Kensington Resources Ltd.: Fort a la Corne Joint Venture Adopts Aggressive Advanced Exploration and Evaluation Plan.VICTORIA, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Kensington Kensington is a district of West London, England within the Royal Borough of Kensington and Chelsea, located 2.8 miles (4.5 km) west of Charing Cross. An affluent and densely-populated area, its commercial heart is Kensington High Street and it contains the well-known museum Resources Ltd. (the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:KRT KRT Knight Ridder/Tribune KRT Keratin KRT Knights of the Round Table (Diablo gaming guild) KRT Khartoum, Sudan - Civil (Airport Code) KRT Kleene's Recursion Theorem ) announces that its board, and the board of De Beers Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Inc, the project operator, has approved an Advanced Exploration and Evaluation Plan (the "Plan" or "AE&E Plan") for the Fort a la Corne joint venture project. The Plan, which was prepared by the JV Management Committee, describes an accelerated work program that will advance the project to a pre-feasibility decision in 2008. The budget for the 2005 program is CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $25.6 million. This budget is the largest investment to date to be spent on an annual work program at Fort a la Corne. The 2005 program forms part of a three-year action plan to evaluate a number of priority kimberlites in the southern part of the claims. CDN $25.6 million will cover the cost for the first phase of the Plan, which will mainly consist of geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. drilling and microdiamond analysis to determine the internal geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. and grades of the targeted kimberlites. In addition, provision has been made for limited delineation drilling and mini-bulk sampling, should the results of the 2004 program be sufficiently encouraging. Subsequent phases of the Plan will be based on results and will include delineation drilling and two phases of mini-bulk sampling with substantially larger annual budgets. With the recent positive results coming from the neighbouring Star kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. , the Joint Venture has agreed that delineating the extent of the Star kimberlite on the Joint Venture claim is a priority. This work will be considered as part of the 2005 program. The Star kimberlite is cut by the boundary of the claims held by the JV and a significant portion of the Star kimberlite lies on the JV held ground. "The implementation of the AE&E Plan this year is a significant milestone for Fort a la Corne, and we are pleased to deliver this news to our shareholders," says Robert A. McCallum, 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 Kensington Resources Ltd. "This Plan was developed on the basis that Fort a la Corne has the principle features for a low-cost, economy of scale mining operation. Underlying the Plan is a sense of urgency within the Joint Venture that is being driven by the increasing demand for diamonds and the need to fast track a project with this potential." Richard Molyneux, President and CEO of De Beers Canada Inc. adds, "Canada is key to De Beers' long term plans for continued rough diamond supply and, should the Fort a la Corne kimberlites prove economic, they have the potential to make a significant contribution to narrowing the supply/demand gap. The Joint Venture partners are equally committed to moving this project to a pre-feasibility decision as efficiently and prudently as possible." The AE&E Plan was developed through in-depth analysis of the project fundamentals and objectives. The development team included the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. , proven expertise of the Joint Venture partners and, as required, external consultants. The Plan seeks to delineate at least 70 million carats in the ground from the higher grade units within the larger (greater than 20 hectares) kimberlites in the south-central cluster. There are 20 of these larger kimberlite bodies. Four of them (140/141, 122, 148 and 150) were extensively explored from 2000 to 2004 inclusive; three more (120, 147 and 121/221) have been drilled in the 2004 work program. The remaining 13 bodies will be tested with up to 10 coreholes each to determine their higher-grade units. The Plan assumes nine of these will produce strong results for further corehole sampling of the higher-grade units. Of these, it is believed six bodies will graduate to mini-bulk sampling. A description of the AE&E Plan will be posted on the Kensington Resources Ltd. website at www.kensington-resources.com within the next few days. Kensington Resources Ltd. is an exploration and mine development company currently focused on the high potential Fort a la Corne Diamond Project in Saskatchewan. The management team includes strong technical expertise and is committed to reaching a diamond producer status for the realization of shareholder value. The Fort a la Corne Diamond Project is a joint venture among Kensington Resources Ltd. (42.245%), De Beers Canada Inc. (42.245%), Cameco Corporation (5.51%) and UEM UEM Universidade Estadual de Maringa (State University of Maringa, Brazil) UEM Universidade Eduardo Mondlane (Maputo, Mozambique) UEM Unione Economica e Monetaria Inc. (carried 10%). After fifteen years of exploration at Fort a la Corne, the joint venture partners are now planning future programs with a view to entering into an accelerated results-driven advanced exploration and evaluation phase targeted on reaching a pre-feasibility decision in 2008. The Fort a la Corne Diamond Project includes 63 identified kimberlite bodies within the largest diamondiferous kimberlite cluster in the world. Robert A. McCallum, President & CEO FORM 20-F FILE #0-24980 LISTED IN STANDARD & POOR'S 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 not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Kensington Resources Ltd. (TSX VENTURE:KRT) |
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