Big Red Diamond Corporation: Acquisition of Diamond Exploration Property in Tolstoi Township, Ontario.MONTREAL -- Big Red Diamond Corporation ("BRDC BRDC British Racing Drivers' Club (UK) BRDC British Racing Drivers' Club BRDC Bovine Respiratory Disease Complex BRDC Biotechnology Research and Development Corporation (Peoria, Illinois) ") (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 a 70% interest in the Tolstoi property, currently composed of three (3) mining claims, # 4202897 (1 unit), 4207111 (6 units) and 4207112 (8 units) covering 240 hectares and located in the Tolstoi township, 70 km NNW NNW abbr. north-northwest Noun 1. NNW - the compass point that is midway between north and northwest nor'-nor'-west, north northwest of New Liskeard, Ontario. The property was acquired from 6398651 CANADA INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ., of Moose Factory, ON, through the issuance of 900,000 common treasury shares of BRDC, the payment of $10,000, upon receipt of regulatory approval, as well as a 3% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there (or equivalent on the production of diamonds), half of which (1.5%) can be bought back for $1.5 million.The Vendor retains a 30% participating interest in the Property.Both parties agree to respectively fund their proportional interest and to operate the exploration and development of the property under a Joint Venture Committee consisting of two (2) individuals from each party.In the event the Vendor's interest is reduced below 20%, it would then have only one (1) representative on the JV Committee. The property was selected based on the presence of an isolated semi-circular magnetic anomaly.This anomaly was the object of a ground Mag survey with line spacing of 25 m and data stations of 12.5 m; follow up work will include overburden sampling for indicator minerals.The results have not yet been received by the company and will be disclosed upon reception. In addition, the Vendor has granted BRDC a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. on the sale of its 30% interest in the Tolstoi property. The property represents an important addition to BRDC's portfolio of high quality diamond exploration properties and is located proximal to the recent discovery of a large kimberlite by Tres-Or Resources Ltd. and Arctic Star Diamond Corp. as well as in the same general area as the previously announced acquisition of the Lee Property both of which lie NNW of the new kimberlite discovery, along the Lake Timiskaming Structural Zone. The property lies NNW of the Contact Diamond New Liskeard kimberlites, that are the object of additional diamond drilling work over the next few months. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for adequacy or accuracy of this release. Big Red Diamond Corporation (TSX VENTURE:DIA) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion