Alpha Diamond Announces Major Acquisitions.TORONTO, Ontario--(BUSINESS WIRE)--Nov. 5, 1997--Alpha Diamond Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : ALDM ALDM Augmented Lagrangian Decomposition Method ), announced Wednesday that it has contracted to acquire established Alluvial Gold and Diamond Concessions in Guinea and Ghana, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . Each concession entails approx. five miles of River Frontage in well established Gold and Gem producing areas. To date the area yields Diamonds which are in excess of 75% "Gem Quality" and are yielding $300 / rough carat on the wholesale market. The company estimates reserves based on present yields and area of the concessions to be $90 million and $120 respectively. Alpha Diamond is presently engaged in negotiations to acquire additional concessions in Sierra Leone Sierra Leone (sēĕr`ə lēō`nē, lēōn`; sēr`ə lēōn), officially Republic of Sierra Leone, republic (2005 est. pop. 6,018,000), 27,699 sq mi (71,740 sq km), W Africa. , Guinea, Ghana, and The Central African Republic Central African Republic, republic (2005 est. pop. 3,800,000), 240,534 sq mi (622,983 sq km), central Africa. The landlocked nation is bordered by Chad (N), Sudan (E), Congo (Kinshasa) and Congo (Brazzaville) (S), and Cameroon (W). . When asked to comment, Richard Brodzik, president indicated, "We are extremely excited with the acquisition and are taking an aggressive approach to expanding our mining activities strictly in areas which have a history and proven track record of production." CONTACT: Alpha Diamond Inc. 407/865-943 www.africandiamonds.com |
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