Dia Met Joins Victoria Island Diamond Search.KELOWNA, British Columbia--(BUSINESS WIRE)--Aug. 26, 1999-- Dia Met Minerals Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DMM See multimeter. DMM - Digital Multimeter .A.) (AMEX AMEX See: American Stock Exchange :DMM.A) (TSE:DMM.B.) (AMEX:DMM.B) has reached a substantial property agreement with partners Major General Resources Ltd. and Ascot Ascot (ăs`kət), town, Windsor and Maidenhead, S central England. The famous horse races instituted by Queen Anne in 1711 are held annually in June on Ascot Heath. Ascot remains an important social and fashion event, attended by the royal family. Resources Ltd., covering a portion of their extensive land holdings on Victoria Island, Nunavut. Dia Met may earn a 51 percent interest in the properties by expending a total of $7 Million over 5 years and making a one time cash payment of $32,500 on closing. The properties optioned by Dia Met consist of 3 separate blocks of staked claims and Prospecting Permits totalling 2608 square kilometres or 644,300 acres. One of the properties, the Mariner Group Mariner Group, based in Marshfield, Massachusetts, USA, was a chain of weekly newspapers in the suburban South Shore near Boston, Massachusetts, USA. Founded in 1972 with one paper, the Marshfield Mariner totalling 651 square kilometres or 161,000 acres, is presently held in a 50:50 partnership between Major General and Ascot, while the other properties are wholly owned by Major General. The Table, below, shows the ownership, sizes, earn-in expenditures required and resulting equity ownership if Dia Met vests its interest in these properties.
TABLE OF PROPERTY INTERESTS
DIA MET DIA MET
MAJOR GENERAL/ASCOT MAJOR GENERAL
PROPERTY NAME Mariner - 71 TA Claims Home
Run - 117 KA Claims 3
Prospecting Permits
Property Size 651 square kilometres 1956.8 square kilometres
160,822 acres 483,509 acres
Dia Met Expenditures
To Vest $2.5 Million over $4.5 Million over
5 years 5 years
Dia Met Cash Payment
on closing $8,126 $24,374
Dia Met - Expenditure
Commitment August 1999
- April 30, 2000
$300,000 $200,000
Vested Ownership
Dia Met Dia Met
51 percent 51 percent
Major General Major General
24.5 percent 49 percent
Ascot Resources
24.5 percent
The Mariner and Homerun Properties have been staked and permitted by Major General Resources and, in part, by Ascot Resources since the announcement of nearby kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. discoveries in 1998. These properties are adjacent to and partly surround the discovery claims held by the Monopros/Major General/Ascot joint venture. The five diamondiferous kimberlites, announced in late 1998, contained micro-diamond results ranging from 1 micro/100kg to 102 micros/100 kg. The success of Dia Met's diamond discovery at Lac de Gras Lac de Gras is a lake approximately 300 km north of Yellowknife, Northwest Territories, Canada. Lac de Gras was the centre of the Canadian diamond rush of the 1990s. There are two working diamond mines in the area, Ekati Diamond Mine, and Diavik Diamond Mine. leading to the operating Ekati Mine clearly establishes their expertise at diamond exploration. Dia Met will be the operator of the project and, to this extent has commenced field operations with a crew of 12-15 people on site. The field program for the short season remaining consists mainly of glacial till and esker esker, long, narrow, winding ridge of stratified sand-and-gravel drift. Eskers, many miles long and resembling abandoned railway embankments, occur in Scandinavia, Ireland, Scotland, and New England; they arose from deposition of sediment in the beds of streams sampling in areas considered as high priority. Some detailed, low level aeromagnetic surveying over several selected areas is also being considered and quotes have been obtained. The agreements are subject to the approval of the various Boards of Directors. Charles E. Fipke Geologist and Director Dia Met Minerals Ltd. The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have neither approved nor disapproved the information contained in this release. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion