Vaaldiam to Exercise Option to Acquire 70% Interest in Duas Barras Diamond Deposit.TORONTO -- Vaaldiam Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:VAA VAA Virgin Atlantic Airways VAA Vaasa, Finland - Vaasa (Airport Code) VAA Voice Activated Assistant VAA Visual Arts Association VAA Viatical Association of America VAA Visual Access Angle ) has received board of directors approval to exercise its option to acquire a 70% equity interest in the Duas Barras Duas Barras is a municipality located in the Brazilian state of Rio de Janeiro. Its population was 10,622 (2005) and its area is 375 km².[1] References 1. ^ IBGE - [1] property, situated 150 kilometres north of the town of Diamantina in the State of Minas Gerais Minas Gerais (mē`nəs zhərīs`) [Port.,=various mines], state (1996 pop. 16,660,691), 226,707 sq mi (587,171 sq km), E Brazil. The capital is Belo Horizonte. Minas Gerais continues to produce more than half of Brazil's mineral wealth. , Brazil. The 7,000 hectare Duas Barras property encompasses a five kilometer portion of the Jequitinhonha River The Jequitinhonha River is a river that flows mainly through the Brazilian state of Minas Gerais. Its source lies near Diamantina in the Serra do Espinhaço at an elevation of 1,200 m, after which it flows northward and then east-northeastward across the uplands. . Alluvial diamond deposits associated with the Jequitinhonha River currently produce an estimated US$500,000 to US$750,000 of diamonds each month, from a combination of industrial-scale river dredge operations and smaller garimpeiro workings. The diamonds produced from alluvial gravels along the Jequitinhonha River are predominantly gem-quality cuttable goods, with typical sales values ranging between US$150 and $225 per carat. Upon completion of the transfer of the mineral rights, mining and environmental permits to Vaaldiam's 70% owned joint venture company, Vaaldiam will release from escrow the US$150,000 to exercise the option and provide up to US$1.5 million towards the purchase of mining and processing equipment and working capital required for the development of the property. This release has been reviewed by Jose Ricardo Pisani, Vaaldiam's Vice President, Exploration who is a Qualified Person under National Instrument 43-101. 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. does not accept responsibility for the ad equacy or accuracy of this release. Vaaldiam Resources Ltd. (TSX VENTURE:VAA) |
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