Hi All,
Seems our new JV partner is active in DRC right now
Regards
John
Global Explorations Corporation
6/14/99 - Corporate Update
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GLOBAL EXPLORATIONS CORPORATION ("GXC-V;GBEXF-L") - Corporate Update
GLOBAL EXPLORATIONS CORPORATION wishes to announces pursuant to a news release dated June 7, 1999, Global has received relevant information concerning its joint venture operations in the Democratic Republic of Congo (the "Congo").
Global's partner has confirmed that alluvial mining activity continues in the areas defined by the Wendi Nord and Dikengi concessions despite the ongoing conflict in other regions of the Congo. Furthermore, several warring factions are scheduled to meet on June 25th with the objective of securing a cease-fire across the country.
Global's Congo representative is currently in the process of determining the routing of approximately 1,000 carats of gemstone quality rough, uncut diamonds. The bigger stones will be brought to a L.A.-based diamond factory for distribution later this month and a certain quantity of rough diamonds are expected to be sent to India for processing. Global expects to provide its shareholders with a detailed financial update of this transaction on or about July 7, 1999.
Global anticipates instituting a geological study relating to the Congo concessions in forthcoming weeks. At present, only preliminary reports prepared by Congo-based geologists are available to Global and, though the potential for alluvial diamond mining remains undisputed, is unable to make any credible assessment of the reserves within the concessions.
At this juncture, Global can also confirm that its joint venture in the Republic of Sierra Leone ("Sierra Leone") has been registered and that the licenses necessary to participate in alluvial diamond mining and to trade in rough, uncut diamonds have been obtained. Global awaits a lasting peace in Sierra Leone before making any medium term or longer-term commitments on the four diamond concessions in which Global has a 95 % interest. The subject concessions are under a force majeure agreement with the Government of Sierra Leone.
In the meanwhile, extended peace talks aimed at resolving the civil war in Sierra Leone continue in Lome, Togo; a cease-fire, agreed upon three weeks ago, is reported to be holding.
This press release contains certain forward-looking statements. Given the inherent risks and uncertainties in such statements, the Company makes no representations implying that such statements will ultimately be proven true. TEL: 604-689-5598 Allison Eaton, President & Director FAX: 604-689-3702 WEBSITE: www.africaresources.com
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