Big Red Diamond Corporation Acquisition of Property ln Lee Township, Larder Lake Mining Division, 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 seventy percent (70%) interest in the Lee property, currently composed of one (1) mining claim, # 4202899, made up of four (4) 16 ha claim units, located in the LEE township, Larder Lake Mining Division, Ontario, as well as any other claims staked or soon to be staked by the Vendor in the same Township. The property was acquired from 6398651 CANADA INC., of Moose Factory, against the issuance of 1,000,000 common treasury shares of BRDC, the payment of $30,000, 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 by making a cash payment of $1.5 million. The Vendor retains a participating 30% 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 sees its interest reduced below 20%, it would then have only 1 representative on the JV Committee. The property was selected based on preliminary results of an ongoing stream sediment and overburden sampling program being conducted by the Vendor and the coincidence of promising mineral grains with a geophysical anomaly on the Lee Property. Over 600 mineral grains from the Lee Property and surrounding area have been submitted for SEM and Electron Microprobe analysis. Among the field identified kimberlite indicator mineral grains are 47 clinopyroxene clinopyroxene Any variety of the mineral pyroxene that crystallizes in the monoclinic system. Diopside and augite are clinopyroxenes. , 81 eclogitic garnets, 160 pyrope py·rope n. A deep red garnet, Mg3Al2Si3O12, used as a gem. [Middle English pirope, from Old French, from Latin garnets, some having purple colour, some possible olivine grains as well as many exceptional, clear heavy mineral grains to be checked as possible diamonds. 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 Lee property. The property represents an important addition to BRDC's portfolio of high quality diamond exploration properties and are located proximal to the recent discovery of a large kimberlite by Tres-Or Resources Ltd. and Arctic Star Diamond Corp. The Lee Property lies NNW of the new kimberlite discovery, along the Lake Timiskaming Structural Zone. 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