Ditem Grants Option Earn-In to Strateco on Matoush and Beaver Lake Property.MONTREAL -- Raymond Savoie, president of Ditem (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DIT) is pleased to report that the company signed a letter of intent with Strateco (TSX VENTURE:RSC RSC Royal Society of Chemistry (UK) RSC Royal Shakespeare Company RSC Responsabilidad Social Corporativa (Spanish: corporate social responsibility) RSC Royal Society of Canada ). The agreement, subject to regulatory approval, grants to Strateco an option to acquire a 51% interest in Ditem's Matoush and Beaver Lake Beaver Lake may refer to:
The Matoush Property comprises 25 mining claims totalling 1,330 hectares fully owned by Ditem. The property is located 10 kilometres east of Strateco's Cardinal property. The Beaver Lake property (90% Ditem and 10% Pure Gold) is adjacent to Strateco's Cardinal property to the west and surrounds the Beaver Lake kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. found by Uranerz in 1981. The Beaver Lake property comprises 168 claims totalling 2,670 hectares and surrounds the Beaver Lake kimberlite. Both properties were the object of uranium exploration in the 1970s and 80s by Uranerz. Favourable geology, good uranium values and some small resources were outlined. Ditem has decided to continue to focus on diamond exploration in Quebec as well as on the Southampton property in Nunavut. The agreement allows Strateco to acquire a 51% interest by making to Ditem cash payments totalling $125,000 and by issuing 600,000 shares both within two years and by funding $750,000 in exploration work over three years, including $200,000 the first year. There is no residual interest Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. for Strateco. Ditem (9.3 million shares, fully diluted) has been active in diamond exploration in the Otish Mountains and Temiscamingue areas in Quebec since 1996. It has explored for and found diamonds on its Temiscamingue, Beaver Lake, Tichegami and Beaver Lake South properties. Ditem signed an agreement in July 2004 with De Beers Exploration for a 100 % earn-in option on the Southampton Island Properties, with a work program now to be undertaken in June of 2005, subject to finance completion. 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. has neither approved nor disapproved the information contained in this news release. DITEM EXPLORATIONS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSX VENTURE:DIT) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion