Ditem Options De Beers Properties in Southampton Island.MONTREAL -- Mr. Raymond Savoie, president of Ditem Explorations (Ditem) is pleased to announce the signing of a letter of agreement by which De Beers Canada Exploration Inc (De Beers) has optioned to Ditem its rights and titles to its properties on Southampton Island Southampton Island, c.15,700 sq mi (40,700 sq km), Nunavut Territory, Canada, at the entrance to Hudson Bay. It is separated from the mainland by Ross Welcome Sound and Frozen Strait. With lowlands in the west, the tundra-covered island rises to c. in the Churchill area, Nunavut, Canada. The final agreement is to be signed in the coming weeks. The letter of agreement and the subsequent final agreement are subject to relevant regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities approval. The Southampton properties, situated on a major diamondiferous kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. trend, consist of two blocks of permits: the West block (18 permits) covering an area of 737,042 acres and the East block (18 permits) covering an area of 729,206 acres for a total acreage is 1,466,247. The permits are all valid for 3 years with the completion of work commitments of $146,625 in 2004, $293,249 in 2005 and $586,499 in 2006. De Beers completed a $1.3 million work program in 2002 and 2003, and applied for permits in Febuary 2004. The 2002-2003 work program included stream sampling and an 11,953 line kilometre fixed-wing airborne magnetic survey covering most of the West block in 2003. The two permit blocks were selected for acquisition on the basis of anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. kimberlite indicator minerals (KIMs). In terms of the letter of agreement, Ditem will spend not less that $1,026,373 over three years to acquire a 100% interest in the properties.De Beers has retained a back-in right of up to 60% at three times total exploration cost after a discovery on the properties and will have marketing rights for the diamonds mined from the properties. Commenting on this agreement, Richard Molyneux, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of De Beers Canada said "De Beers' priority is to move projects through to production as quickly as possible.We see partnerships such as this one with Ditem as necessary for rapid development.We are confident in the execution capacity of Ditem, as the operator, in taking this reconnaissance exploration project forward.This agreement further underscores our intention to engage in partnerships with the exploration sector in Canada." "After signing the confidentiality agreement in March, Ditem undertook and completed a review of the De Beers work program. We have found De Beers to be flexible and cooperative and are pleased to be in a position to take over this property and build on the work they have already undertaken," said Raymond Savoie.Ditem has prepared a proposed exploration program, including drilling, for 2004 and 2005. Ditem plans to begin its work program this fall.Financing for the 2004-2005 exploration and drilling program is to be undertaken shortly. Ditem director (since 1994) Dr. Raymond Davies and Dr. Winfried Brack n. 1. An opening caused by the parting of any solid body; a crack or breach; a flaw. Stain or brack in her sweet reputation. - J. Fletcher. 1. Salt or brackish water. will prepare and direct exploration programs. Dr. Brack will also act as Ditem's qualified person. Ditem (9.3 million shares) 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 Beaver Lake may refer to:
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. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DIT) |
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