonds with a gross value of between $759 million and $1,823 million. In a previous venture, the management of Global recovered in excess of 500,000 carats of large high quality gemstone diamonds from more than 16 million tonnes of alluvial gravel at properties in the area. This press release contains forms of forward-looking statements that are based on the company's beliefs as well as assumptions made by and information currently available to the company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the company's 1996 Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. To obtain more information about Global, visit its Web site at http://www.globaldiamond.com or call Eugene Brill Brill or Bril, Flemish painters, brothers. Mattys Brill (mä`tīs), 1550–83, went to Rome early in his career and executed frescoes for Gregory XIII in the Vatican. at 800/424-6533 or 619/459-0045. CONTACT: Global Diamond Resources Inc., La Jolla Eugene Brill, Investor Relations Investor relations The process by which the corporation communicates with its investors. 800/424-6533 |
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