Big Red Diamond Acquires Property Close to Lakeshore Gold's Bristol Mine.TIMMINS, Ontario This article is about city in Ontario, Canada. For other uses, see Timmins (disambiguation). Timmins, with a population of 42,997 (2006), is a city in northeastern Ontario, Canada on the Mattagami River. At 2,961. -- Big Red Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DIA) is pleased to announce the acquisition of the Lakeshore property, located in Carscallen Township township: see town. , approximately 10 km west of Timmins Timmins, town (1991 pop. 47,461), central Ont., Canada, on the Mattagami River. Timmins is the commercial center of the rich Porcupine gold-mining district, where gold was first discovered in 1909. Silver, copper, lead, and zinc are also mined. , ON, in the Porcupine porcupine, in zoology porcupine, member of either of two rodent families, characterized by having some of its hairs modified as bristles, spines, or quills. mining district. The property close to Lakeshore Gold's Timmins West Gold deposit and the Band-Ore Resources Thorne Gold deposit. The Lakeshore property is composed of four (4) claims, consists of 53 claim units and covers an area of 848 hectares. The property was acquired from Larry Gervais, of Timmins, ON, and John Derweduwen, of South Porcupine, ON. The transaction calls for work commitments of $100,000 over three years. Upon reception of regulatory approval Big Red must pay $5,000, as well as on the first anniversary of the approval of the transaction, and $7,500 on the second anniversary of the approval of the transaction. The Company must also issue 125,000 common treasury shares on regulatory approval, and four (4) semi-annual issuances of 62,500 common treasury shares. In the event of obtaining a positive feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on the property, Big Red must issue an additional 100,000 common treasury shares. A 3% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there is payable upon production, half of which can be bought back for the sum of $2 million. 1% can be bought back for $1 million and the remaining 0.5% for an additional $1 million. The property is located on the world famous Destor Porcupine Fault Zone. This area is host to all present and past gold producers of the Timmins mining camp, which has produced in excess of 70 million ounces of Gold since being discovered. Highway 11 crosses the eastern part of the property and a number of old logging roads can be found on the property. Competitive exploration and mining services of all kinds are available in Timmins which will enable Big Red to conduct exploration on the property in a very cost effective manner. This Press Release was reviewed by Michael P. Gross, geologist and a Qualified Person under National Instrument 43-101. Mr. Gross is Chairman of the Board of Directors of Big Red. Big Red wishes to announce that it has not yet filed its Annual Audited Statements with the various jurisdictions it reports to and has asked for an extension of the Management Cease-trading Order currently in place against its Officers and Directors. On Behalf of the Board of Directors Francois C. Desrosiers Big Red Diamond Corporation (TSX VENTURE:DIA) |
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