Diamond Sales: 120.43 Carats of Large High Quality Gemstone Diamonds Recovered From Global Diamond Resources' Caerwinning Property, Sold For $58,148 Or $482.84 Per Carat.LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Sept. 9, 1997--Global Diamond Resources Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GDRS) Tuesday announced that it has sold 120.43 carats of large high quality gemstone gemstone Any of various minerals prized for beauty, durability, and rarity. A few noncrystalline materials of organic origin (e.g., pearl, red coral, and amber) also are classified as gemstones. diamonds, recovered from its Caerwinning property during the exploration program, for $58,148 or $482.84 per carat. The sale of this parcel of diamonds confirms the high value per carat associated with the Caerwinning property as well as management's assumptions of $480 per carat included in the financial projections. Past exploration activities yielded 3,684.98 carats of large high quality gemstone diamonds that were sold for an average price of $488.83 per carat. The management of Global Diamond Resources estimates that the Caerwinning property should contain some 38 million tonnes of in-situ alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gravel containing approximately 410,000 carats of large high quality gemstone diamonds with a gross value of $197 million. These estimates are based upon the results of the recently completed drilling program, the past exploration activities and the recent bulk samples. This news release contains forms of forward-looking statements that are based on the company's beliefs as well as assumptions made by and on information currently available to the company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the company's 1996 Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. For more information about Global visit the Global Web site at http://www.globaldiamond.com or call Eugene Brill Brill or Bril, Flemish painters, brothers. Mattys Brill (mä`tīs), 1550–83, went to Rome early in his career and executed frescoes for Gregory XIII in the Vatican. at 800/424-6533 or 619/459-0045. CONTACT: Global Diamond Resources Inc. Eugene Brill (investor relations Investor relations The process by which the corporation communicates with its investors. ) 800/424-6533 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion