this one is about 20 cents it was as hi as 79cents...the management was responsible for Banff resources..They may or may not have a diamond strike and there are some very complex corporate negotiations and reorganizations going on here as people seem to be juggling things around.Where there is smoke like this there is probably some kind of aaction happening..but I can't figure it out. I think either there is going to be some promotion here or there is something of real value and the playeres are trying to rearrange the deck chairs so they get the profits from something real...But I am darned if I can figure it out...Here is the latest press release of significance.(they are also into oil but I think that is a side show.)
the press release is as follows..Anybody else in on his or knowledgable
08/14/96
In January 1995, the discovery was made of gem quality diamonds on the 660 sq km
offshore diamond leases in Sierra Leone territorial waters held by the Casierra Syndicate,
in which Loumic Resources held 26.7% interest, An option agreement was concluded
October 1995 with Malaysia Mining Corp Berhad (MMC) granting MMC the right to
earn a 51% interest in the property in return for carrying out further exploration and
development of the project and bringing the property to commercial production.
Prior to concluding the option agreement MMC funded an evaluation of the marine
sediment sample concentrates recovered during the 1995 survey carried out by Casierra.
The concentrates, derived from 1.3 tonnes of core sample material from 48 sample sites,
returned 639 micro diamonds. Of these 69 were in the size range 0.6 mm to 1.2 mm.
MMC carried out a sampling program on the leases in March - June 1996 at a cost of
US$3.3 million. 13 high quality gem stones were recovered in this sampling with a size
range of 0.2 carats to 2 carats. These initial results confirm the presence of gem diamonds
on the offshore leases but cannot be used to determine the grade or size of the deposits.
De Beers has been carrying out a US$13 million program on leases adjacent to the
Casierra leases indicating a substantial level of interest in the same geological environment.
MMC, however, has just advised Casierra that it is terminating the option.
The sampling carried out by MMC did not follow an optimized search based on the
geophysical data acquired in the previous year. No detailed geophysical work was carried
out by MMC to define the channels and submerged beach strands identified in 1995. The
sampling was principally by airlift dredge from an anchored but moving platform which
resulted in generally shallower sampling than planned.
The Casierra views the diamond recoveries from this recent work as a strong indication of
the excellent potential for substantial marine alluvial deposits in the shallow and placid
waters of the coast of Sierra Leone. The presence of the 2 carat gem stone gives an
indication that larger stones can be concentrated in the marine environment.
The Casierra Syndicate members, Loumic and Phrygian Mining Corp with 53.4% interest,
and three private entities are negotiating to place their respective interests into a new public
company to be traded on a Canadian stock exchange. This vehicle will include in its assets
the offshore leases together with diamond leases in the interior of Sierra Leone that have a
valuation previously accepted by the VSE at over US$15 million. |
