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Gold/Mining/Energy : Canadian Diamond Play Cafi
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To: WhatsUpWithThat who wrote (1076)7/9/2003 6:31:00 PM
From: rdww   of 16203
 
Rhonda JV's with DeBeers - retains 30% of diamonds one day

Rhonda, De Beers finalize JV deal re Knife Pipe
Rhonda Corp RDM
Shares issued 44,219,588 Jul 4 2003 close $ 0.30
Monday July 7 2003 News Release



Mr. Glen Alston reports
RHONDA AND DE BEERS EXECUTE JOINT VENTURE AGREEMENT
Rhonda (RDM) has finalized and executed a joint venture agreement with De Beers Canada Exploration Inc. (DBX) to continue exploration on the Knife Pipe property in Nunavut. Upon signing, DBX earned a 51-per-cent position having spent the minimum expenditure of $250,000. DBX has the right to earn an additional 19 per cent by spending a further $9.75-million by Feb. 29, 2008. RDM will retain a 30-per-cent carried interest up to and until commercial production commences from the first diamond mine. To date DBX has spent approximately $2-million under the joint venture agreement.
The Diamond Trading Company (DTC) will be responsible to market RDM's share of diamond production until all exploration and construction expenses for the first diamond mine, excluding the $10-million earn-in, have been repaid in full in the manner provided in the joint venture agreement. Once RDM's share of the above-mentioned expenses have been repaid RDM will be entitled to take its share of diamond production in kind.
WARNING: The company relies upon litigation protection for "forward-looking" statements.

(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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