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Gold/Mining/Energy : DIAMET/(BHP) TSE.DMM.B

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To: PHILLIP FLOTOW who wrote (120)	8/29/2000 10:39:15 AM
From: don jackson	Read Replies (1) of 123

Dia Met Minerals Ltd.: Mauritania Exploration Update KELOWNA, BRITISH COLUMBIA--Dia Met Minerals Ltd. today announced that drilling on its joint venture diamond exploration property with Ashton Mining Limited has intersected diamondiferous kimberlite. The joint venture, announced on May 3, 1999, now incorporates 18 exploration licences covering 180,000 sq km. Ashton Mining Limited of Australia is the operator of the project and today announced micro diamond results from the new kimberlite pipe. It is located on the Maqteir licence in northern Mauritania and is referred to as MAQ-1. The vertical reverse circulation discovery drill hole intersected kimberlite at 50 metres depth after penetrating poorly consolidated sandy overburden and continued in kimberlite until drilling was suspended at 150 metres depth. The new pipe is estimated from magnetic data to be approximately 8 hectares in surface area. Confirmation of this estimate would require delineation drilling. Some samples from this hole were tested by Ashton's Perth laboratory in early August and returned encouraging results. The Ashton results are presented in Table 1. Table 1. /T/ Interval(m) Weight (plus)0.8mm (plus)0.4mm (plus)0.1mm Total Wt (plus)0.4 --------------------------------------------------------------------- From To (kgs) Number Wt(cts) Number Wt(cts) Number Diamonds (cts) --------------------------------------------------------------------- A23017 52 55 61.4 1 0.02 1 0.02 --------------------------------------------------------------------- A23026 72 75 60.6 0 0 0 --------------------------------------------------------------------- A23022 92 95 60 0 0 0 --------------------------------------------------------------------- A23023 114 117 66 0 0 0 --------------------------------------------------------------------- A23024 128 131 61.2 8* 0.1755 16 0.067 15 0.2425 --------------------------------------------------------------------- A23025 146 149 60 23* 2.4975 2 0.0955 12 2.593 --------------------------------------------------------------------- * - Number includes diamond fragments ** - Number of discrete diamonds excluding broken fragments Note: The 8 fragments in the (plus)0.8 fraction of Sample A23024 are interpreted as being derived from 5 discrete diamonds. The 23 fragments in the (plus)0.8 fraction of sample A23025 are considered to be derived from at least 2 discrete diamonds, the largest of which consisted of 3 parts weighting in excess of 1.7 cts. in aggregate. /T/ A second series of samples from the same hole were tested to substantiate the results. The Ashton results from the second series are presented in Table 2. Table 2. /T/ Interval(m) Weight (plus)0.8mm (plus)0.4mm (plus)0.1mm Total Wt (plus)0.4 --------------------------------------------------------------------- From To (kgs) Number Wt(cts) Number Wt(cts) Number Diamonds (cts) --------------------------------------------------------------------- A23034 125 128 61 0 1 0.0001 2 0.0001 --------------------------------------------------------------------- A23035 131 134 61.9 0 1 0.0001 1 0.0001 --------------------------------------------------------------------- A23036 137 140 60.7 0 0 --------------------------------------------------------------------- A23037 143 146 61 0 0 --------------------------------------------------------------------- /T/ Dia Met is currently assessing Ashton's micro diamond and mineral chemistry results, including examination of the recovered micro diamonds. The drill is being remobilized to the site and an adjacent hole will be drilled in order to further substantiate the results from the first hole. Additional step-out holes will be drilled to obtain more information about the variability of micro diamonds in the body and its size potential. Further decisions by the Joint Venture regarding future work programs will be made when Dia Met's assessment is completed and the results of the additional drilling are available. Under the terms of the Joint Venture agreement, Dia Met may acquire up to 49 per cent of Ashton's equity interest in the project by staged expenditures of up to US$10 million. The Mauritanian Government has a 10 per cent equity interest in some of the licences included in the joint venture. The Maqteir licence on which the new kimberlite pipe was found is not one of those subject to the government interest. Ashton is the operator of the project, but Dia Met will have the controlling vote on programs and budgets while solely funding exploration and development. Dia Met has expended a total of US$3.7 million to date and will earn a 25% interest in the property at the expenditure of US$5 million.

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