News Release - Monday, June 14, 1999
Molopo Agreement Renegotiated - Second Phase Of Drilling Planned For Molopo
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Layfield Resources Inc. is pleased to report the renegotiated terms for its
acquisition of an interest in the Molopo Diamond Property in Botswana. Under
the terms of the prior agreement, Layfield was required to issue 200,000
shares of Layfield and return 250,000 shares of Southern Africa Minerals
Corporation (SAF) to SAF by May 15, 1999 in order to maintain Layfield's
option to earn a 75% interest in this property from Southern Africa Minerals
Corporation, who will retain a 25% participating interest. The date to make
these payments has now been extended by 12 months to May 15, 2000. All other
terms of the agreement are unchanged.
Layfield plans to commence a second phase drill program, budgeted at US$
125,000 prior to the end of June 1999.
Layfield can earn an interest in over 1.7 million acres in the Molopo
property, which is located along the same structural lineament that hosts the
Jwaneng Mine (the richest producing diamond mine in the world). Botswana is
the world's largest diamond producing country, by value, yielding 24% of the
world's annual diamond production.
Sporadic exploration in this area over the last 25 years has discovered over
60 kimberlite pipes, some of which are extremely large. Only one of these,
the M1 pipe, which is the largest known pipe in the world, has undergone any
detailed exploration. There are over 100 geophysical targets that show the
characteristics of kimberlite pipes and have not, as yet been drill tested.
In addition recent aeromagnetic surveys by the Botswana Government have
identified a number of previously unknown targets with magnetic
characteristics similar to known kimberlite pipes.
Layfield continues to actively seek other joint venture partners for the
further exploration of this exciting area.
For further information visit our website at www.layfieldresources.com
and then call us at 1-888-244-6644
ON BEHALF OF THE BOARD
D. Neil Briggs
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Copyright (c) 1999 LAYFIELD RESOURCES INC. (LAY)
All rights reserved. For more information, please visit our
website at layfieldresources.com
or send electronic mailto:info@layfieldresources.com
Message sent on Monday, June 14, 1999 at 11:30:38 AM Pacific Time
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