Hi Ann,
It's time to reopen this forum, one of these days Diamet/BHP are going to be producing diamonds and yet you'd think by the activity they had disappeared into thin air.
Following is a news release from today (Diamet) but it does update the
project construction schedule.
regards, Terence Mitchell
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DIAMET, 9 MONTH FINANCIAL RESULTS
Dia Met Minerals Ltd DMM.B
Shares issued 21,545,296 Jan 21 close $20.00
Wed 22 Jan 97 Company Review
Mr James Eccott reviews the company.
Site construction has commenced on the Northwest Territories diamond project. The board of directors of BHP approved the company's investment in the project in September 1996. This was followed by an announcement in November 1996 by the federal government that the project had received final cabinet approval and that the project has full government support.
Agreements pertaining to the environment, impact and benefit agreements with the Treaty 8 and 11 First Nations and the socio economic agreement with the government of the NWT were negotiated and signed. The project remains subject to the continuing regulatory process, which involves finalizing the water licence. It is now in draft form, and is expected to be received in January 1997.
The engineering design work is well advanced, and several major contracts have been awarded. Construction of the permanent accommodation camp is on schedule with anticipated completion in April 1997. The workforce will remain in the 200 - 250 range until the permanent camp is open, when it will increase to more than 800. To date more than 200 flights have been flown by the Hercules Air Freighter. In addition, more than 1,200 tractor-trailer loads are scheduled for the 1997 winter road, which is expected to open in January.
Dia Met and BHP are confident that Canada's first gem-quality diamond mine will commence production the second half of 1998. Work continues on Dia Met's other projects:
Diamond Exploration Project (100% Dia Met) - Europe
The company has completed the 1996 sampling project, and the material has been shipped to C.F. Mineral Labs in Kelowna for processing and assessment. Additional property has been acquired, and the company is awaiting the receipt of the documentation acknowledging the allocation of the mineral claims. A substantial budget is contemplated for 1997.
Albert River, BC (Tungsten/Copper/Gold) (51% Dia Met, 49% Goldtex Resources Ltd) Drilling took place this summer, and the results are presently being assessed. The funds for this project have been provided through option payments received Tom Goldtex Resources Ltd.
Nevada Exploration Project (Gold) (Dia Met/Goldtex Resource Ltd)
The results from the initial phase of the Nevada gold project have been encouraging. Twelve properties have been acquired to date, with several more acquisitions anticipated over the next few weeks.
A second phase program has been approved by the joint venture partners with a proposed budget of $3.1 million over the next year. Several of the properties will be drilled in the next few months. The majority of the funds for this program will be provided through option payments from Goldtex Resources Ltd.
The receipt of the final unqualified approvals from the federal government, and BHP's decision to commence construction marks an exciting point in the growth of Dia Met Minerals.
STATEMENT OF EARNINGS
Nine months ended October 31
1996 1995
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Revenues
Interest and
other income $ 651,096 $ 680,126
Aircraft
operations 1,979,135 834,471
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2,630,231 1,514,597
Expenses
Aircraft
operations 2,229,219 717,891
Depreciation 205,394 178,296
Diamond recovery
plant operating
costs 7,008 225
General and admin 1,380,262 919,495
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3,821,883 1,815,907
Loss for the
period before
income taxes 1,191,652 301,310
Income taxes 5,177 -
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Net loss $1,196,829 $ 301,310
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(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
